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key takeaways
- ChatGPT can provide some insight into the stock market, but it is not ideal for choosing investments.
- Requesting investment advice from ChatGPT results in a message that it is not able to provide financial advice
- Q.ai operates an investment-specific AI that is already available to investors
With countless uses from writing computer code to creating a customized silly story for your friends or family, ChatGPT is all the rage. Curious users can look to OpenAI’s revolutionary chatbot as a tool to improve their investments.
While you can get some financial data from ChatGPT, it is not geared to provide investment advice. Asking ChatGPT about the best stocks to buy gets a message that ChatGPT does not provide financial advice. However, it does offer some interesting features for investors looking to add AI to their investment research strategy.
Q.ai is an investment app that is already integrating the power of AI. With a unique and innovative investment offering, Q.ai can be a smart addition to your investments. Click here to download and get started with Q.ai.
Can ChatGPT choose my investment portfolio?
When you ask ChatGPT to pick the best stocks or ETFs, you probably won’t like the answer. AI is designed to avoid giving financial advice. While the app can access some investment data, it won’t tell you where to invest your money.
screenshot by author
ChatGPT Responds to When Asked for Best Investment in a Category
The only true advice here is to “do thorough research” and “consult a financial advisor”. While thorough research is a good idea for all investors, not everyone needs to pay extra for a financial advisor.
You can find general information about the steps you should take when building a portfolio, managing investment risk, and analyzing stocks. But this will not give you the final answer.
However, just because ChatGPT can’t pick the best stocks or funds doesn’t mean it’s completely useless for investors. When you get creative with questions, you can get helpful answers that flow into your investment decisions.
Potential uses of OpenAI in your investment research
If you want to use ChatGPT for investment, consider these possible uses. ChatGPT is not 100% accurate, so it is best to independently verify the results before making an investment decision. The current version of ChatGPT can access investment data for 2021, but nothing more recent.
- General Investment Ideas: ChatGPT won’t give you a list of the best stocks, but it can tell you the biggest companies in a sector or list the most profitable companies in a stock index.
- Historical Investment Data: If you want a summary of investment data, ChatGPT is great at math. The bot can calculate the average return for an investment over a specific period. In our testing, it did a good job calculating the average return of the S&P 500 over 20 years but gave the wrong answer when annual revenue of a major public company was not available.
- Financial Analysis and Formulas: If you use spreadsheets or databases to research and analyze potential investments, you can ask ChatGPT for help. For example, the chat tool quickly generated a formula for me to import stock data into Google Sheets and perform a net present value analysis.
If you’re creative, you can use ChatGPT for a number of finance-related tasks. But at the end of the day, inaccuracies, outdated data and inherent limitations prevent you from using it as a one-stop-shop for developing investment ideas.
Investing with Artificial Intelligence through existing platforms
If you want AI to improve your investments, you don’t have to wait for OpenAI to develop a new tool. Q.ai already offers AI-assisted investing focused on a wide range of investment topics.
Our unique investment kits give investors access to bundles of stocks and ETFs in four main categories: Foundation, Specialty, Limited Edition and Community. Within each category, you can choose an investment kit that best matches your investment goals, such as the Clean Tech Kit or the Active Indexer Kit with Portfolio Protection.
You don’t have to wait for some mysterious future date to incorporate AI into your investing. With Q.ai, artificial intelligence investing is available today.
Bottom-line
You cannot use OpenAI to pick stocks or ETFs. Even if you could, limited data and some inaccurate responses prompt you to tread carefully when asking ChatGPT about investing.
But if you want to invest with AI, you don’t need ChatGPT. Q.ai has been using AI to make investments since 2017. You won’t believe how easy it is to invest with the power of AI.
download qi Today For access to AI-powered investment strategies.
