Nearly half of US adults trust ChatGPT for stock recommendations: Report
Some 47 percent of U.S. adults said they have used AI chatbot ChatGPT for stock recommendations, and 69 percent said they would consider using it in the future, a new survey has found.
According to financial and investment advisory firm The Motley Fool, about 45 percent said they would be happy to use only an AI model to pick stocks.
After launching ChatGPT, it took five days to reach 1 million users and only two months to reach 100 million users.
According to web analytics company SuchWeb, about 1.6 billion users visited ChatGPT in March alone.
“The scale of this percentage is surprising, yet it confirms something that many of us are witnessing,” said Asit Sharma, senior analyst and lead investor for The Motley Fool.
“The nature of search and what we demand of it is changing in real time, and millions of Americans are eager to experience this new world in action,” he added.
In addition, the study found that millennials and Generation Z are the leading users of ChatGPT for investment advice.
About 53 percent of millennials and 50 percent of Gen Z have used ChatGPT to find stock picks.
Only 25 percent of baby boomers said they used ChatGPT to find stocks to buy, as older Americans have not been as quick to turn to ChatGPT for investment advice.
About 46 percent of Gex X have used ChatGPT for investment recommendations, leaning closer to younger Americans.
“A lifetime of investing in the U.S. market has taught (baby boomers) to take new steps in investing with due caution and that it’s OK to let the bumps work out before jumping in,” Sharma said.
Additionally, the study found that 77 percent of high-income Americans used ChatGPT for investment advice, compared to 43 percent of middle-income Americans and only 23 percent of low-income Americans.
About 55 percent of American adult men have used ChatGPT for investment recommendations, compared to 42 percent of women.
The survey also showed that American adult men trust ChatGPT’s investment advice.
When men were asked to rate their confidence in ChatGPT’s accuracy and reliability of information about stock picks, men rated it 3.3 and women rated it 2.9.
The score of all respondents was 3.1.
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