47% Of Americans Used ChatGPT For Stock Picks: Study

Image Courtesy: Reuters

New Delhi: About 47 percent of adults in the US said they used the AI chatbot ChatGPT for stock recommendations, and 69 percent 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 percent 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 the 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 percent of millennials and 50 percent of Gen Z have used ChatGPT to find stock picks.

Only 25 percent 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 percent 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 percent of high-income Americans used ChatGPT for investment recommendations, compared to 43 percent of middle-income Americans and only 23 percent of low-income Americans.

Around 55 percent of American adult males have used ChatGPT for investing recommendations compared to 42 percent of women. The study also found that American adult males are 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.