Innovative technology is akin to a double-edged sword that can be both a blessing and a bane. On one hand, the advancements can provide immense benefits for businesses looking for revolutionary solutions and foster the growth of new promising startups. On the other, there is the fear that comes with newer and more complex technologies, for which no one is quite sure how it’s going to be played out.
IBM’s CEO Arvind Krishna and SAP’s CEO Christian Klein recently discussed their new partnership on FOX Business and also highlighted the fears surrounding AI developments. In order to combat these fears and help modern investors, a new artificial intelligence-powered investing guide called PortfolioPilot has debuted and is powered by OpenAI’s ChatGPT. It promises to improve investing decisions for millions and decrease risk.
Alex Harmsen, an AI software entrepreneur, is the co-founder of PortfolioPilot and has said that the tool is backed by hedge-fund caliber models. What sets it apart from other applications is that users can copy and paste their portfolios into the tool for analysis, receive investment recommendations and search for market information. If individuals have questions, the AI chatbot can answer them for free. Harmsen has set out the ambitious mission to “build a complete map of how the economy works”.
More and more U.S. adults are growing comfortable with AI investment advice. The Motley Draw recently conducted a survey which revealed that 47 percent of the country already use ChatGPT for stock picks. Those who are earning higher incomes are more likely to embrace the AI-powered tool with 77% of them professing to already being to use it for stock picks.
Overall, the advancements in technology is welcome provided it is carefully managed. PortfolioPilot is a welcomed addition that can potentially revolutionize the investment sector and help to reduce risk associated with decision-making. With the discussion surrounding AI development growing in the mainstream media, more investors are likely to consider utilizing PortfolioPilot in the near future.
