Wall Street Traders May Be Replaced By AI If ChatGPT Keeps This Up

It's Wednesday, for those who have been following — you know what time it is.

We’re now in the tenth week of Benzinga’s six-month series, “Is ChatGPT A Better Financial Advisor?”

Whether you’re a seasoned follower of our experiment, or a newcomer just dipping your toes, get ready for the recap of the past week’s events.

Our AI-powered journey with OpenAI's ChatGPT, pitted against 10 of the leading U.S. equity funds, continues in its pursuit to answer: Is ChatGPT a better financial advisor?

For the uninitiated, we gave ChatGPT a hypothetical $10,000 to create an investment portfolio, with the challenge to beat several leading U.S. equity funds.

So, what’s the word for our AI-curated portfolio in the tenth week, and how did it hold up against well-known ETFs such as the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust Series 1 (NASDAQ:QQQ)?

Performance tracking began on May 10. Now, let’s dig into the details.

Ten weeks into our experiment, Benzinga’s ChatGPT Portfolio managed to edge slightly ahead of its previous week's performance, maintaining its competitive stance in the top five.

ChatGPT is, without a doubt, proving to be a genuine contender in the race.

Our portfolio’s crown jewel, Tesla Inc (NASDAQ:TSLA), continues its stellar run, up a whopping 76.86% since the hypothetical position was opened.

While the biggest laggard last week was Nike Inc (NYSE:NKE), it was overtaken by AT&T Inc (NYSE:T), as shares are down 12.52% since Benzinga took the position.

In line with our commitment, Benzinga is holding all positions for the full six-month duration of the series.

Interested in seeing the specific stocks inside Benzinga’s AI portfolio? Click here.
Check out last week’s results here.

It’s crucial to keep a long-term perspective as results are evaluated. Our experiment will run for six months, and as the saying goes, investing is a marathon, not a sprint. Regular fluctuations in the leaderboard are to be expected.

The aim of this series isn’t to present AI as a substitute for human financial advisors. Instead, Benzinga aims to highlight AI’s potential as a tool to aid investment decisions. While ChatGPT is an advanced AI, it lacks the ability to process real-time data or evaluate personal financial situations — but that may change soon.

And while ChatGPT isn’t a licensed financial advisor, this experiment contributes to the ongoing conversation about AI’s role in finance.

Join Benzinga next Wednesday for the next installment of the “Is ChatGPT A Better Financial Advisor?” series. Benzinga looks forward to seeing how the week unfolds for the AI-curated portfolio.

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