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Would you trust AI to aid you invest your money and manage your portfolios?

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So, you have some money to take a position, and also you’re mulling over your options, right? Wall Street, Major Street, or perhaps … Silicon Street? That is right, folks, the pc wizards have been busy, and so they’ve conjured up a whopper: Artificial Intelligence (AI) investment platforms. It looks like we have been hurled right into a sci-fi saga where the heroes and heroines don’t carry lightsabers but wield algorithms and datasets.

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Lights are flashing, numbers are soaring, and individuals are yelling. That is the Wall Street we all know, right? But now, there is a latest player on the block, and it isn’t some Harvard graduate or a Wall Street wolf. It is a silicon-brained wizard going by the name of ChatGPT. Wall Street is getting a tech upgrade, stirring up the finance pot!

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Nearly 50% of adults depend on AI to acquire stock market guidance

In keeping with a recent survey conducted by popular investment advice website The Motley Idiot, it was found that 47% of participating American adults depend on ChatGPT to acquire guidance on stock market selections. Moreover, the survey indicated that 45% of participants expressed their willingness to rely solely on the AI model for stock picking, indicating a possible trend for the longer term.

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47% of Americans actually depend on ChatGPT to make investments. ( )

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The AI software from OpenAI that seems to consistently be on the news, ChatGPT is proving to be way more resourceful than your average text-generating chatbot. The fascinating bot has dived headfirst into the shark tank of finance, making investment strategies and financial decisions which have seasoned money managers scratching their heads and saying, “How’d it try this?”

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How ChatGPT performed in a mock-up portfolio? 

In an experiment by the financial comparison platform finder.com, a mock-up portfolio consisting of 38 stocks saw a 4.9% increase between March 6 and April 28. During this same period, a median decline of 0.8% was noted across ten premier investment funds. Throughout the an identical eight-week stretch, the S&P 500 index, a barometer for the five hundred most respected U.S. firms, ascended by 3%. Its European counterpart, the Stoxx Europe 600 index, marked a modest increase of 0.5%.

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Man with his hand spread, seemingly holding an AI graphic.

AI can do many things; nonetheless, investments involve a human element. ( )

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Downsides to using AI for investing

Before we jump the gun, ChatGPT, for all its shining credentials, is not without its stumbles. Investing is not so simple as a binary game. It is a performance, a mixture of emotions, global developments, and the unpredictability of the human psyche that may flip market conditions like a pancake. There is a skeptical camp that asserts that regardless of how savvy an AI like ChatGPT is, there are nuances it may not catch. The human instinct, the gut response to a sudden news flash – can a digital entity truly master this?

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Upsides to using AI for investing

Yet, there is a certain appeal to AI taking the finance reins. Consider ChatGPT the epitome of relentless productivity. It doesn’t have to catch forty winks, doesn’t need a coffee break, and positively doesn’t buckle under pressure. It is often on, processing data and making decisions with a speed that will make a Wall Street trader’s head spin.

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A man holding out his empty pockets with a ChatGPT logo in the back.

Wall Street is quickly gaining the nickname Silicon Street for using AI with investments. ( )

Wall Street vs. Silicon Street

So, where does this leave us? Is Wall Street on the verge of being rebranded as “Silicon Street,” with AI stars like ChatGPT hogging the limelight? Or will the seasoned money managers, those financial gurus with years of wisdom, keep their crowns?

It is a showdown that is captured the world’s attention. The seasoned finance mavens pitted against the silicon savant. What a whirlwind of a story we’ve unfolding here. It’s like an exhilarating chess match between the seasoned experts of Wall Street and the brand new digital whizz kid on the block.

Give it some thought. We’re witnessing an incredible collision of worlds. On one side, we have tradition, many years of experience, and human intuition. On the opposite side, we have this cutting-edge tech and a tireless data-devouring machine.

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The letters

AI is looking like it should be the brand new norm for future investments. (CyberGuy.com)

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The large query is, will this be a fleeting meet-up, or are we seeing the beginning of a latest norm? Will Wall Street and Silicon Street change into indistinguishable neighbors in the longer term? It’s anyone’s guess.

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Kurt’s key takeaways

The long run is not just knocking on the door – it’s kicked it wide open and made itself comfortable on the investment sofa. On this planet of investing, AI-powered platforms like ChatGPT are gaining popularity, with a major variety of adults counting on them for stock market guidance, presenting a possible trend for the longer term. Nevertheless, while AI offers relentless productivity and speed, it could struggle to capture certain nuances and human instincts that play a job in investing, making it a showdown between traditional finance experts and the brand new digital whizz kids.

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Where would you are feeling more comfortable placing your bet in the event you were sitting on a nest egg? Would you go old-school, trusting the well-worn seats of Wall Street? Or would you are taking a leap into the longer term, trusting your precious hard-earned money to the tireless, emotionless, and relentless ChatGPT? Tell us by writing us at CyberGuy.com/Contact

For more of my security alerts, subscribe to my free CyberGuy Report Newsletter by heading to CyberGuy.com/Newsletter

Copyright 2023 CyberGuy.com.  All rights reserved.

Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life higher together with his contributions for Fox News & FOX Business starting mornings on “FOX & Friends.” Got a tech query? Get Kurt’s CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.

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