Homework, theses or cover letters – ChatGPT can be used successfully in many different areas, so to our advantage. But the chatbot based on artificial intelligence can do even more. For example, predict stock movements.
Whether share prices on the stock market rise or fall depends on many factors. A company’s profit and turnover have just as much influence as the general economic situation and market developments, interest rates, geopolitical events such as wars or – rather banal – the weather, to name just a few examples.
To decipher the complex interplay of these factors and ultimately to make the most accurate predictions about economic development, so-called qualitative analysts or quants on Wall Street and other stock exchanges around the world have been using special algorithms for some time. to look for certain patterns or correlations in datasets.
The extent to which the AI chatbot ChatGPT can also be used for such tasks has now been investigated for the first time in two different studies. The results suggest that the technology developed by the start-up OpenAI takes a major step forward in converting bulk text from news articles, tweets and speeches into trading signals and reaching a new level in analyzing nuance and context.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
