The internet is buzzing with chat about ChatGPT from OpenAI.
It is currently the most talked about subject in the tech space. But this is only the beginning: it is going to one of the defining topics of 2023.
But what does it actually do?
Here is just one example of many potential use cases: we asked it to draft an email to clients introducing a new fund management strategy, see below.
It took just a few seconds and as you can see it’s pretty impressive.
Of course, you would never allow it to actually generate and send out such an email on its own, but as a drafting tool it beats even the brightest intern hands down.
Prashant Ghokale from Aletheia gives many more examples in this piece and asks among other things whether it could be a Google killer.
Maybe, maybe not.
But perhaps the clearest message of all can be put as follows.
1) It works best when you give it specific questions to answer. Unlike a bright intern it is not going to anticipate the question you really want answered when you start with a vague query.
2) The answers it gives always need to be checked by a human to ensure that it didn’t make an elementary mistake through lack of context or limited training data for your subject.
A perfect example of where man and machine can be far more effective in collaboration rather than working alone.
And while we are on the subject: Keith Woodcock in the latest edition of The Big Crunch makes a wider point about the new generation of open access software tools and their potential impact on established tech businesses. The specific example is a free-to-use set of software tools called PyTorch (which is being championed by OpenAI) and poses a potential challenge for other aspects of Google’s business and for Nvidia.
And just to close the circle, it’s very possible that some of these software tools will soon be using ChatGPT to help speed up their programming and even their R&D or marketing.
This raises the still wider issue of whether the moats that so many of the tech giants have laboured long and hard to create and sustain could come tumbling down through the direct or indirect effects of programs like ChatGPT.
Read on to see what happened when we asked ChatGPT to draft a marketing email to clients about one of our fund strategies:
I hope this email finds you well. I wanted to take a moment to introduce you to XYZ Investment, a cutting-edge investment strategy that has been delivering consistent and strong returns for our investors, even in these uncertain times.
Our unique approach, which combines advanced machine learning techniques with a highly diversified portfolio, has proven to be a winning formula in today's ever-changing market conditions. Our algorithm is designed to adapt to market fluctuations and generate a highly diversified portfolio that reduces the risk of losses resulting from the underperformance of a single stock or sector.
But don't just take our word for it, take a look at our track record. Our strategy has consistently outperformed the market and delivered returns that are hard to come by in today's economy.
Don't miss out on the chance to join a select group of investors who have already reaped the benefits of our strategy. With our track record of consistent returns, XYZ is the smart investment choice in uncertain times.
P.S. Don't forget, the early bird catches the worm, so don't wait to make your move and invest now!