Between March 6 and April 28, a dummy portfolio of 38 stocks gained 4.9% while 10 leading investment funds clocked an average loss of 0.8%, according to an experiment conducted by financial comparison site finder.com. It wouldn’t “be long until large numbers of consumers try to use [ChatGPT] for financial gain,” Jon Ostler, Finder’s CEO, said in a statement earlier this week.
While major funds have used AI for years to support their investment decisions, ChatGPT has put the technology in the hands of the general public, with the potential to guide the decisions of retail investors. A survey of 2,000 UK adults conducted by Finder last week showed that 8% had already used ChatGPT for financial advice, while 19% said they would consider doing so. Yet a much bigger 35% said they would not consider using the chatbot to help them make decisions about their money.
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