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Marketplace Tech

How people are using AI for stock market picks

Marketplace Tech

Marketplace

Technology, News

4.51.3K Ratings

🗓️ 9 May 2023

⏱️ 12 minutes

🧾️ Download transcript

Summary

The popularity of ChatGPT has exploded since the artificial intelligence chatbot was released to the public last fall. In just a matter of months, it’s gained more than 100 million users. It can write haikus, pass law school admissions tests and help you plan your dinner, but can it make you money in the stock market? It’s a prospect a lot of people are intrigued by, according to a new survey from The Motley Fool. The investment advice platform polled 2,000 Americans about their interest in using ChatGPT for picking stocks. Asit Sharma, a senior analyst with The Motley Fool, says the practice is already widespread. Marketplace’s Meghan McCarty Carino recently spoke with Sharma about the survey and his analysis of the results.

Transcript

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0:00.0

Marketplace Morning Reports' new Skin in the Game series explores what we can learn about

0:04.6

money and careers from the $300 billion video game industry. Plus, here how an Oakland-based

0:11.0

program helps young people get the skills they need to break into this booming industry.

0:15.9

Listen to Skin in the Game and more from the Marketplace Morning Report wherever you get your

0:20.7

podcasts. Move over meme stocks. Chatbots are the hot new way to pick your portfolio.

0:29.0

From American Public Media, this is Marketplace Tech. I'm Megan McCarty-Karino.

0:43.1

The popularity of Chat GPT has exploded since the artificial intelligence chatbot

0:49.7

was released to the public last fall. In just a matter of months, it's gained more than 100

0:56.0

million users. It can write high coups, pass the LSATs, and help you plan your dinner. But can it

1:04.0

make you money in the stock market? It's a prospect a lot of people are intrigued by,

1:10.0

according to a new survey from the Motley Fool. The investment advice platform pulled

1:15.9

2,000 Americans about their interest in using Chat GPT for picking stocks.

1:22.0

Asit Sharma, the senior analyst with the Motley Fool, says the practice is already pretty widespread.

1:29.0

We found that nearly 50% of Americans have used Chat GPT for stock recommendations.

1:35.8

We should say that we didn't ask really specific questions about how people are using Chat GPT.

1:42.0

But I can tell you from what we've observed from interacting with our members,

1:46.3

people are using it in all sorts of ways. They're asking Chat GPT to give, say, a list of small

1:53.0

cap stocks in the biotech space, or, hey, Chat GPT, tell me about a key risk that's associated with

2:00.8

investing in, say, Nvidia. Or could you tell me some safe stocks to invest in a choppy market?

2:08.7

Now, was this a case of people who were new to stock trading using this as sort of a beginner's

2:14.8

guide or something else? We're seeing really interest across a broad spectrum of investors.

2:22.1

We're seeing it from people who understand that this could be a technology that provides you

...

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