A new survey shows that more and more investors are leaning on AI to help manage their portfolios. According to eToro's Retail Investor Beat survey, one in ten retail investors are using chatGPT- style AI to help pick or manage investments. Callie Cox, U.S. Investment Analyst, eToro, joined TheStreet to discuss the findings.
Full Video Transcript Below:
J.D. DURKIN: Now, according to another eToro survey, we're a big fan of. One in 10 retail investors are using chatGPT style AI to help pick or manage investments. It's a really interesting space. We know AI has been the kind of shiny thing a lot of earnings reports are kind of eager to work it in to sort of communicate to investors that every company is taking it seriously. What do you make of this in terms of individual investors sitting at home with regards to trust of AI in terms of their own portfolios?
CALLIE COX: Well, trust is the big question. And you're right, AI is this big shiny thing. I think the hype has died down a little bit over the past few months, but people are still very curious about AI and chatGPT really brought it to our fingertips. It really showed us what AI could do. So I wasn't shocked by these survey results, J.D. I'm not surprised that some investors would trust AI or chatGPT or some kind of language learning model to help them pick investments. And honestly, we kind of already have that in the finance space.
We have robo advisors, we have algo driven portfolios that people can invest in. But I do think that trust could be a big factor here, and I'd love to see investors trust themselves more because we all love tools helping us invest better. But at the same time, I mean, investing is a personal thing. You have to know your own goals and your own time frames. So I'm hoping investors don't give up that trust in themselves to think that the machines can do it better in some situations.
