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AI tools such as ChatGPT are being used in the finance industry to provide virtual personal finance assistants. These tools use natural language processing and machine learning to analyse financial news and statements to generate insights and predictions for investors. A recent preprint study tested ChatGPT’s predictions about stock market performance based on sentiment analysis of news headlines and found a high correlation between ChatGPT’s responses and stock market movements. AI tools may also be able to help investors decipher monetary policy announcements, providing insights into the potential impact of these announcements on stock prices.
