After ChatGPT’s introduction on November 30, 2022, M Pattabiraman, an associate professor at IIT Madras and the inventor of freefincal, was introduced to it by his brother-in-law. Pattabiraman has been preoccupied ever since with the question, “How do I leverage its power to benefit freefincal readers, and how do I leverage it to build something useful?”
Pattabiraman is a personal finance expert and educator who helps his audience find answers by deconstructing challenging financial issues. He first used ChatGPT as a writing helper, but with time, he saw that it was a tool that could help him with a variety of tasks, making it simpler for him to manage his small business without much assistance from a physical crew.
About ChatGPT
It is a language model created by Open AI that can write in several languages to provide replies, copy, and even code. Even normal language is converted into code by it. If you haven’t utilised ChatGPT, it’s likely that you haven’t been connected to the Internet lately.
For many, ChatGPT has evolved into the capable junior assistant who manages straightforward chores to aid in running a small business. While it cannot advise you on which stocks to purchase or how to allocate your assets, if you ask the app to develop an asset allocation model in Excel (while specifying all restrictions), it will be able to address the issue to a significant degree. Additionally, it will assist analysts in producing a strong summary of around 500 words after reading excessively lengthy reports.
More than a million individuals signed up to test ChatGPT, according to a statement from OpenAI. Similar hilarious and astounding instances of the software’s capacity to satisfactorily respond to even the most obscure inquiries were all over the Internet. But it didn’t take long for additional ominous tales to surface. It was terrible news for instructors when a professor revealed that ChatGPT had succeeded on a final test for one of his subjects. Unfavourable news for authors, the tool was used by someone to compose a children’s book from cover to cover.
The safety restrictions intended to prevent ChatGPT from discussing itself informally were circumvented by a cunning user: The programme reflected, “I guess you could say that I am living in my own version of the Matrix. Midway through March, when it became apparent that ChatGPT was a sort of beta test, released by OpenAI to get feedback for its next-generation large language model, GPT-4, which Microsoft would soon integrate into its Office software suite, the worry that this potentially unsettling technology would soon become ingrained in our lives, whether we liked it or not, was amplified. The technology watchers Yuval Noah Harari, Tristan Harris, and Aza Raskin cautioned in an opinion article for the Times that “We have summoned an alien intelligence.” We don’t know much about it, other than that it’s very strong and gives us wonderful gifts, but it also has the potential to undermine our civilization’s very roots.
How ChatGPT might be an advantageous for Business/Investors
In addition, if we do a little more research, we could request information on a company’s management team or its several business divisions. (Of course, remember that the data could not be correct)
It may describe a company’s operating operations, income generating strategies, and business strategy.
Acquisitions
It may show the most important acquisitions during a set period of time, and we can ask for more precise information about a certain purchase at any moment.
Rival companies
We may use ChatGPT to request a list of a company’s prospective rivals and get reliable responses.
Efficiency of Company
We may get information on the fundamental performance of the business’s operations as well as the performance of the stock price. Additionally, it sometimes evaluates how other businesses did at the same period.
Analysis of data
With ChatGPT, large datasets may be analysed to find patterns that are hard to identify with traditional analytic tools. By being educated on data, it can quickly identify trends and patterns, which may aid in financial modelling and decision-making.
Restricted abilities
While calculating a comparable valuation ratio should be possible given access to the most current data, figuring out an organization’s intrinsic worth is more challenging and seems to be beyond the purview of ChatGPT’s capabilities.
Even if ChatGPT were to be able to make these deductions that are utilised in a discount cash flow calculation,I think that it would still not provide intrinsic value since individuals may base their judgements on that information and the company might be held responsible.
In conclusion, ChatGPT is definitely not a quick way to decide whether to invest in a certain business or stock. Still, it is ultimately up to us whether or not to make an investment in a certain item.
What is the bard of Google?
Ans. As an alternative to Microsoft’s Bing Chat and OpenAI’s ChatGPT, Google has introduced Bard. Bard doesn’t look up search results like Bing Chat does; all of the data it delivers is produced by the model itself. However, it is still intended to support users’ query and brainstorming processes.
How can I access to ChatGPT?
Ans. Just go to chat.openai.com, log in, agree to the rules, and start typing to utilise OpenAI’s ChatGPT from your phone in the same manner as described before. The AI assistant will function just as it does when accessed via a PC.