ChatGPT, which stocks should I buy? is a seemingly practical question reflecting a new trend in the financial market as more and more individual investors turn to artificial intelligence for advice.
According to statistics, at least one in 10 retail investors use chatbots to choose stocks. This spread is contributing to the explosion of the automatic consulting market, also known as robot-advisory.
However, even technology fans admit that this is a risky strategy and is unlikely to completely replace the role of traditional consultants.
Thanks to AI, anyone can access investment analysis that was previously only in the hands of large banks or investment funds. This changes the landscape of access to financial information.
According to research firm Research and Markets, the global robotics consulting market could grow from $61.75 billion (2023) to $470.91 billion by 2029, equivalent to an increase of nearly 600%.
A typical example is Jeremy Leung, a former analyst at UBS. After nearly two decades working for this Swiss bank, Leung left and started using ChatGPT to track stocks for his portfolio.
I no longer enjoy the luxury of Bloomberg or expensive market data services. But even a simple AI tool can copy many of the working processes I have used, Leung shared.
However, Leung also warned that ChatGPT cannot access important data behind the fee wall, which means investors could miss key analytics. In other words, the convenience and low cost of AI does not mean completely eliminating risks.
However, the development of the automated consulting market shows that AI has become an indispensable part of the modern financial ecosystem.
As ChatGPT enters its third year, artificial intelligence continues to demonstrate its influence in changing the way people approach, analyze and make investment decisions, although the road ahead is still full of questions about reliability and safety.
