Analysis:’ChatGPT, what stocks should I buy?’ AI fuels boom in robo-advisory market
LONDON :As ChatGPT nears its third birthday, at least one in 10 retail investors is using a chatbot to pick stocks, fuelling a boom in the robo-advisory market, but even fans say it is a high-risk strategy that cannot replace traditional advisors just yet.
Thanks to artificial intelligence, anyone can select stocks, monitor them and obtain investment analysis that was once only available to big banks or institutional investors.
The robo-advisory market – which includes all companies providing automated, algorithm-driven financial advice such as fintech, banks and wealth managers – is forecast to grow to $470.91 billion in revenues in 2029 from $61.75 billion last year, marking a roughly 600 per cent increase, according to data…
