ChatGPT is one of the increasingly popular consumer digital applications as it surpassed 100 million users within the first few weeks of its launch in November 2022. One benefit of this AI Chatbot created by OpenAI is that it helps people with researching potential stock picks. For this purpose, The Motley Fool commissioned a survey conducted by Pollfish on April 19.
Surprisingly, the survey revealed that 47% of those who used the ChatGPT had asked it for stock recommendations which was higher amongst men than women – 55% to 42%. Moreover, it was noticed that wealthy and young investors had a higher rate of trusting ChatGPT for stock selection than average people.
This raised curiosity for finding out why women felt so skeptical about AI-assisted stock picks and if it was justified. It is found that this can result from different gender investing habits, a preference for personal connections, and a lack of awareness about the power of investing. Considering this, this tech-savvy population might feel disconnected from the ChatGPT and view it as impersonal in comparison to a personal person.
On the other hand, at this point, the AI machine may not be able to make some specific stock picks on its own and might need a bit of convincing. Also, important to note is that the AI is trained and unable to make investment decisions as it doesn’t have access to current market data.
The benefits of this technology are only limited to providing insights and basic information when it comes to stocks. While this might be helpful in making decisions, it is nothing compared to the knowledge and tailored advice an experienced person can provide.
It is undeniable that ChatGPT is a great and beneficial AI tool which helps investors, especially novice ones, in understanding the stock market better and making decisions. However, it should be used to enhance human-based analysis and decisions, but not replace it.
About the company
OpenAI is the company responsible for the development and launch of ChatGPT, a chatbot AI assistant that helps users research stocks and investments. It is a leader in the field of artificial intelligence, with its research and programs making it possible for AI to assist in many fields, from health to gaming and beyond.
About the person
Adam Levine is the reporter from The Motley Fool who wrote Survey: Women Are Skeptical of ChatGPT’s Stock Picks. Here’s What They Get Right | The Motley Fool article. Levine’s focus is on stock market analysis and investments and he has been covering the subject for many years. He is a well-known figure in the investment community, having authored or co-authored multiple books on the subject. He is where the readers go when they need sound investment advice.
