New Delhi: Nearly 47 percent of adults in the US said they used AI chatbot ChatGPT for stock recommendations, and 69 percent said they would consider using it in the future, a new study showed. According to The Motley Fool, a financial and investment advisory firm, about 45 percent said they would be comfortable using an AI model to simply pick stocks.
After the launch of ChatGPT, it took five days to reach one million users and only two months to reach 100 million users. According to web analytics company SimilarWeb, about 1.6 billion users visited ChatGPT in March alone. ,ALSO READ: Adani-Hindenburg controversy: ‘No regulatory failure’, says SC panel,
“The scale of this percentage is surprising, and yet it confirms what many of us are seeing,” said Asit Sharma, senior analyst and principal investor at The Motley Fool. ,Also read: 9 jobs in India that AI can never replace,
“The nature of search, and what we need from it, is changing in real time, and millions of Americans are eager to get their hands on this new world,” he said.
In addition, the study states that Millennials and Gen Z are leading the way in using ChatGPT for investment advice. Nearly 53 percent of millennials and 50 percent of Gen Z use ChatGPT to find stock picks.
Only 25 percent of Baby Boomers said they used ChatGPT to help buy stocks, as do older Americans, who are not so quick to turn to ChatGPT for investment advice. About 46 percent of Gex X have used ChatGPT for investment recommendations, which is closer to younger Americans.
“A lifetime of investing in US markets has taught[baby boomers]to approach new investments with due caution, and it’s okay to work out the kinks before jumping in,” Sharma said.
In addition, the study noted that 77 percent of high-income Americans used ChatGPT for investment recommendations, compared to 43 percent of middle-income Americans and only 23 percent of low-income Americans.
Nearly 55 percent of American adult males have used ChatGPT for investment recommendations, compared to 42 percent of females. The study also found that US adult males are more confident in ChatGPT’s investment advice.
When asked to rate their confidence in the accuracy of ChatGPT and the reliability of the information on Stock Picks, men gave a score of 3.3, while women gave a score of 2.9. The score was 3.1 among all respondents.