A new study has revealed that a shocking 47% of adults in the United States have used the AI chatbot ChatGPT to help guide them in their decisions on stock investments. Even more fascinating, these findings showed that 69% of those surveyed would consider using ChatGPT in the future as well. The Motley Fool, an investment advice and financial management company, stated that 45% of the participants said they would feel confident if the AI model is the only source for their stock investing.
Within weeks after its launch, ChatGPT had achieved a phenomenal milestone with a million users in just five days, reaching a overwhelming 100 million users in only two months. Web analytics company SimilarWeb reported a substantial 1.6 billion visitors using ChatGPT in March alone.
This high demand doesn’t come as a surprise to The Motley Fool’s senior analyst and lead investor Asit Sharma. He firmly believes that people are keen to explore the opportunities available to them through the use of bots such as ChatGPT, which can help them make decisions on financial investments. Sharma was also quick to point out that this trend was heavily led by the younger generations, such as Millennials and Generation Z, with around 53% of millennials and 50% of Gen Z having already used ChatGPT to find stock picks.
While these younger generations are power-users of AI assistants for investing, the study also highlighted older generations such as baby boomers and Generation X, as well as those on both the high and low ends of the socio-economic spectrum, as not so quick to adopt this technology. It was found that only 25% of baby boomers had used ChatGPT to help themselves pick stocks, while 46% of Generation X members had used it for investment recommendations, 56% of high-income Americans had used it, 43% of middle-income Americans had used it, and only 23% of low-income Americans had taken advantage of its services. Testimonies from the survey also found males more likely to use and have more confidence in ChatGPT’s accuracy, with 55% of male adults having used it for their investment advice compared to 42% of females.
ChatGPT is a groundbreaking AI chatbot, garnering an extremely impressive user count so quickly and providing people the opportunity to find the best stock options available to them. The AI model is continuing to bring success to investors from all backgrounds and ages, and these impressive numbers are certain to continue rising in the future.
