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AI Makes Unreliable Investment Decisions

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Until AI algorithms understand what words mean, they won’t be reliable for important decisions—especially those with money on the line

that ChatGPT was “every bit as important as the PC, as the internet.” If that hyperbole was not enough, Sundar Pichai, CEO of Alphabet and Google, proclaimed in athat artificial intelligence “is the most profound technology that humanity is working on—more profound than fire.” Turing Award winner Geoffrey Hinton, with no apparent sense of irony, “I think it’s comparable in scale with the Industrial Revolution or electricity—or maybe the wheel.”.

Steve Hawkins, then president and CEO of Horizons, added, “Unlike today’s portfolio managers who may be susceptible to investor biases such as overconfidence or cognitive dissonance, MIND is devoid of all emotion.” In an analysis that has not yet been peer-reviewed, we looked at all publicly available AI-driven ETFs and mutual funds that have been launched since October 18, 2017. We found 11 funds that are fully AI, such as AIEQ and MIND, in that the investment decisions are made without human intervention. We also found 43 partly AI funds that use AI but allow human involvement. For example, the Qraft AI-Enhanced U.S.

 

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