ChatGPT by OpenAI is already being hailed as a game-changing tool in the field of education and content creation only a few months after its public release. Recently, the AI-powered chatbot managed to clear the US Medical Licensing Examination (USMLE) and an MBA examination designed by a professor of Wharton from the University of Pennsylvania. However, can ChatGPT assist in increasing your wealth, and most importantly, does it provide investment advice?
We asked ChatGPT a set of questions, and the simple answer was — no. In most cases, it clearly said that the bot would not assist with investment advice as the markets fluctuate daily, on an hourly basis. However, that does not mean the bot isn’t capable of solving complex queries with simple answers. Here’s what we learned:
Can you predict the stock market?
As a language model, I do not have the ability to predict the stock market or any other financial markets. The stock market is affected by a wide range of factors, including economic conditions, company performance, and global events, making it difficult to predict with certainty. It is also important to note that past performance is not necessarily indicative of future results.
Many experts and analysts use various tools and techniques, such as technical and fundamental analysis, to try to predict market trends and make investment decisions, but it’s important to keep in mind that these are still just educated guesses and no one can predict future market movements with 100 per cent accuracy.
It’s always important to conduct your own research, diversify your portfolio and consult with a financial advisor before making any investment decisions.
Do you offer investment advice?
As a language model, I do not have the ability to offer investment advice. I can provide information on various topics, but it is important to conduct your own research and consult with a financial advisor before making any investment decisions.
How to become rich?
Getting rich is a complex and multifaceted goal that requires a combination of factors such as hard work, smart financial planning, and a bit of luck.
In the last question, ChatGPT advised us to “set specific and measurable financial goals”, “develop a budget and stick to it”, and “invest in assets that have the potential to appreciate in value.”
So far, it is clear that the ChatGPT does not offer clear answers to investment-related matters (yet), though the AI chatbot can help in understanding complex financial-related topics such as mutual funds, bonds, and SiPs. The bot can also help with filing Income Tax Returns, and it offered a fairly simple answer when we asked for the steps.
How does ChatGPT work?
The AI chatbot by artificial intelligence research firm, OpenAI, is built on GPT or Generative Pre-trained Transformer, which is a language model relying on deep learning that can generate human-like texts based on a given text-based input. In simple words, the tech analysis pool of published resources and offers a simplified answer to complex queries. It is also capable of solving arithmetic problems and reviewing codes, though the answers are not always accurate.
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