The researchers also said that ChatGPT can outperform one of Google’s commonly used models, called BERT, for classification based on dictionaries.
OpenAI’s popular chatbot system ChatGPT hasn’t failed to amaze people around the world, and once again, it’s ready to show off its AI prowess. Earlier this month, two new papers have been published that deploy AI chatbots to certain market-related tasks. The first task involved finding out whether the Fed’s comments were dovish or hawkish. The other task set for the ChatGPT experiment was whether news headlines bode well for stock movements.
To anyone’s surprise, ChatGPT successfully passed both of these tests. Of course, this is nothing new to Wall Street which has long used robust predictive models using the same language models underpinning chatbots. However, these findings show that OpenAI has reached new levels of technical prowess in terms of subtlety and parsing context.
“Can ChatGPT Decipher Fedspeak?” In the first paper titled, two Fed researchers confirmed that ChatGPt came closest to humans in detecting central bank statements. Interestingly, the researchers also said that ChatGPT can perform classification based on dictionaries as well as commonly used models from Google dubbed BERT.
ChatGPT can also interpret classifications – whether dovish or hawkish – in a manner similar to that of a central bank’s own analyst.
ChatGPT stock price forecast
The title of the second study is “Can Chat GPT forecast stock price movements?” The researchers asked ChatGPT to pretend to be a financial expert and interpret corporate news headlines. Thus, the study found that the answers provided by ChatGPT contained statistical links to subsequent stock movements.
This was a clear indication that the technology was able to successfully parse news headlines. Currently, the most sophisticated quants in action use NLP to determine how popular a stock is on Twitter, thus including the latest headlines on a company.
But ChatGPT has demonstrated eye-popping progress by opening up a whole new world of information by making the technology accessible to millions of users around the world.
Also, it’s no surprise that there are many machines that can read people, however, the thing with ChatGPT is that it can speed up the whole process. Slava Marinov, Head of Machine Learning at MAN AHL where did it go,
“This is one of those rare cases where propagation is real. Previously (when using NLP), you had to label the data yourself. Now you can accomplish this by designing the right prompt for ChatGPT.”
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Bhushan is passionate about Fintech and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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