Is ChatGPT capable of predicting stock market moves ?

AI has been successful. ChatGPT and other AI tools have impressive capabilities that support the excitement about the technology. ChatGPT is rapidly improving, has passed tests, and already threatening several occupations. A recent article emphasises the AI tool’s expanded functionality, which now includes the ability to forecast the movement of stock prices.

Can ChatGPT Predict Changes in Stock Prices?” was the headline of the follow-up research. Restore Big Language Models and the Ability to Forecast the Future” ChatGPT pretended to be a financial expert at the request of Alejandro Lopez-Lira and Yuehua Tang of the University of Florida. The next step was to have the chatbot evaluate recent business news stories. When the training data for the chatbot stopped in late 2021, they had to use news articles from that time frame to keep it going.

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The investigation found a statistical correlation between the answers supplied by ChatGPT and the subsequent movements of the stock. This is another proof that the technology correctly interpreted the news’ relevance. Bloomberg then cited an excerpt from the study: “In an example concerning whether the headline ‘Rimini Street Fined $630,000 in Lawsuit Against Oracle was good or negative for Oracle, ChatGPT argued that it was beneficial since the penalty ‘may raise investor self-assurance in Oracle’s capacity to defend its intellectual property and promote demand for its goods and services.

This is also not a novel phenomenon on Wall Street. Several tactics have been informed by the same underlying language models used by the chatbot. The findings, however, imply that OpenAI’s technology has advanced to the point where it can grasp nuance and context.

It’s one of the few occasions when the buzz is legitimate,” Slavi Marinov, head of a machine learning at Man AHL, said in response.While the efficiency of business sectors improves as more and more people use these kinds of gadgets, the regularity with which investors see a return decrease.

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