prompts ChatGPT users with a warning that it sometimes "writes plausible-sounding but incorrect or nonsensical answers" and that the tool is not intended to give advice."It is by no means going to provide you with a way to beat the market," Douglas Boneparth, a certified financial planner and the president and founder of Bone Fide Wealth, tells CNBC Make It.
"I was presented with a table that added up to more than 100%," he says. After informing ChatGPT of this, it tried to correct the error but didn't necessarily pull the right information, he says. However, Boneparth says he was impressed by how close ChatGPT came to achieving what he asked. While this technology may make a few lucky stock picks, it hasn't been around long enough for us to see whether it can replicate those results over the long term, he says. Additionally, the free version of ChatGPT has limited knowledge of world events after 2021, which means its responses aren't based on real-time data.
The technology can be a helpful tool when looking up definitions of financial terms you may be unfamiliar with or for gathering data when researching a company that you're considering investing in, Boneparth says.