When OpenAI released ChatGPT last November, the chatbot reached the million user milestone in a mere four days — setting a new tech record for the fastest-growing app of all time.
ChatGPT clearly holds enormous implications for businesses in a wide variety of industries. Let’s look at how this disruptive AI superstar is majorly impacting the markets.
What is ChatGPT and how is it changing our world?
ChatGPT is a type of generative AI, which is an artificial intelligence system capable of instantly creating content in response to prompts. Using machine learning, these systems train themselves to be more precise — based on our feedback. So, the more you interact with ChatGPT, the better its responses will be.
Although there are other generative AI apps, ChatGPT’s first-mover advantage is what sets it apart — being the first to bring an emerging and powerful technology to the public in an accessible way. This is what prompted Nvidia CEO Jensen Huang to declare this as “the iPhone moment of artificial intelligence” — meaning that ChatGPT is the product showing that AI is for everyone (just as the iPhone was the device that ushered in the current mobile era) and it’s also the pivotal moment when we realise what an enormous impact this technology can have moving forward.
Its biggest impact is enabling super AI-powered efficiency. Many companies are already using ChatGPT to create new products and services, cut production times and improve quality control.
The intelligence is artificial, but its impact is very real
Hardly a day goes by without headlines of how major companies are using ChatGPT and similar systems to boost their bottom lines. Even at such an early stage in the technology, we’re already seeing big waves in the market, thanks to AI — and it’s set to get a lot bigger as capabilities are added.
Here are how are some of the world’s leading companies are using ChatGPT in the real world:
- Microsoft (MSFT) is a major investor in OpenAI, the company behind ChatGPT — which is now powering its Bing search engine, allowing users to search and receive results through a conversational chat interface rather than the traditional list of links. Microsoft is also integrating ChatGPT into Office Suite to supercharge its already industry-dominant tools, including Word, Excel and PowerPoint.
- Expedia launched conversational trip planning powered by ChatGPT, creating a more intuitive experience for users to plan vacations, compare flights, and book accommodations. The new AI-powered virtual travel agent can offer recommendations, track prices, and even resolve customer issues.
- Apple integrated ChatGPT into its products, including the iPhone, Siri, iPad and Apple Watch. The ChatGPT mobile app has been one of the most downloaded in Apple’s App Store since launching.
- Shopify users can make shopping faster and easier now that ChatGPT is integrated into the e-commerce giant’s platform.
How to invest in AI
While it’s possible to choose individual AI-related companies to invest in, a great way to get diversified exposure to the trend is through an AI Smart Portfolio. eToro’s investment experts have done the research, analysis, and allocation to create a portfolio specifically designed for optimal long-term performance — and without portfolio management fees. AI-Revolution offers diversified, balanced exposure to leading AI stocks as well as companies benefitting from AI to improve their businesses.
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