Would You Trust AI To Help You Invest Your Money And Manage Your Portfolios?
So, you've got some money to invest, and you're mulling over your options, right? Wall Street, Main Street, or perhaps ... Silicon Street? That's right, folks, the computer wizards have been busy, and they've conjured up a whopper: Artificial Intelligence (AI) investment platforms. It feels like we've been hurled into a sci-fi saga where the heroes and heroines don't carry lightsabers but wield algorithms and datasets.
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Lights are flashing, numbers are soaring, and people are yelling. That's the Wall Street we know, right? But now, there's a new player on the block, and it's not some Harvard graduate or a Wall Street wolf. It's a silicon-brained wizard going by the name of ChatGPT. Wall Street is getting a tech upgrade, stirring up the finance pot!
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Nearly 50% of adults rely on AI to obtain stock market guidance
According to a recent survey conducted by popular investment advice website The Motley Fool, it was found that 47% of participating American adults rely on ChatGPT to obtain guidance on stock market selections. Furthermore, the survey indicated that 45% of participants expressed their willingness to rely solely on the AI model for stock picking, indicating a potential trend for the future.
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47% of Americans actually rely on ChatGPT to make investments. ( )
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The AI software from OpenAI that seems to constantly be on the news, ChatGPT is proving to be much more resourceful than your average text-generating chatbot. The fascinating bot has dived headfirst into the shark tank of finance, making investment strategies and financial decisions that have seasoned money managers scratching their heads and saying, "How'd it do that?"
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How ChatGPT performed in a mock-up portfolio?
In an experiment by the financial comparison platform finder.Com, a mock-up portfolio consisting of 38 stocks saw a 4.9% increase between March 6 and April 28. During this same period, an average decline of 0.8% was noted across ten premier investment funds. During the identical eight-week stretch, the S&P 500 index, a barometer for the 500 most valuable U.S. Companies, ascended by 3%. Its European counterpart, the Stoxx Europe 600 index, marked a modest increase of 0.5%.
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AI can do many things; however, investments involve a human element. ( )
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Downsides to using AI for investing
Before we jump the gun, ChatGPT, for all its shining credentials, isn't without its stumbles. Investing isn't as simple as a binary game. It's a performance, a mix of emotions, global developments, and the unpredictability of the human psyche that can flip market conditions like a pancake. There's a skeptical camp that asserts that no matter how savvy an AI like ChatGPT is, there are nuances it might not catch. The human instinct, the gut reaction to a sudden news flash - can a digital entity truly master this?
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Upsides to using AI for investing
Yet, there's a certain appeal to AI taking the finance reins. Consider ChatGPT the epitome of relentless productivity. It doesn't need to catch forty winks, doesn't need a coffee break, and certainly doesn't buckle under pressure. It's always on, processing data and making decisions with a speed that would make a Wall Street trader's head spin.
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Wall Street is quickly gaining the nickname Silicon Street for the use of AI with investments. ( )
Wall Street vs. Silicon Street
So, where does this leave us? Is Wall Street on the verge of being rebranded as "Silicon Street," with AI stars like ChatGPT hogging the limelight? Or will the seasoned money managers, those financial gurus with years of wisdom, keep their crowns?
It's a showdown that's captured the world's attention. The seasoned finance mavens pitted against the silicon savant. What a whirlwind of a story we have unfolding here. It's like a thrilling chess match between the seasoned experts of Wall Street and the new digital whizz kid on the block.
Think about it. We're witnessing an incredible collision of worlds. On one side, we've got tradition, decades of experience, and human intuition. On the other side, we've got this cutting-edge tech and a tireless data-devouring machine.
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AI is looking like it will be the new norm for future investments. (CyberGuy.Com)
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The big question is, will this be a fleeting meet-up, or are we seeing the start of a new norm? Will Wall Street and Silicon Street become indistinguishable neighbors in the future? It's anyone's guess.
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Kurt's key takeaways
The future isn't just knocking on the door – it's kicked it wide open and made itself comfortable on the investment sofa. In the world of investing, AI-powered platforms like ChatGPT are gaining popularity, with a significant number of adults relying on them for stock market guidance, presenting a potential trend for the future. However, while AI offers relentless productivity and speed, it may struggle to capture certain nuances and human instincts that play a role in investing, making it a showdown between traditional finance experts and the new digital whizz kids.
