New AI-powered investing tool uses ChatGPT to manage portfolios
ChatGPT plugin Portfolio Pilot promises to 'improve investing for millions'
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A new artificial intelligence-powered investing guide using OpenAI's ChatGPT for managing portfolios is now available, and promises to "improve investing for millions."
A new verified ChatGPT plugin for investing, PortfolioPilot, is now available for free. (iStock / iStock)
PortfolioPilot is a verified ChatGPT plugin co-founded by AI software entrepreneur Alex Harmsen that he says is backed by hedge fund-caliber models.
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Users can copy and paste their portfolios into the tool for analysis, receive investment recommendations, search for market information and ask the bot questions – all for free.
"We are on an ambitious mission to build a complete map of how the economy works," Harmsen said in a statement. "This will dramatically improve investing for millions, decrease risk in decision making, and remove huge inefficiencies in the financial sector."
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According to new data, Americans have wasted no time trying out 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 of its release, and had 1.6 billion users in March alone. (REUTERS/Dado Ruvic/Illustration/File Photo / Reuters Photos)
The Motley Fool released a study this week that found 47% of U.S. adults have already used the tool for stock picks, and 69% said they are open to the idea of doing so.
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According to the survey, higher-income Americans were most likely to use ChatGPT for investment advice, with 77% reporting they have utilized it for stock picks.