Assessing the Accuracy of Google Bard and ChatGPT’s Predictions for Late 2023
OpenAI’s ChatGPT and Google’s Bard have gained significant attention for their artificial intelligence capabilities. Finbold has been testing these platforms to evaluate their accuracy in analyzing the stock market and cryptocurrency industry. As the year comes to an end, it’s time to assess how well these AI platforms predicted market movements.
Google Bard’s Predictions for Late 2023
In May 2023, Google Bard was asked about the potential price of Google’s stock by the end of the year. It predicted a price close to $150, which has proven fairly accurate with GOOGL currently priced around $140.
In June, Bard accurately estimated that Anheuser-Busch InBev (BUD) would end the year near $67. The current price stands at $63.63.
However, Bard failed to predict Amazon’s (AMZN) rise above $150 when it was priced just above $120.
When predicting the fortunes of Nio (NIO), Bard estimated a stock price between $10 and $12, but NIO briefly rose above $14 before falling to around $8 in late December.
ChatGPT’s Predictions for Late 2023
ChatGPT had more opportunities to make predictions about the start of 2024, but it is too early to assess their accuracy. However, in October, ChatGPT predicted that the S&P 500 index might reach new highs and go up to 4,500 or higher. At the time of writing, the S&P 500 is very close to 4,750.
Head-to-Head: Predicting Tesla (TSLA)
Tesla’s stock price has garnered significant attention throughout 2023. When asked about the stock price upon the launch of the cybertuck, ChatGPT noted various factors at play without providing specific figures. Google Bard predicted a price of $218, but Tesla’s stock was around $205 at the time of the inquiry.
Both AIs were asked to predict Tesla’s price at the end of 2023. Bard’s prediction of a range between $200 and $300 can be considered technically correct as TSLA is currently near $255. ChatGPT refused to provide a prediction and instead analyzed factors affecting Tesla’s stock price.
Conclusion
While both ChatGPT and Google Bard have shown some accuracy in summarizing market trends, they are less reliable when it comes to making precise stock price predictions. ChatGPT tends to speculate less than Google Bard, but it is difficult to determine which AI had better estimates overall.
Hot Take: The Limitations of AI Stock Price Predictions
Although AI platforms like ChatGPT and Google Bard have made strides in analyzing market trends, their ability to accurately predict stock prices remains limited. While they can provide valuable insights into broader market factors, investors should approach AI-generated predictions with caution and consider them as one source among many when making investment decisions.
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