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Where would you feel more comfortable placing your bet if you were sitting on a nest egg? Would you go old-school, trusting the well-worn seats of Wall Street? Or would you take a leap into the future, trusting your precious hard-earned cash to the tireless, emotionless, and relentless ChatGPT? Let us know by writing us at CyberGuy.Com/Contact For more of my security alerts, subscribe to my free CyberGuy Report Newsletter by heading to CyberGuy.Com/Newsletter
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Kurt "CyberGuy" Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on "FOX & Friends." Got a tech question? Get Kurt’s CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.Com.
How Can AI Help Disabled Employees?
'Access to the right technology is a powerful force for inclusion'
When Hamayal Choudhry was studying mechatronics engineering back in 2016, he was suddenly hit with a great idea to help someone he knew.
“A good friend of mine was born with an amputation, with a limb difference,” he says, and she told him that most prosthetics that were affordable or accessible “weren’t really super-functional” while the functional robotic devices “were very hard to access, and still quite limited in terms of the utility that you were able to derive from them.”
So Choudhry looked to newer technology to solve his friend’s problems.
“I thought, ‘Why not 3D-print something and supercharge it using AI to allow users to gain more utility out of devices like that?’ And so the idea was to stick a camera in the palm that basically looked at whatever it was you’re about to pick-up or interact with, and it used AI to figure out exactly how to do that,” he says.
Choudhry’s company, smartARM, then entered the 2018 Imagine Cup, which is a competition put on by Microsoft, where it won a mentoring session with Microsoft CEO Satya Nadella, $85,000 in cash and a $50,000 Azure grant.
The company will soon offer an “affordable” option for people who are disabled because of limb differences, says the founder and CEO.
AI in the workplace
The marriage of AI and physical tech should not be considered a niche idea, says a workplace accessibility expert, and it’s important for employers to recognize this when looking at how to best support the workforce.
“Statistically, a high percentage of the population do live with disabilities; one in five would be a broad standard but very few of them will self-identify and so, unfortunately, individuals just don’t feel safe, or feel that they have the venues through which they can raise those issues,” says Jason Brommet, head of modern work and surface and accessibility lead at Microsoft Canada in Mississauga, Ont.
Businesses who wish to support those workers must first create an environment in which employers are empowered to ask for accommodation.
“You do run into what are called bias and exclusion barriers, which is very much independent of the hardware or the software side of it, which is this discrimination or marginalization in the workforce due to their disability and so organizations or cultures may not be as open to or create environments where individuals feel safe in raising those asks for accommodations,” says Brommet.
Employers must always offer accommodations to disabled employees, says an employment lawyer.
Products such as smartARM might be employed more broadly, says Choudhry allowing organizations to bring in more workers who might in the past have been excluded from employment.
“Ultimately, there’s a variety of workplaces where it can be used, especially in fields where manual dexterity and precision are required. Up until now, there are a lot of things people might have been hesitant [about] or opposed to dealing with prosthetics, just because of where the current benchmark for precision and dexterity is.
“It could enable individuals who previously cannot perform certain tasks that the application does, [to participate] in a workforce and it includes things like manufacturing, healthcare, even creative fields, like art, or music.”
Technology as an inclusionary tool
But could these types of technologies make a real difference for differently abled employees?
“We believe at Microsoft access to the right technology is a powerful force for inclusion; we also believe that it is a fundamental right for individuals to have access to the computing, the technology and being able to participate fully, whether that be in work, whether that be in life, whether that be school, or whether that be in work,” says Brommet.
Adding more employees who are disabled is not only good for them but for organizations, according to Brommet.
“We know that individuals with disabilities are great employees. In many cases, we’ve seen data as high as 90% performed equal or better than their coworkers without disabilities and it says so much, which is they bring different experiences, different skills to the organization that enabled us collectively to be better.”
In order to make general improvements to the organization, perhaps an acronym change is in order, says Brommet.
Instead of focussing on DEI initiatives, “what I often will ask and inspire is to actually pivot that to be an ‘IDEA’ strategy so inclusion, diversity, equity, and accessibility because what I’ve often found is that accessibility gets forgotten or left off of the broader DEI strategy plan and there’s a moment for HR leaders and organizations to be far more intentional, which is just ensure that you have accessibility front in mind.”
