ChatGPT meets Robinhood? New investing app features AI-powered portfolio mentor

cnbc.com:

Applying artificial intelligence to the world of finance is all the rage, and a new investing platform just took it to another level.

<a href=«https://magnifi.com/magnifi-personal/start?utm_medium=paid_search&utm_source=google&utm_campaign=magnifi_us_ggl_sem_branded_top-terms_exact_desktop_rtg&gclid=CjwKCAjwl6OiBhA2EiwAuUwWZa8M8GsMvKc1pNM6TpVeAJ0n2DyNsp2MpfRq54vgLI2VTKzr92JBlRoC7WwQAvD_BwE&gclsrc=» https: target="_blank">Magnifi

is one of the first investing platforms that uses ChatGPT and computer programs to provide personalized, data-driven investment advice. Not only does It answer investor questions in human-like conversations, it also monitors individual portfolios, guiding users through market-moving events like rate hikes and earnings reports. And there's a bonus — it performs like a brokerage where you can directly trade stocks and ETFs.

«It's a copilot for the self-directed investor,» Vinay Nair, founder of Magnifi, said in an interview. «Today brokerages have democratized access to trading, to markets, but they lack intelligence and they lack personalization for the user. Magnifi is trying to democratize intelligence in a personalized way.»

As AI continues to make breakthroughs, Wall Street gets increasingly curious how the technology could disrupt the asset management business. A recent preliminary study showed that ChatGPT, the hottest AI tool in the world, could have the potential to improve investment decision making.

To see how Magnifi performs and how it competes with professional advisers, I asked it a few different questions.

First, I posed the question «what stocks would Warren Buffett buy?» It came back with an explanation of his value investing principle along with the «Oracle of Omaha's» biggest