XTB researchers have taken to Microsoft’s AI chatbot, Bard, for investment ideas. XTB set out to judge how AI can help investors when selecting stocks and asked Bard directly which stocks would be good to invest in.
These are the results.
When asked for 5 stocks in general to invest in, its recommendations were: Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) and Tesla (TSLA).
When asked for 5 lesser known stocks to invest in, its recommendations were: Acacia Communications (ACIA), CrowdStrike Holdings (CRWD), Marqeta (MQ), Roblox Corporation (RBLX) and Snowflake Computing (SNOW).
These are fairly generic answers and there was no analysis of why these stocks should be selected. AI chatbots use vast data sets to provide information and the answers were likely based on the analysis of market commentary, as opposed to performing financial analysis on the stocks.
A thorough financial analysis of companies may be an AI development we see in future.
XTB also asked Bard tips for novice investors. Again, the answers were very generic and can be found through a quick Google search:
- Set your goals. What are you hoping to achieve with your investments? Are you saving for retirement, a down payment on a house, or something else? Once you know your goals, you can start to develop a strategy to reach them.
- Do your research. Before you invest in anything, it’s important to learn as much as you can about it. Read financial news, research different investment options, and talk to a financial advisor if you need help.
- Start small. There’s no need to invest a lot of money right away. Start with a small amount that you’re comfortable with and gradually increase your investment over time.
- Be patient. Investing is a long-term game. Don’t expect to get rich quick. Invest for the long term and you’ll be more likely to reach your financial goals.
- Diversify your portfolio. Don’t put all your eggs in one basket. Spread your money across different investments to reduce your risk.