47% of Americans used ChatGPT for stock picks: Study

According to a recent research, almost 47% of US respondents claimed they used the AI chatbot ChatGPT for stock recommendations and 69% indicated they would think about using it in the future.

author_img IANS Published :  20th May 2023 05:11 PM   |   Published :   |  20th May 2023 05:11 PM


About 47 per cent of adults in the US said they used the AI chatbot ChatGPT for stock recommendations, and 69 per cent said they would consider using it in the future, a new study has shown.

According to the financial and investing advice company The Motley Fool, about 45 per cent said that they would be comfortable with only using the AI model for stock picking.

After the launch of ChatGPT, it took five days to reach one million users and just two months to reach 100 million users.

According to web analytics company SimilarWeb, roughly 1.6 billion users visited ChatGPT in March alone.

"This scale of this percentage is surprising, and yet it confirms something many of us are witnessing," said Asit Sharma, The Motley Fool senior analyst and lead investor.

"The nature of search, and what we require from it, is changing in real-time, and millions of Americans are eager to try out this new world hands-on," he added.

Moreover, the study said that millennials and Gen Z are leaders in using ChatGPT for investing advice.

About 53 per cent of millennials and 50 per cent of Gen Z have used ChatGPT to find stock picks.

Only 25 per cent of baby boomers said they've used ChatGPT to help find stocks to buy, as older Americans, have not been so quick to turn to ChatGPT for investing advice.

About 46 per cent of Gex X have used ChatGPT for investment recommendations, leaning closer to younger Americans.

"A lifetime of investing in the US markets has taught (baby boomers) to take new advances in investing with appropriate caution, and that it's ok to let the kinks get worked out, before jumping in," said Sharma.

Further, the study said that 77 per cent of high-income Americans used ChatGPT for investment recommendations, compared to 43 per cent of middle-income Americans and only 23 per cent of low-income Americans.

Around 55 per cent of American adult males have used ChatGPT for investing recommendations compared to 42 per cent of women.

The study also found American adult males more confident in ChatGPT's investment advice.

When asked to rate their confidence in ChatGPT's accuracy and the trustworthiness of information on stock picks, men gave a score of 3.3, while women gave a score of 2.9.

The score among all respondents was 3.1.