ChatGPT gets a pat on the back from China's top broker after its 2023 outlook points to gold and equities
(Kitco News) One of China's largest brokerages asked ChatGPT to write a research report on the 2023 global market outlook. And the country's top broker was somewhat impressed by its assessment and top investment picks.
According to China International Capital Corp Ltd. (CICC), ChatGPT wrote a 2023 market outlook that was on point but needed more individual perspective and analysis. ChatGPT is the trending hot artificial intelligence app designed by OpenAI.
The goal was to gauge ChatGPT's financial knowledge and analytical skills. After examining the results, the Chinese brokerage said the AI chatbot has "a certain degree of financial knowledge and market analytical capability."
For 2023, ChatGPT was more optimistic on equities and gold, Bloomberg reported CICC's analysts Zhao Li and Xiaoqing Yang as saying in a note. "It is more bullish on equities and gold while more cautious on bonds and commodities," the analysts wrote.
ChatGPT's report was "relatively well structured" and analyzed several key themes, including the lingering effects of the pandemic and tighter global monetary policies, the note added.
With ChatGPT taking the world by storm this year, many critics have expressed concern about the possibility of AI displacing humans at work in areas such as coding, writing, analysis, and more.
However, according to the CICC, the fear is likely overblown, given the chatbot's current limitations. "It does not yet have independent market analysis capabilities and should not be directly used to guide investment decisions," the brokerage's note stated.
However, if ChatGPT's skills are combined with human analysts, the time it takes to produce short investment reports would be reduced, the brokerage added.