A fund of 38 stocks chosen by ChatGPT and created by Finder on 6 March 2023 has outperformed the top 10 leading funds in the UK over an eight-week time period, the ChatGPT portfolio has risen 4.93% while the top 10 funds averaged a to -0.78% in eight weeks since its creation, ChatGPT outperformed the leading UK funds for 87% of the time; 34 of the 39 market days the experiment has been running.
As you can see in the chart below by Finder, the ChatGPT fund was lower than the top 10 funds of the UK in the starting five days, but after that, it started outperforming them and kept its motion.
Meta, Microsoft and Intel Corporation were the top three performing stocks in the ChatGPT fund, Meta roughly increased to 30%, Microsoft increased to 20% and Intel Corporation to 18%.
According to a survey done by Finder in 2023, 8% of people; less than 1 in 10 people already used ChatGPT for financial advice and around 19% that is 1 in 5 people would consider getting financial advice from ChatGPT and nearly 35% of people said that they would not use ChatGPT for financial advice. The survey also showed that around 38% of people don’t even know about ChatGPT.
The CEO of Finder.com, Jon Ostler, pointed out that a survey done in 2021 found that half of the investors in the UK use social media platforms for investment advice. In his view using AI for investment advice could be a better option than taking advice from an unqualified TikTok star, but ideally, people spending time doing research on their own through known sources or qualified investment advisers would be a safer and recommended approach.
According to Ostler, the democratization of AI appears poised to disturb and transform the financial sector, but he maintains that it is currently not the time for people to rely on it for their own money.
