ChatGPT, Warren Buffett And Elon Musk Collide To Make A New Artificial Intelligence Tool For Financial Documents

Zinger Key Points
  • There could be numerous use cases for ChatGPT.
  • An engineer created a program to read financial documents, using Tesla and Elon Musk in the example.

An engineer is utilizing one of the biggest artificial intelligence tools to analyze financial documents from an Elon Musk-led company using the investment style of Warren Buffett.

If this sounds like something out of the future, it is reality and an example of how far AI technology has come in 2023.

What Happened: ChatGPT has taken the world by storm since releasing in late 2022. Already an investor in ChatGPT, Microsoft Corp MSFT invested an additional $10 billion in parent company OpenAI. The move was done to help Microsoft integrate ChatGPT into its Bing search engine.

Along with Microsoft, many companies are looking for ways to utilize ChatGPT for new ideas, new systems and other ways to improve overall operations.

Individuals are also exploring the use cases of ChatGPT, with an engineer recently sharing his idea of using artificial intelligence to scan corporate filings.

In a video, Mayo Oshin shares how they used ChatGPT to analyze financial documents. Oshin, an artificial intelligence engineer from the U.K., codenamed the ChatGPT project, Warren Buffett.

The project is named after the legendary investor as it was taught to scan financial documents in the same style of Buffett.

“A trend among companies is to incorporate the concept of retrieval in their AI systems," Oshin told Decrypt.

Oshin said retrieval is a crucial need for businesses as it allows them to “chat with data.”

The engineer said there has been a demand for artificial intelligence applied to documents and data.

“There have been many complaints about how long it takes to read annual reports. For example, investors in Tesla may want to make sense of current risk factors or how management is performing, but the annual reports can be hundreds of pages long.”

In the video, Oshin analyzes the financial documents of Tesla Inc TSLA.

“I built a GPT-4 ‘Warren Buffett’ financial analyst to ‘chat’ with and analyze multiple PDF files (around 1,000 pages) across @elonmusk’s Tesla 10-k annual reports (2020-2022),” Oshin tweeted.

Oshin said the goal of the analyst was to help highlight a “time series approach” with cash flow performance to show trends over years.

“You can kind of think of it as retrieving relevant sections of your document, as opposed to having to read the entire document, but it’s doing it based on natural language.”

Related Link: Superhuman Results? How AI Tools Generated Over 9,200 Words, A Movie And More In Just 30 Minutes

Why It’s Important: The use case from Oshin shows that artificial intelligence can be used for more than one-directional interactions.

The engineer’s Warren Buffett program also highlights how ChatGPT and other AI tools can work alongside humans to save time and make things easier to comprehend.

“Many people believe that AI is expensive, but in reality, it can be cost-effective,” Oshin said.

Goldman Sachs recently said that many jobs in the U.S. could have tasks done with artificial intelligence. The overall AI investment opportunity could be 1% of GDP by the year 2030 according to Goldman Sachs.

The investment bank said that around 25% of work in major economies could be done with artificial intelligence using tools like ChatGPT.

ChatGPT could cause “significant disruption” to many sectors according to Goldman Sachs. Benzinga recently shared that the entertainment industry is factoring in the impact of ChatGPT and artificial intelligence to contract negotiations.

Read Next: Elon Musk Goes After Microsoft: Says Tech Giant Gained 'Exclusive Access' To Entire OpenAI Codebase

Photo: Via Flickr and Wikimedia

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