As the use of artificial intelligence (AI) becomes more prevalent, we are seeing exciting new applications in various fields. One recent example is an engineer who used one of the biggest AI tools, ChatGPT, to analyze financial documents from an Elon Musk-led company using the investment style of Warren Buffett.
Mayo Oshin, an AI engineer from the U.K., codenamed the ChatGPT project “Warren Buffett” as it was taught to scan financial documents in the same style as the legendary investor.
The project’s goal was to help highlight a “time series approach” with cash flow performance to show trends over the years.
The application of ChatGPT in analyzing financial documents is a game-changer, as it allows businesses to “chat with data” and retrieve relevant sections of the document without having to read the entire thing.
This use case demonstrates how AI can be used to complement human skills, save time, and make information easier to comprehend.
Moreover, the potential of AI in the workforce is enormous. Goldman Sachs predicts that AI investment could be 1% of GDP by 2030, with around 25% of work in major economies being done with AI tools like ChatGPT.
The investment bank notes that ChatGPT could cause “significant disruption” to many sectors.
However, Oshin emphasizes that many people believe AI to be expensive, but in reality, it can be cost-effective. As the use of AI continues to grow and evolve, we can expect to see more innovative applications in various fields, from finance to entertainment.
The possibilities are endless, and we can’t wait to see what’s next.
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