A recent study conducted by the University of Washington has revealed that around 50% of investors in the USA consult AI tools like ChatGPT when seeking information about companies and making investment decisions. This trend is also noted to be growing in Europe. Financial institutions and academic organizations, including the HHL Leipzig Graduate School of Management and the University of Applied Sciences St. Pölten, have collaborated to investigate the reliability of AI-generated financial data. The findings were shared with the F.A.Z. ahead of publication.

The researchers engaged over twenty students from St. Pölten over three months, who posed detailed inquiries about twenty publicly listed companies across Europe. The group analyzed approximately 24,000 responses generated by ChatGPT, focusing on the accuracy of the financial data provided regarding these companies. The results raised concerns as many of the data points were found to be incorrect, highlighting a significant risk for investors who increasingly depend on AI for critical financial insights.

As the adoption of AI tools for financial analysis continues to rise, the implications of such inaccuracies could pose substantial challenges for individual investors and the financial markets at large. The reliance on AI like ChatGPT underscores the necessity for proper verification of information, suggesting that investors may need to exercise caution and conduct further research beyond AI sources to make informed decisions. As AI's role in finance expands, ensuring data accuracy will be paramount to protect investors from potential losses due to misinformation.