A new study conducted by finance professors from the University of Florida suggests that ChatGPT could be a potential tool in predicting stock market movements. To examine the accuracy of ChatGPT, the researchers fed it more than 50,000 news headlines about different companies and evaluated whether the news was relevant to the companies’ stock prices. After analyzing the headlines through sentiment analysis, the team generated a “ChatGPT score”, which was then compared to the company’s stock performance in the following day.
The study concluded that there was a positive correlation between the ChatGPT scores and the performance of the analyzed companies’ stock prices. Companies who scored higher on the ChatGPT scale were more likely to have better performance than those with lower scores. This accuracy rate surpassed the traditional sentiment analysis methods that utilized headlines and social media posts.
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The professors from the University of Florida, who conducted the study on ChatGPT, were Nicholas Williams and William Moore. They focused on understanding the effectiveness of the ChatGPT tool by feeding it with news related to the stock market and analyzing its success rate in predicting the stock prices. With the successful results that their study concluded, they believe that ChatGPT could be an efficient tool to track stock market changes in the future.
