These cases highlight the transformative potential of AI tools in the field of development. As technology continues to evolve and improve, we can expect to see even more innovative applications in the future.
In the world of trading, the best AI tools are not only making trading more accessible but also more efficient and personalized. For instance, Robinhood, a popular trading app, has leveraged AI to differentiate itself from competitors.
AI is also proving to be a formidable player in stock picking. In an experiment conducted in 2023 by financial comparison site finder.com, a basket of stocks selected by ChatGPT, an AI-powered chatbot, outperformed some of the most popular investment funds in the UK. Between March 6 and April 28, a dummy portfolio of 38 stocks gained 4.9% while 10 leading investment funds clocked an average loss of 0.8%.
In another experiment, AI chatbots Bard and Bing were tested to see which would do better at picking stocks. Over a three-week period, Bard’s investments did better, beating a human reporter and the S&P 500. These experiments demonstrate the potential of AI in trading and investment, and while they are not designed to replace human judgment, they do offer valuable insights that can help traders make informed decisions.
Another field where AI tools have made some noise is art. For instance, the legendary musician Paul McCartney used an AI tool to create a new Beatles record. The tool analyzed and learned from the musical styles of McCartney and John Lennon, generating a song that was eerily reminiscent of their past collaborations.
However, the use of AI tools in art has also sparked controversy. For example, Steam has reportedly been rejecting games using AI-generated art, raising questions about the role of AI tools in creative processes and the authenticity of AI-generated art.
Legal battles have also ensued, with artists suing AI companies, potentially upending legal precedents around art.
Despite any controversies though, art created with AI tools has achieved remarkable success in the market. In 2018, Christie’s sold its first piece of AI art, a canvas named the Portrait of Edmond Belamy, for $432,500, over 40 times the initial estimate.