ChatGPT and the power of artificial Intelligence

Science fiction writers such as Isaac Asimov have long predicted that artificial intelligence (AI) will have a wide-ranging impact on society. The recent launch of a free on-line service called ChatGPT is giving many people their first opportunity to interact directly with artificial intelligence in a conversational manner.

This service, offered free of charge by a company called OpenAI[i], answers questions on just about any topic. It can write love letters, college essays, political speeches, computer code, happy poems or sad songs. Moreover, if you don’t like its first answer, you can give it more specific instructions and it will produce new output.

To give you an example, we recently asked ChatGPT to answer the following question: “What are the pros and cons of using AI to write articles for the quarterly newsletter of a wealth management firm?”

Within a few seconds, the following response was produced:

Pros of using AI to write articles for the quarterly newsletter of a wealth management firm include:

• • Speed: AI can quickly generate large amounts of content, which can be useful for quickly producing articles for a quarterly newsletter.
  • Consistency: AI can be programmed to follow specific guidelines and styles, which can help ensure that the content it generates is consistent and accurate.
  • Cost-effective: AI can be less expensive than hiring human writers, especially for high-volume content production.
  • Consistency: AI can be programmed with the knowledge of the firm’s portfolio, performance, and strategies which ensures that the content it generates is consistent with the firm’s investment philosophy.

Cons of using AI to write articles for the quarterly newsletter of a wealth management firm include:

• • Lack of creativity: AI-generated content may lack the creativity and unique perspective that human writers can bring to the table.
  • Limited understanding: AI may not have the same level of understanding of the subject matter as a human expert, which can lead to inaccuracies or mistakes in the content it generates.
  • Lack of human touch: AI-generated content may lack the personal touch that readers expect from human-written articles, which can make it less engaging and less likely to be shared.
  • Lack of emotional intelligence: AI may not have the ability to sense the market sentiment and make appropriate recommendations to the clients.

Overall, AI can be a useful tool for generating content for the quarterly newsletter of a wealth management firm, but it should be used in conjunction with human editors and fact-checkers to ensure accuracy and quality. It is also important to consider the use of human writers for certain sections of the newsletter, such as market outlook and investment recommendations, where creativity and emotional intelligence are important.

We then asked the AI to express the same message as a short poem, and this was its nearly instantaneous response:

AI in wealth management, a tool to employ
For writing newsletters, a time-saving joy
Consistency it brings, with guidelines to follow
But creativity it lacks, a human touch to swallow

Limited understanding, it may make a mistake
But with human editors, accuracy we can make
Cost-effective, a budget-friendly choice
But emotional intelligence, it does not possess.

In this game of finance, human touch is key
Creativity, a spark that sets us free
AI can assist, but not replace
The human mind, in this financial race.

While this example is humorous in nature, the use of artificial intelligence will clearly have a tremendous impact on many industries and on society. As long-term investors, we always seek understanding and consider both the risks and the opportunities created by change.

So, what exactly did the science fiction writers predict when it comes to AI? Well, ChatGPT provides the following answer to that question:

Science fiction writers have long predicted that artificial intelligence (AI) would have a wide-ranging impact on society. Many science fiction stories and novels featuring AI have explored the potential consequences of the development of advanced AI, both positive and negative. Some science fiction writers have predicted that AI could lead to great advances in technology and improve the quality of life for humanity, while others have warned of the potential dangers of creating machines that are more intelligent than humans.

In many science fiction stories, AI is portrayed as having the potential to revolutionize industries and change the way we live and work. For example, it can help to automate mundane tasks, improve efficiency, and help to solve complex problems. But on the other hand, some writers have imagined AI as a threat to human autonomy and control, with the potential to disrupt economies and displace human workers, or even pose a threat to the very existence of humanity.

In general, science fiction writers have been aware of the implications that AI could have on society, and has represented it in literature, film and other media in different ways. They have been instrumental in raising awareness and promoting discussions about the potential benefits and risks of AI, and its impact on society, long before AI became a reality.

If you are interested in interacting with ChatGPT, you will need to create an account here.

 

[i] OpenAI is a private company based in San Francisco that was founded in 2015. The company is led by Sam Altmanhttps, a 37-year-old entrepreneur and former president of startup incubator Y Combinator. The company has counted on the financial support of prestigious contributors including LinkedIn co-founder Reid Hoffman, investor Peter Thiel, entrepreneur Elon Musk and Microsoft.

Other Articles Of Interest