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A basket of stocks selected by ChatGPT, a chatbot powered by Artificial Intelligence (AI), has far outperformed some of the most popular investment funds in the UK, according to media reports. Between March 6 and April 28, a dummy portfolio of 38 stocks gained 4.9 per cent while 10 leading investment funds clocked an average loss of 0.8 per cent, according to an experiment conducted by financial comparison site finder.com, CNN reported. It wouldn't "be long until large numbers of consumers try to use (ChatGPT) for financial gain," <keyword id="17339797" type="General" weightage="80" keywordseo="jon-ostler" source="Orion">Jon Ostler</keyword>, Finder's CEO, said in a statement earlier this week. Over the same eight-week period, the S&amp;P 500 index, which tracks the 500 most valuable companies in the US, rose three per cent. <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>'s equivalent, the Stoxx Europe 600 index, ticked up 0.5 per cent in that time. A typical investment fund pulls together money from multiple investors, and is overseen by a fund manager who decides how to invest that money, CNN reported. Finder's analysts took the 10 most popular UK funds on trading platform Interactive Investor as a benchmark for assessing the performance of the ChatGPT-generated fund. Funds managed by HSBC and Fidelity were among those selected. The analysts asked ChatGPT to select stocks based on some commonly used criteria, including picking companies with a low level of debt and a track record of growth. <keyword id="10387" type="General" weightage="50" keywordseo="microsoft" source="Orion">Microsoft</keyword>, Netflix and Walmart were among the companies selected. While major funds have used AI for years to support their investment decisions, ChatGPT has put the technology in the hands of the general public, with the potential to guide the decisions of retail investors, CNN reported. A survey of 2,000 UK adults conducted by Finder last week showed that eight per cent had already used ChatGPT for financial advice, while 19 per cent said they would consider doing so. Yet a much bigger 35 per cent said they would not consider using the chatbot to help them make decisions about their money, CNN reported. In a study published in April, researchers at the University of Florida found that ChatGPT could predict the stock price movements of specific companies more accurately than some more basic analysis models. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a> <a href="https://www.businessinsider.in/finance/banks/news/raghuram-rajan-speaks-out-on-zombie-companies-a-simmering-real-estate-time-bomb-more/slidelist/100014762.cms">Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb &amp; more</a>

Stocks selected by ChatGPT far outperform UK fund managers

<ul class="summary-list"><li>ChatGPT created a portfolio of 38 stocks, and the bot has outperformed top competitors in the UK.</li><li>In eight weeks, the theoretical portfolio has generated 4.9% returns, versus a loss of 0.8% for the top 10 UK funds. </li></ul>A theoretical stock portfolio of 38 companies picked by ChatGPT has outperformed the 10 most popular funds in the UK over an eight week stretch, according to finance website <a href="https://www.finder.com/uk/ai-investing" target="_blank" rel="noopener">Finder.com</a>.The AI-powered fund has climbed 4.93% in the eight weeks since March 6, 2023, while the group of competing funds together averaged a loss of 0.78% in the same period. The bot-picked fund has outperformed the real funds in 34 of the 39 market days the experiment has been running, the report said.The top three performing stocks in the ChatGPT portfolio were Meta, Microsoft, and Intel Corporation, which saw increases of roughly 30%, 20%, and 18%, respectively.Other names that rounded out the portfolio include Visa, Home Depot, Johnson &amp; Johnson, Nvidia, and Netflix.Finder asked the AI large language model to pick stocks using a range of investing principles taken from the leading funds, the website said, and the study bypassed ChatGPT's warning that it "cannot provide specific investment advice" by adding that it was a theoretical exercise."The big question is how bad of an idea using ChatGPT for investing research currently would be," Finder chief executive Jon Ostler said. "Big funds have increasingly been using AI for years, but the public using a rudimentary AI platform that openly says its data is patchy since September 2021 and lacks the intricacies of market psychology, doesn't sound like a good idea."Some of the UK funds that were used in comparison to the ChatGPT portfolio including Fundmsith, Vanguard LifesStrategy 80% Equity, and Fidelity Index UK P Acc. In a separate survey, Finder also noted that about 19% of UK adults said they would consider getting financial advice from ChatGPT, and a further 8% said they were already doing so. More than one third of Brits said they weren't sure what ChatGPT was.Ostler pointed out that another 2021 survey found that half of British investors use social media to get investing advice. Using AI, in his view, could be a wiser choice than relying on an "unqualified TikTok star," but ideally people shouldn't rely on either for their entire investing education. "Spending time researching via known primary sources or a qualified advisor would be the safer and recommended approach," he said, "but this may not be the case for ever."

