According to a recent study, ChatGPT was able to predict stock market movements with surprising accuracy. The study involved feeding over 50,000 news headlines about companies into the chatbot and using sentiment analysis to generate a “Chat GPT score.”
The researchers found a significant positive correlation between the ChatGPT scores and the next-day stock performance for the analysed companies. Chat GPT even outperformed traditional sentiment analysis methods.
The researchers concluded that incorporating advanced language models such as Chat GPT into investment decision-making processes can lead to more accurate predictions and enhance the performance of quantitative trading strategies.
However, there are concerns regarding the risks of using AI in investment decision-making processes. Despite this, Bloomberg recently released a new GPT-based language model called Bloomberg GPT to improve natural language processing tasks related to finance.
While Bloomberg is known for its innovations, there is a growing demand from companies worldwide to incorporate artificial intelligence (AI) into their existing business models. However, the supply of AI services is limited. To address this need, GenesisAI is developing a marketplace that will assist any business in integrating AI into its existing model. The company is raising millions of dollars from retail investors to support its efforts.
The use of AI in the financial industry is rapidly growing and could become a game-changer.