AI and prosthetics could enable many disabled workers to take advantages of employment that able bodied persons may have taken for granted, says Choudhry.
“There are a whole host of disabilities that people have that prevent them or make it difficult for them to move their existing hands, paraplegia being one of them, so besides prosthetics, assistive devices in general AI can facilitate ologies like speech recognition for people with speech impairments, visual assistance tools for the visually impaired and predictive text or AI, or maybe wheelchairs for people with mobility issues.”
“In terms of building an inclusive society, AI combined with robotics can ultimately or will redefine the concept of accessible workplaces and creating an environment where disabilities do not limit an individual’s contributions,” he says.
Will AI Help Or Hurt Our Aging Parents?
Artificial intelligence is advancing so rapidly, it can be hard to speculate about its effects on elders. What we can see is that applied to healthcare, it could be very positive. For older adults with multiple chronic conditions, there are different doctors with different perspectives, each a specialist in one thing. For anyone who has experienced what we call “fragmentation” in our healthcare system, you may see that the doctors don’t always communicate with one another.
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I can imagine a central database for each patient created immediately with AI, so that any physician could immediately see a full medical history and how an issue compares with every factor known or unknown about the symptoms and signs. Based on that vast store of information, an accurate diagnosis and treatment plan is created.
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That would be in sharp contrast to how things are done now. Several treating doctors who do not see each other’s records would know right away what other providers have diagnosed, planned, and what medications are prescribed. Guesswork would be reduced. Different perspectives would be compared and conclusions drawn. The need for a second opinion would be eliminated.
Another benefit would be complete information about every medication, its side effects, warning, and contraindications. Clearly, some aging parents are getting the wrong medication for their individual profiles. Selecting the right ones, now a matter sometimes of hurried decision-making, would be streamlined. The possibility to improve medical care in general could vastly improve. For elders in particular, often with multiple health conditions, medical care could get a lot better. AI could vastly improve the accuracy and individualization of treatment.
The Possible Dark Side Of AI On Elders
We already know that AI has frightening capabilities. Seniors who use the internet can be on it without true regard for the dangers. Financial elder abuse is a multi-billion dollar industry in the U.S. One particularly evil part of this is the “Grandma scam” featured at one time on the broadcast of TV show, 60 Minutes. The program demonstrated several older adults, none with cognitive impairment, who were all scammed by the fake phone call from someone posing as a grandchild or other relative, claiming to need money urgently. All of the featured adults fell for the scam and gave money to a courier, supposedly for the relative in distress.
Without AI, we do have caller ID and we can listen to the caller and respond if we don’t recognize the voice on the phone. The scammers make excuses (”I have a cold”). But a strange voice at least can cause someone to get suspicious. With AI, it is possible not only to spoof the caller ID to make it look as if the call really came from the grandchild, it is also possible to construct a duplicate of the actual grandchild’s voice. That is frightening! If the targeted victim sees a grandchild’s name on caller ID and hears the AI-generated voice of that person, the scammers will readily get even more success with their evil plots to steal money.
I can also imagine AI being used to collect data on any aging parent from every possible source: social media, public records, family tree information from the internet, etc. A profile of all potential victims could be created to give the scammers ready targets in minutes. These are just some of the imagined downsides to the power of AI.
As I do not have a criminal mind myself, I am only able to go on the facts of elder abuse as I know them now to guess at what other evil can be done to elders. But we do know that anytime there is any opportunity, thieves will jump on it to steal. In my imagination, that is the most terrifying aspect of AI as we see descriptions of its boundless capabilities.
What Is Needed
Of course, developers of AI themselves say that regulation is needed right now. And we can imagine how difficult it will be to regulate something this new, this unprecedented in this rapidly developing technology. Regulation can go so far. Some developers of AI have opined that if unchecked and unregulated now, it could destroy us.
We don’t yet know what of AI’s seemingly unlimited capabilities will be most likely to help our aging parents. We can say at this moment that no computer generated information can have morals, compassion or ethics. These look like distinctly human characteristics. Can AI generate those too? Maybe not. A tech device cannot put a caring hand on an elder’s shoulder and say, “don’t fall for that scam”. Personal vigilance in watching closely over our aging parents and other loved ones will always be needed.