- ChatGPT can provide some insights into the stock market, but it’s not ideal for picking investments
- Requesting investment advice from ChatGPT results in a message that it’s not able to provide financial advice
- Q.ai operates an investment-specific AI that’s already available to investors
ChatGPT is all the rage, with countless uses ranging from writing computer code to creating a silly story customized for your friends or family. Curious users may look to OpenAI’s revolutionary chatbot as a tool to improve their investments.
While you can get some financial data from ChatGPT, it’s far from ready to provide investment advice. Asking ChatGPT about the best stocks results in a message that ChatGPT doesn’t offer financial advice. However, it does offer some interesting features for investors interested in adding AI to their investment research strategy.
Q.ai is an investment app already integrating the power of AI. With a unique and innovative investment offering, Q.ai could be a smart addition to your investments. Click here to download Q.ai and get started.
Can ChatGPT pick my investment portfolio?
You probably won’t like the answer when you ask ChatGPT to pick the best stocks or ETFs. The AI is designed to avoid giving financial advice. While the app can access some investment data, it won’t tell you where to put your money.
ChatGPT response when asked for the best investments in a category
The only true advice here is to do “thorough research” and “consult with 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 get general information about how to build a portfolio, manage investment risk and the steps you may want to take when analyzing stocks. But it won’t 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’re creative with questions, you can get helpful answers that flow into your investment decisions.
Potential uses for OpenAI in your investment research
If you want to use ChatGPT for investing, consider these potential uses. ChatGPT isn’t 100% accurate, so it’s best to verify the results independently before making investment decisions. The current version of ChatGPT can access investment data for 2021, but nothing more recent.
- General investment ideas: ChatGPT doesn’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.
- Historic 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 worked well calculating the average return of the S&P 500 over 20 years but incorrectly responded that a major public company’s annual revenue wasn’t available.
- Financial analysis and formulas: If you use spreadsheets or databases to screen and analyze potential investments, you can ask ChatGPT for help. For example, the chat tool quickly compiled a formula for me to import stock data in a Google Sheet and perform a net present value analysis.
If you’re creative, you can use ChatGPT for many financial-related tasks. But at the end of the day, inaccuracies, old data and built-in limits 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 need to wait for OpenAI to develop a new tool. Q.ai already offers AI-assisted investments focused on a wide range of investment themes.
Our unique Investment Kits offer 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 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 investments. With Q.ai, artificial intelligence investing is available today.
The bottom line
You can’t use OpenAI to pick stocks or ETFs. Even if you could, limited data and some inaccurate responses should lead you to tread carefully when asking ChatGPT about investments.
But if you want to invest with AI, you don’t need ChatGPT. Q.ai has been using AI to invest since 2017. You won’t believe how easy it is to invest with the power of AI.
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