Investors Embracing ChatGPT to Select Investment Portfolios

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Investors are increasingly open to relying on artificial intelligence (AI) to make their investment decisions, according to a new survey. While AI is still in its early stages, many investors are willing to embrace its potential when it comes to managing their portfolios. In fact, 41% of retail investors, particularly those in the 18-44 age group, are open to using AI tools like ChatGPT to choose and change their investment portfolios.

The survey, conducted by trading and investing platform eToro, polled 1,000 investors in the US. It revealed that 59% of respondents who already use or are willing to use AI tools would let the technology alter and execute trades on their behalf. This sentiment was even stronger among investors aged 35-44, with 69% expressing their willingness to allow AI to handle their trades. However, older investors were less inclined to trust AI with their portfolio management.

Interestingly, the survey also found a gender disparity in investors’ attitudes towards AI. Men, who are typically less risk averse, were more likely to trust AI for portfolio management and trading, with 52% expressing their confidence in the technology. In contrast, only 31% of women felt the same way.

Callie Cox, eToro US Investment Analyst, noted that AI has the potential to revolutionize investing by helping individual investors tailor their investments to their specific goals. While there are undoubtedly risks associated with using AI to manage portfolios, Cox believes that AI could significantly improve investors’ daily lives. She pointed out that using AI tools could save investors time on research, and 43% of respondents agreed that AI is the future of investing, while 40% believed it can make better decisions than they can.

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The survey results also suggest that investors see AI as a valuable resource for their own strategies, as well as a potential replacement for traditional portfolio managers and financial advisors. Cox added that this scenario may not be too far off, given the existence of robo-portfolios. She even suggested that AI could become a reliable guide for the average American’s financial situation.

While some may find investing with AI too risky, there is growing interest in investing in AI itself. According to the survey, 10% of participants plan to increase their investments in AI stocks for the rest of 2023. Additionally, 23% expressed their intention to increase their investments in technology during the same time frame.

In conclusion, the survey conducted by eToro highlights a significant willingness among investors, particularly younger ones, to embrace AI for managing their investment portfolios. Despite the risks involved, many see AI as a valuable tool that can save time, make better decisions, and potentially replace the need for human advisors. As technology continues to advance, AI’s role in the investment landscape is likely to expand, offering new opportunities for investors to leverage its potential.

Frequently Asked Questions (FAQs) Related to the Above News

What is the main finding of the survey conducted by eToro?

The main finding of the survey is that a significant number of investors, particularly those in the 18-44 age group, are open to using AI tools like ChatGPT to select and modify their investment portfolios.

What percentage of retail investors are open to using AI tools for portfolio management?

41% of retail investors, particularly those in the 18-44 age group, are open to using AI tools for portfolio management.

How many respondents would let AI alter and execute trades on their behalf?

59% of respondents who already use or are willing to use AI tools would allow the technology to alter and execute trades on their behalf.

Are older investors more or less inclined to trust AI with portfolio management?

Older investors were found to be less inclined to trust AI with portfolio management.

What is the gender disparity in investors' attitudes towards AI?

Men, who are typically less risk averse, were more likely to trust AI for portfolio management and trading, with 52% expressing confidence in the technology. In contrast, only 31% of women felt the same way.

How can AI tools benefit individual investors?

AI tools can help individual investors tailor their investments to their specific goals, save time on research, and potentially make better decisions than they can.

Do investors see AI as a potential replacement for traditional portfolio managers and financial advisors?

Yes, the survey results suggest that investors see AI as a valuable resource for their own strategies and a potential replacement for traditional portfolio managers and financial advisors.

Is there growing interest in investing in AI stocks?

Yes, 10% of survey participants plan to increase their investments in AI stocks for the rest of 2023.

Are there any intentions to increase investments in technology?

Yes, 23% of respondents expressed their intention to increase their investments in technology during the same time frame.

What are the potential benefits and risks of using AI for investment portfolio management?

The potential benefits include saving time, making better decisions, and tailoring investments to specific goals. However, there are also risks associated with relying solely on AI for portfolio management, as it may lack the human intuition and adaptability that human advisors provide.

How do investors view the future of AI in investing?

43% of respondents agree that AI is the future of investing, indicating a positive outlook on the potential of AI in the investment landscape.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Aniket Patel
Aniket Patel
Aniket is a skilled writer at ChatGPT Global News, contributing to the ChatGPT News category. With a passion for exploring the diverse applications of ChatGPT, Aniket brings informative and engaging content to our readers. His articles cover a wide range of topics, showcasing the versatility and impact of ChatGPT in various domains.

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