ChatGPT has been making waves in the headlines recently, with its transformative technology impacting creative industries. To get the facts about the future of ChatGPT and generative AI, we spoke with experts in AI and robotics. We also conducted a public survey to understand the general population’s knowledge about the technology. The results might surprise you.
Curious about whether ChatGPT is fact or fiction? Explore the space by checking out our Investor’s Guide to ChatGPT for a better understanding of the technology if you’re new to it.
THE FUTURE OF CHAT GPT
Our strategic advisory board of AI experts unanimously believes that ChatGPT is here to stay. An AI expert from a leading technology company stated, “ChatGPT is very real and impressive. It’s a disruptive technology that’s here to stay and integrate into society.”
While there’s a long road ahead for developing and refining products like ChatGPT, experts believe that it represents a significant step forward in AI.
In our survey of the general public, we found that over half of the respondents considered ChatGPT a passing fad, and more than one-third hadn’t even heard of the program at all.
The belief in the longevity of ChatGPT grew as the surveyors had more experience with the technology. Surprisingly, of those who had never heard of ChatGPT, 75% believed it would be a fad. Among those who had heard of it but hadn’t used it, 41% believed in its faddishness. However, only one-third of those who had used the program before felt it would be a fad.
While the increase in confidence among those who had encountered the technology personally is notable, it’s still surprising that 51% of the total respondents believe the technology to be a fad.
PROS & CONS OF PROGRAMS LIKE CHAT GPT
Our strategic advisory board sees ChatGPT as a powerful tool with limitations and concerns:
- ChatGPT is not a search engine.
- Data analyzed only goes through 2021.
- Responses are not fact-checked.
- Human biases may be picked up and reiterated by ChatGPT.
- There is potential for plagiarism.
But along with these concerns come increased societal access and benefits:
- Automation of simple procedural tasks (i.e., basic legal services).
- Content creation that is accessible to the broader public.
- A powerful summarization tool.
Another AI expert noted, “ChatGPT can help society by providing a tool for search and conceptualization. For example, a lawyer might use ChatGPT to find summaries of similar cases and evidence. More generally, ChatGPT can be used to support research in any field — law, government, medicine, etc. by synthesizing information from vast data sources. It is critical to remember that in order for this information to be useful, it also has to be fact-checked.”
INVESTING IN CHAT GPT & GENERATIVE AI
Familiarity with ChatGPT significantly influences people’s investment decisions. Over half of those who have used ChatGPT before said they plan to increase their AI investment exposure, while 36% of those who had only heard of ChatGPT before expressed the same intention.
Education about these cutting-edge technologies is crucial for investors, as the survey showed that people don’t invest in what they aren’t familiar with. Providing resources like our Investor’s Guide to ChatGPT and encouraging clients to explore ChatGPT firsthand is essential for increasing investment exposure to transformative AI technologies.
We are convinced that it’s crucial to educate investors about the growth potential of these revolutionary AI applications. Our advisors strongly believe that ChatGPT is here to stay and will have a significant impact on various aspects of our lives.
As an AI expert from a leading U.S. research university remarked, “ChatGPT’s extraordinary contribution lies in putting the power of AI tools into the hands of the community. For the first time, there is an AI tool that is usable by all, regardless of their AI training. ChatGPT is democratizing the use of AI in language tasks.”