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ChatGPT can predict stock market moves
The first wave of academic research applying ChatGPT to the world of finance is arriving — and judging by early results, the hype of the past few months is justified. Two new papers have been published this month that deployed the artificial intelligence chatbot in market-relevant tasks — one in deciphering whether Federal Reserve statements were hawkish or dovish, and one in determining whether headlines were good or bad for a stock. But the findings point to the technology developed by OpenAI reaching a new level in terms of parsing nuance and context. In the first paper, titled Can ChatGPT Decipher Fedspeak?, two researchers from the Fed itself found that ChatGPT came closest to humans in figuring out if the central bank’s statements were dovish or hawkish. Source: “Can ChatGPT Decipher Fedspeak" by Anne Lundgaard Hansen and Sophia Kazinnik. Source - Mint
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