With Google recently releasing the most advanced AI Chatbot on the market in Bard, people in various industries all around the world have found different ways to utilise it to help them in both their work and leisure life. At the moment, AI’s capabilities seem limitless – so what can it tell us about investing?
To explore this, XTB.com decided to ask Bard some questions on investing from tips for beginners to which stocks it thinks are worth considering to try and gather some insight into the world of investing according to Artificial Intelligence:
When asked to give 5 tips for someone looking to start investing, here’s what Bard had to say:
- Set your goals. What are you hoping to achieve with your investments? Are you saving for retirement, a down payment on a house, or something else? Once you know your goals, you can start to develop a strategy to reach them.
- Do your research. Before you invest in anything, it’s important to learn as much as you can about it. Read financial news, research different investment options, and talk to a financial advisor if you need help.
- Start small. There’s no need to invest a lot of money right away. Start with a small amount that you’re comfortable with and gradually increase your investment over time.
- Be patient. Investing is a long-term game. Don’t expect to get rich quick. Invest for the long term and you’ll be more likely to reach your financial goals.
- Diversify your portfolio. Don’t put all your eggs in one basket. Spread your money across different investments to reduce your risk.
From these tips it’s clear that Bard advises beginners to be quite risk averse by starting small and diversifying your portfolio from the beginning. It also recommends a quite methodological approach by setting goals, being patient and doing research before hand to ensure that the beginner investor is prepared.
Bard was then asked to provide 5 stocks that would be good to invest in at the moment, to which it gave the following:
- Apple (AAPL): Apple is a technology company that makes iPhones, iPads, and other popular products. It is a well-established company with a strong track record of growth.
- Microsoft (MSFT): Microsoft is another technology company that makes Windows operating systems, Office software, and other products. It is also a well-established company with a strong track record of growth.
- Amazon (AMZN): Amazon is an e-commerce company that sells a wide variety of products. It is the largest e-commerce company in the world and is growing rapidly.
- Alphabet (GOOG): Alphabet is a technology company that owns Google. Google is the most popular search engine in the world and is growing rapidly.
- Tesla (TSLA): Tesla is an electric car company that is disrupting the automotive industry. It is a high-growth company with a lot of potential.
Due to these stocks being extremely popular and quite obvious choices when it comes to investment considerations, Bard was then asked to give 5 lesser-known stocks that would be good to invest in, to which it gave the following:
- Acacia Communications (ACIA): Acacia Communications is a semiconductor company that makes high-speed data communication products. The company is growing rapidly and has a strong track record of innovation.
- CrowdStrike Holdings (CRWD): CrowdStrike Holdings is a cybersecurity company that provides cloud-based security solutions. The company is growing rapidly and is well-positioned to benefit from the growing demand for cybersecurity solutions.
- Marqeta (MQ): Marqeta is a fintech company that provides payment processing solutions to businesses. The company is growing rapidly and is well-positioned to benefit from the growing e-commerce market.
- Roblox Corporation (RBLX): Roblox Corporation is a gaming company that operates a popular online gaming platform. The company is growing rapidly and is well-positioned to benefit from the growing popularity of online gaming.
- Snowflake Computing (SNOW): Snowflake Computing is a cloud computing company that provides data warehousing solutions. The company is growing rapidly and is well-positioned to benefit from the growing demand for cloud-based data warehousing solutions.
Bard was also asked to provide some tips on investing in things such as commodities, forex and ETFs, to which it gave the following answer:
- Invest for the long term. Commodities, forex, and ETFs are all long-term investments. This means that you should not expect to make a lot of money in a short period of time. Instead, you should focus on investing for the long term and ride out the ups and downs of the market.
- Use a reputable broker. When investing in commodities, forex, or ETFs, it is important to use a reputable broker. A reputable broker will have a good reputation and will be regulated by a financial authority.
- Use a demo account. If you are new to investing, you may want to use a demo account before you start investing with real money. A demo account allows you to practice trading without risking any real money.
- Rebalance your portfolio regularly. As your financial situation changes, you may need to rebalance your portfolio. This means selling some assets and buying others to maintain your desired asset allocation.
- Don’t panic sell. When the market is volatile, it is important to stay calm and not panic sell. Remember that the market will eventually recover.
When Bard was asked about stock indices and which ones were the best to invest in at the moment, it provided the following answer:
“I would say that the S&P 500 and the Nasdaq Composite are the best options. Both indices have a long history of growth and have outperformed other indices over the long term.
The S&P 500 is a market-cap-weighted index of the 500 largest publicly traded companies in the United States. It is a good index to invest in if you are looking for exposure to the U.S. stock market. The Nasdaq Composite is a market-cap-weighted index of all the stocks listed on the Nasdaq stock exchange. It is a good index to invest in if you are looking for exposure to the technology sector.
Both indices are relatively low-cost and offer diversification benefits. They are also liquid, meaning that you can easily buy and sell shares.”
Overall, this Artificial Intelligence Chatbot gave some quite detailed answers into certain questions such as lesser-known stocks to invest in, and some all-round solid pieces of advice when it comes to general questions around investing.
With this in mind, if you’re interested in learning more about any of these topics such as stock indices that were touched on in the last question, you can visit XTB.com’s education website at https://www.xtb.com/en/education/nasdaq-trading
