A portfolio of 38 stocks made by artificial intelligence chatbot ChatGPT has delivered better performance than the 10 most popular funds in the United Kingdom (UK), a report by the Financial Times (FT) said based on an experiment conducted by finder.com.
The chatbot was created based on investing principles of the leading funds. In the 8 weeks, ChatGPT's portfolio has delivered a profit of 4.9 per cent. The top 10 UK funds in the UK, on the other hand, have booked an average loss of 0.8 per cent during the same period.
The funds included in the "top funds" were Terry Smith's Fundsmith Equity, Vanguard, Fidelity and HSBC.
The report added that around 19 per cent of UK adults surveyed by finder.com said they would "consider getting financial advice" from ChatGPT. Another 8 per cent say they had already taken financial advice from the chatbot.
Jon Ostler, chief executive officer (CEO) of finder.com, was quoted by FT as saying that democratisation of AI may disrupt and revolutionise the financial industries. However, he cautioned that it is too early for consumers to trust AI when it comes to finance and investment.
The use of ChatGPT in investment has been rising since its launch in November last year. Earlier this week, an AI-powered ChatGPT plugin named PortfolioPilot was launched in the US. Investors can copy and paste their portfolios, and receive investment recommendations, for free.
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A study by The Motley Fool, released earlier this week, showed that 47 per cent of adults in the US have already used the software to pick stocks. Nearly 69 per cent said that they are open to the idea of doing so again in the future.
Among high-income Americans, 77 per cent of those surveyed in the study said that they have utilised ChatGPT for picking stocks.
