Lately, it seems everywhere you turn there is talk of ChatGPT. (We even asked ChatGPT to help us write this article! ☺︎)

What is ChatGPT?

If you go directly to the source and ask ChatGPT what it is, you’ll get the following answer:

“I am an AI language model trained by OpenAI. I am a computer program designed to process and generate human-like text. I do not have my own thoughts or feelings, but I can analyze and understand written and spoken language, and I can use that understanding to respond to questions and prompts. I can also generate original texts based on a given prompt. I am trained on a large dataset of human-generated text and can use that knowledge to answer any questions and engage in conversations on a wide range of topics.”

Clear as mud, right?

As opposed to Siri or Alexa, these neural networks are trained on huge quantities of information from the internet of deep learning. (GPT stands for generative pre-trained transformer.)

The model behind ChatGPT was trained on all sorts of web content including websites, books, social media, news articles and more. It has been trained to provide answers to questions based on feelings, to auto-detect words and to provide outputs based on the inputs given to the users. The models have also been trained to chat with humans, continuously reinforcing learning from the feedback it receives from humans. Over time, it shifts its pattern and its responses based on the inputs and feedback.

How can you use ChatGPT?

Access ChatGPT by going to chat.openai.com or by downloading the app. If it is your first time, you will need to set up a free account with OpenAI and register with your email address and phone number. There is no limit to how much you can use ChatGPT in a day. Recently, OpenAI added a premium service, costing $20 per month, for heavy users to limit downtime and gain priority access to new features with faster response times.

Using the ChatGPT chatbot is fairly simple; all you need to do is type in your text and receive the information. The key is to be creative and see how ChatGPT responds to different prompts. If you don’t get the intended result, try rewording your question or give ChatGPT further instructions.

How are others using ChatGPT?

ChatGPT won’t answer every possible question, as it does have safeguards in place to “build a safe and beneficial artificial general intelligence.” In addition to answering simple questions, the model has many functions. It can compose essays, describe art in great detail, have philosophical conversations and even write code. Some of the most common uses of the tool include:

• Generating ideas and brainstorming. This can be helpful with your next blog post, new recipes or party ideas.
• Finding personalized recommendations. ChatGPT can act as your shopping assistant or offer you movie recommendations tailored to your likes or dislikes.
• Understanding complicated topics. ChatGPT can give you a succinct, clear overview in layman’s terms.
• Employing a writing assistant. It can provide customized content that you can use in a variety of situations.
• Translating a language. As of now, ChatGPT can translate text into 95 different languages.
• Getting assistance with travel plans. It can help with everything from finding flights and accommodations to suggesting popular destinations, attractions and restaurants.
• Advancing your career. ChatGPT can help you with job searches, interview preparation and even career advice.

What are the disadvantages?

Despite its advanced capabilities, ChatGPT is not without its limitations. Among its top limitations are:

• Lack of common sense. While it can generate human-like responses, ChatGPT does not possess human-level common sense and lacks background knowledge that we may have. This means that it can provide nonsensical or inaccurate responses to certain questions or situations.
• Lack of emotional intelligence. It does not possess true emotional intelligence. ChatGPT cannot detect emotional cues or respond appropriately to complex situations.
• Limitations in understanding context. ChatGPT doesn’t get sarcasm or humor, and it can struggle to grasp subtle forms of communication.
• Limitations of handling multiple tasks at once. As of now, ChatGPT performs best when given a single task or objective.
• Limited knowledge. Although ChatGPT has access to a vast amount of information, it is not able to access all of the knowledge that humans have.
• Computational costs and power. ChatGPT is highly complex and sophisticated. It requires substantial resources to operate efficiently, which means it can be expensive.

What’s the future of ChatGPT?

The obsession with AI is not slowing down anytime soon. It will be fascinating to watch how ChatGPT continues to be integrated into other applications and uses. ChatGPT has the potential to be transformative not only in the personal space but also the business landscape. The ability to automate routine tasks, provide data analysis, support multiple languages and improve data accuracy could change the way resources are allocated – i.e., more jobs for computers and fewer jobs for humans.

The future impact will depend on how quickly and effectively businesses adopt the technology and integrate it into their companies. Ultimately, ChatGPT and AI are not going away, so we will need to learn how to use them effectively — and quickly.

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client. 

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market. 

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

It is important to focus on the long-term goal, not on one specific data point or indicator. Long-term fundamentals are what matter. In markets and moments like these, it is essential to stick to the financial plan. Investing is about following a disciplined process over time.

Sources: CNBC, DigitalTrends, Forbes, Investopedia

This material contains an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources.

Using diversification as part of your investment strategy neither assures nor guarantees better performance and cannot protect against loss of principal due to changing market conditions.

Past performance is not a guarantee of future results.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS) an affiliate of Kestra IS. CD Wealth Management and Bluespring Wealth Partners LLC* are affiliates of Kestra IS and Kestra AS.  Investor Disclosures: https://bit.ly/KF-Disclosures

*Bluespring Wealth Partners, LLC acquires and supports high quality investment adviser and wealth management companies throughout the United States.

Fidelity Investments and Fidelity Institutional® (together “Fidelity”) is an independent company, unaffiliated with Kestra Financial or CD Wealth Management. Fidelity is a service provider to both. There is no form of legal partnership, agency affiliation, or similar relationship between your financial advisor and Fidelity, nor is such a relationship created or implied by the information herein. Fidelity has not been involved with the preparation of the content supplied by CD Wealth Management and does not guarantee, or assume any responsibility for, its content. Fidelity Investments is a registered service mark of FMR LLC. Fidelity Institutional provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC.