What You Need to Know About Investing in ChatGPT, According to ChatGPT
You’ve heard all aboutChatGPT , an artificial intelligence chatbot with which you can answer any question – or, you know, write a thank you note , compose a cover letter , or even chat verbally . Now, as a savvy investor, you’re wondering: how can I get a piece of the AI pie?
First, ChatGPT is not a public company, so it is not possible to directly invest in it. But what should you know about investing in the AI hype in general? Naturally, I went straight to the source and asked the AI chatbot if I should invest in it. Here’s what they told me:
“As an AI language model, I am not in a position to give financial advice or make specific investment recommendations. However, if you are interested in investing in OpenAI, it is important to do your own research and carefully evaluate the potential risks and rewards before making any investment decisions. Some factors you may want to consider include the company’s financial performance, market trends, and the competitive landscape. In addition, you can consult with a financial advisor who can provide personalized advice based on your individual financial situation and goals.”
In other words, ChatGPT has admitted that it can’t steal my work yet, and that real people are still needed for sound financial advice. Let’s add a human touch and flesh out the advice of a chatbot when it comes to investing in AI.
Do your own research
Hey, I’m not giving you homework, I’m just repeating what the robot said. What you need to know is that if you are interested in investing in artificial intelligence, then you are actually investing in companies that develop artificial intelligence technologies such as Google, Microsoft or Amazon. However, diversification should always be a priority when investing; this means you have to research smaller companies in addition to luxury tech giants.
Aside from the well-known names, other ways to invest in AI are individual AI-related stocks and AI-focused ETFs.
Individual promotions related to AI
You can invest in companies that build AI hardware, develop AI solutions, or sell AI development tools. Look at chip makers like Micron Technology or Nvidia or software developers like C3 AI. (These are not explicit recommendations on which stocks to buy, just examples of AI-related stocks.)
AI Focused ETFs
It is risky to individually select and buy a few stocks that you think look promising. As Money.com explains, ETFs are a wise way to get “a more diversified approach to investing in AI than investing in specific stocks.” To put it simply: when you invest in an ETF, you get a bundle of assets, and right now, AI-focused bundles are becoming more and more popular.
Of course, AI-focused ETFs come with their own set of risks. For example, even if you diversify AI-related stocks in your package, that diversification won’t do you much good if the entire AI sector is affected.
Ultimately, the most important tip from ChatGPT is that if you want to increase your money with AI, you need a human touch. Consult a financial advisor before making any investment decisions.