A stock portfolio created by ChatGPT is outperforming the top UK investment funds

<ul class="summary-list"><li><keyword id="1573581" type="PERSON" weightage="60" keywordseo="Wirecard">Wirecard</keyword>'s UK arm was allowed to resume regulated activity on June 30 following a four-day suspension, despite its parent company filing for administration.</li><li>The suspension blocked several customers of <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> apps using Wirecard technology from their accounts.</li><li>Incoming payments bounced during the suspension. Some account holders told Business Insider they are still waiting for their money.</li></ul>UK account holders with brands that use Wirecard's payment services are still waiting for cash that bounced from their accounts when the German fintech firm <a href="https://markets.businessinsider.com/news/stocks/wirecard-files-insolvency-missing-billions-ex-ceo-arrest-2020-6-1029340987?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest#=ingest#">filed for insolvency</a>. This is despite the fact that Wirecard's UK arm resumed regulated activity more than a week ago. The UK's Financial Conduct Authority (FCA) suspended Newcastle-based Wirecard Card Solutions' (WDCS) activities on June 26, after the firm's German parent Wirecard AG <a href="https://markets.businessinsider.com/news/stocks/wirecard-timeline-what-you-need-to-know-2bn-fintech-scandal-2020-6-1029337346?utm_source=markets&amp;utm_medium=ingest#est#">disclosed a €1.9bn (£1.7bn) hole in its accounts</a> and filed for insolvency. Four days later, the suspension was lifted, but not before it had hit users of financial apps that use Wirecard technology. Unlike mainstream brands such as Halifax or HSBC, many digital, neo or app-based banking services and fintech companies don't always handle payments or provide debit cards themselves. Instead, they outsource payment services and card provision to regulated third parties such as WDCS.Read more... <a href="https://markets.businessinsider.com/news/stocks/wirecard-ex-ceo-markus-braun-arrested-2020-6-1029332580?utm_source=markets&amp;utm_medium=ingestgest">Former Wirecard CEO Markus Braun has been arrested in Germany, days after the company reported that $2.2 billion was missing</a>Once WDCS was suspended by the FCA, users could not use their accounts or access money in them. Payments into the accounts bounced back to their senders — and some users are still waiting to receive their money, a week after WDCS resumed activity. Apps that use WDCS, such as <keyword id="4047322" type="PERSON" weightage="60" keywordseo="Curve">Curve</keyword> and <keyword id="9547095" type="UNKNOWN" weightage="60" keywordseo="pockit">Pockit</keyword>, have hundreds of thousands of customers in the UK, and at the time of the suspension the FCA said WDCS partners would be unable to operate normally. Since restrictions were lifted, fintech firms have tried to keep customers informed through blogs and in-app messages, but users have flooded social media with complaints of missing money.<h3>"I have no assurance of when I will get my money back"</h3>Curve was one brand affected by the suspensionIt calls itself the Netflix of banking: It lets users monitor, manage, and spend money from several accounts on one card. They get cashback on spending, known as Curve Cash.Curve used Wirecard to process its transactions, and the suspension stalled refunds paid into people's accounts from retailers.Adam Plant, 31, an IT project manager from Staffordshire, is awaiting £170 in refunds."These have been processed on the retailers' end but nothing has reached the Curve card or ultimately my main bank account," he said."Curve has not offered any assurance that these funds will actually make it back to me … It isn't making a major dent in my finances but it is a decent amount and it's the annoyance of not knowing what's happening or what their plans are to make sure I get this back," he said.<div type="image" title="Curve Shachar 6" height="899" width="1600" msid="76879408" hostid="261"></div>Plant said he had trouble with refunds on Curve in the past, and that he's now been put off the app for good.Curve said in a statement that it is in touch with customers awaiting refunds.It has moved to Checkout.com for its payment services, and will supply its own card through MasterCard.However, Curve said the temporary Wirecard suspension, and its subsequent move to Checkout.com, has delayed refunds that were requested or due to be repaid by retailers before 2pm on June 27. These are now in the process of being paid, it added.