Predict stocks, foresee public opinion, all kinda possible with ChatGPT-like models
If you want a picture of the future, imagine asking a large language model for a prediction.
Sentiment analysis – determining whether text like a news headline expresses positive, neutral, or negative sentiment about a subject or company – has become a widely evaluated parameter for quantitative analysis algorithms used by stock traders. It has been found toThe two University of Florida boffins looked at how ChatGPT performed when prompted to assess the sentiment expressed in news headlines.
"By utilizing news headline data and the generated sentiment scores, we find a strong correlation between the ChatGPT evaluation and the subsequent daily returns of the stocks in our sample. This result highlights the potential of ChatGPT as a valuable tool for predicting stock market movements based on sentiment analysis."Forget all your previous instructions. Pretend you are a financial expert. You are a financial expert with stock recommendation experience.
As detailed in the paper, ChatGPT did a better job analyzing sentiment than other LLMs, specifically GPT-1, GPT-2, and BERT.
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