Happy Wednesday! Time has passed quickly since the start of this series, and if you have been following along (or not), this is the eighth week of Benzinga’s six-month series, "Is ChatGPT A Better Financial Advisor?
The real-time, interactive experiment, which matches OpenAI’s ChatGPT against 10 of the leading U.S. equity funds, aimed at finding the answer to the intriguing question: Is ChatGPT a better financial advisor?
For those new to this series, here’s how it works: ChatGPT was provided with a hypothetical $10,000 to construct an investment portfolio. The objective is for this portfolio to outperform other leading U.S. equity funds.
Let’s take a look at how Benzinga’s AI-powered portfolio performed in the seventh week, compared to benchmark ETFs such as the SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust Series 1 QQQ.
The performance tracking began on May 10.
Here is the seven-week performance of the various funds and ETFs:
| Fund/ETF | 7-Week Performance |
| SPDR S&P 500 | +7.28% |
| Invesco QQQ Trust | +13.8% |
| Schwab Total Stock Market Index Fund | +8.18% |
| Vanguard Growth Index Fund | +11.18% |
| Vanguard Value Index Fund | +3.31% |
| iShares MSCI EAFE ETF | -2.48% |
| Vanguard Total International Bond Index Fund | -0.62% |
| Fidelity Contrafund | +9.15% |
| T. Rowe Price Growth Stock Fund | +10% |
| Fidelity Total Market Index Fund | +8.19% |
| ChatGPT | 7-Week Performance |
| Benzinga’s ChatGPT Portfolio | +8.6% |
Seven weeks into the experiment, ChatGPT’s portfolio is starting to slip, falling from last week’s seventh place to this week’s fifth place. The T. Rowe Price Growth Stock Fund and the Fidelity Contrafund climbed, squeaking past Benzinga’s ChatGPT Portfolio.
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Tesla Inc TSLA continues to be the star performer in our portfolio, now up 65.46% since the position was taken. Unfortunately, Nike Inc NKE returned as the biggest loser, down 8.75% since the position was opened.
Benzinga remains committed to holding all positions for the six-month duration of this experiment.
Curious about the specific stocks in Benzinga’s AI portfolio? Click here.
You can also look at last week’s results here.
It’s crucial to keep a long-term perspective as results are evaluated. This 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, it 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 — yet.
And while ChatGPT isn’t a licensed financial advisor, our 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 week eight unfolds for the AI-curated portfolio.
Read Next: AI Is Already Biting The Hands That Feed: ChatGPT To Compete With Microsoft
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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