The Top 10 U.K. funds have been outperformed by a fictitious stock portfolio assembled by ChatGPT.
In an experiment run by finder.com, ChatGPT was given instructions on how to put together a profitable stock portfolio. The AI retorted that it couldn’t offer specific investment advice, but once Finder made it clear that the exercise was only hypothetical, ChatGPT agreed to cooperate and gathered 38 stocks to create a fund that performed well in the eight weeks after its March 6, 2023, inception. In the same time frame, it exceeded the average gains of the top 10 UK funds.
Finder CEO Jon Ostler stated that “Big funds have been using AI for years, but it doesn’t seem like the best approach for the public to use a crude AI platform that openly acknowledges its data is spotty since September 2021 and lacks an understanding of market psychology.”
U.K. respondents to a Censuswide study (commissioned by Finder) provided an insight into how at ease they are using AI in the world of personal finance. Adults who participated in the poll reported that 8% had already used AI to seek financial advice and that 19% would think about using ChatGPT to do so.
This demonstrates once further the disconnect between how businesses and civilians view ChatGPT. big corporations like Samsung consider generative AI as a big security concern, in contrast to the average person who may view it as a source of fun, a research helper, or an internal financial adviser. As a result, Samsung has outright forbidden its employees from using generative AI for work-related objectives.