AI Technology Taking Heat

When ChatGPT hit the scene a few months back, the rip-roaring rally for anything artificial intelligence related was on.

Fast forward to today, and said rally has flamed out rather quickly. Not only have the artificial intelligence-related stocks begun to give back their gains received during the rally, but there is a national backlash swirling across the US.

In Washington, both Congress and the President are questioning whether artificial intelligence is a good thing. President Biden recently said, "Technology companies have a responsibility to make sure their products are safe before making them public." He was asked if AI was dangerous and responded, "It remains to be seen. Could be."

Even Congress is looking into AI and its safety. A nonbinding measure was recently introduced by Rep. Ted Lieu, D-Calif., which will direct the house to look into artificial intelligence.

Interestingly enough, the bill was actually written by the chatbot ChatGPT, which really put AI in the spotlight.

ChatGPT became a household name and really started the AI rally on Wall Street after it was announced the popular website BuzzFeed was planning to use the chatbot to write articles and create content. This occurred on January 26th, 2023. AI technology began to come under fire at the end of March, early April 2023.

Although, even at the beginning of the ChatGPT explosion, some experts and journalists were already calling out ChatGPT for returning historically inaccurate information when asked basic questions. These mistakes raised concerns, even during the beginning of the AI hype, about how trustworthy artificially intelligent machines' answers would be.

The answer is only as reliable as where the answers are originally coming from. Continue reading "AI Technology Taking Heat"

AI - Do You Have It in Your Portfolio?

In late January, the world of artificial intelligence went mainstream when popular online media company BuzzFeed announced it was planning to use artificial intelligence software called API to help it generate content.

OpenAI, the company that created API, also made the more popular ChatGPT, released in November of 2022.

API and ChatGPT have been used to write emails and create quizzes and listicles. It has even been used to write reports on popular books and other essay-style assignments for high school and college students.

While we have all heard about the potential of artificial intelligence for years, BuzzFeed taking the plunge and using it to create content is a big deal.

For most of us, this is the first time we can say we are seeing the technology firsthand (well, at least that will be true when we see our first AI-created quiz or article).

Up until now, AI has to most people, just been a pie-in-the-sky idea that we weren't sure how it was going to affect our lives. Or how we would interact with AI technology on a day-to-day basis.

BuzzFeed using AI, makes it real now.

And now that it is real and not just a research project some technology company in California is spending money on, maybe now is a good time to put some real money into it.

Unfortunately, OpenAI, the creator of these AI chatboxes, is not publicly traded. But, a number of other companies are developing similar technology and are publicly traded.

However, since we are still very much in the infancy stages of AI technology, my suggestion is not to try and cherry-pick the AI winners today but bet on the idea that AI as a technology will prevail. The way to do that is with Exchange Traded Funds.

Exchange Traded Funds that buy companies developing artificial intelligence and robots will expose you to the whole industry but reduce your single stock risk. Let's take a look at a few ETFs that are focused on AI, and then you can decide which one is right for you. Continue reading "AI - Do You Have It in Your Portfolio?"