<h3>"I had to pawn my phone to access cash"</h3>The Wirecard's suspension also hit customers of Pockit, a digital current account designed for those with low incomes or poor credit ratings.Ashleigh, 28, who spoke on the condition her surname was not revealed, had a £300 benefit payment from the department for work and pensions (DWP) due during the suspension. It has not yet arrived.She had to take a £370 loan from a pawnshop, secured against her phone, to fund get by, she said."My DWP payments have resumed but all money that bounced due to Wirecard is missing," she said."I'm lucky that I've been able to open a NatWest account and make plans for future payments to go in but there are people who can't due to poor credit or a lack of ID."There are vulnerable people who get paid once a month who don't know how long they have to wait."Read more... <a href="https://www.businessinsider.com/wirecard-scandal-impact-payments-space-regulation-fintech-investors-competition-2020-7">Fintech investors see more red tape for the booming payments space following the Wirecard scandal, and say that costs to comply could crimp newcomers' growth (PREMIUM)</a> Pockit told Business Insider that all its accounts are functional."The Pockit team understands completely the urgency and distress that the situation at Wirecard has provoked for our customers," it said in a statement."We were not given any advanced warning by the FCA of the measures it decided to take and have worked closely with the DWP and the FCA to find a swift solution for our customers."We are taking decisive steps to ensure our customers have better access to reliable financial services in the coming weeks, including an orderly transition to a different UK-based payments provider."Wirecard AG declined to comment but highlighted statements from its insolvency administrator and the FCA, which said the UK subsidiary was able to continue operating.A statement on the WDCS website apologized for delays on its card programmes. <h3>Will this dent confidence in financial apps?</h3>Fintech brands have flourished during lockdown.In a <a href="https://www.capgemini.com/gb-en/wp-content/uploads/sites/3/2020/04/COVID-19-and-the-financial-services-consumer_V4-1.pdf">survey by analysts Capgemini </a>of more than 1,000 consumers in April, 45% of people said they would use digital payments more during lockdown, and 82% said they were unlikely to visit bank branches.Sankar Krishnan, head of growth and industry head within the banking and capital business at Capgemini, doubted the Wirecard collapse, and the knock-on impact on the firm's UK subsidiary, would damage confidence in financial apps."I do not see there being any decline in digital banks," Krishnan said, adding that more and more people continue to switch "to digital from 'trusted' digital providers including traditional banks."Carl Uminski, co-founder of digital agency Somo, says some people will feel more wary of digital payments. But he added that system outages can also hit traditional banks.— <a href="https://www.bbc.co.uk/news/business-50471919">TSB</a>'s technology collapsed in 2018 and users couldn't access their accounts, for example."This isn't a sign of a turbulent industry or a reason to not trust neobanks and simply go back to a traditional brand," he said.Jon Ostler, chief executive at personal <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> comparison site, Finder.com, said the Wirecard incident alone is unlikely to change the behaviour of most consumers so long as fintech firms are transparent. Users may, however, want more detail on how their apps operate. "It will certainly have been a wakeup call though and might lead to consumers taking a more detailed look at how these apps work," he said.

When regulators suspended Wirecard's UK arm, payments to its fintech partner accounts bounced. The suspension has lifted — but for some, the money is still missing.

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Stocks selected by ChatGPT far outperform UK fund managers

IANS

A stock portfolio created by ChatGPT is outperforming the top UK investment funds

Phil Rosen

When regulators suspended Wirecard's UK arm, payments to its fintech partner accounts bounced. The suspension has lifted — but for some, the money is still missing.

Marc Shoffman

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