A new AI-powered investing tool has been released that uses OpenAI’s ChatGPT to manage portfolios. PortfolioPilot is a verified ChatGPT plugin that enables users to copy and paste their portfolios into the tool for analysis. The tool provides investment recommendations, market information search, and AI-powered chatbot-based service to answer user inquiries – all for free.
The co-founder of PortfolioPilot, AI software entrepreneur Alex Harmsen, claims that the plugin is supported by hedge fund-caliber models. The tool promises to remove huge inefficiencies from the financial sector, decrease risk in decision-making, and improve investing for millions of investors.
According to new data, Americans have quickly embraced ChatGPT for stock recommendations since the AI-powered chatbot became available to the public in November. OpenAI's ChatGPT reached one million users in just five days, and had 1.6 billion users in March alone. A recent survey by Motley Fool revealed that 47% of US adults have already used the tool for stock picks, and 69% said they are open to the idea of using the tool.
The survey also revealed that higher-income Americans are most likely to use ChatGPT for investment advice, with 77% already having utilized it for stock picks.
