around 50 of gen zers and a little over half of millennials have used chatgpt openais viral ai chatbot for investing advice according to a recent survey of over 2000 americans by the motley fool a financial and investing advice company thats despite the fact that openai prompts chatgpt users with a warning that it sometimes writes plausiblesounding but incorrect or nonsensical answers and that the tool is not intended to give advice but letting ai build your portfolio probably isnt the best investment strategy anyway it is by no means going to provide you with a way to beat the market douglas boneparth a certified financial planner and the president and founder of bone fide wealth tells cnbc make it boneparth himself put chatgpts financial acumen to the test and says the results werent great he asked the tool to build him a hypothetical diversified portfolio with 80 equity and 20 fixed income and gave it a few parameters risk characteristics and guidance as to what kind of exchangetraded funds etfs he wanted to use i was presented with a table that added up to more than 100 he says after informing chatgpt of this it tried to correct the error but didnt necessarily pull the right information he says however boneparth says he was impressed by how close chatgpt came to achieving what he asked people who use ai tools like chatgpt for financial advice may misunderstand the current capabilities and limitations of these tools since theyre able to process large amounts of data some may assume that ai chatbots are all knowing or can predict the future performance of a company boneparth says while this technology may make a few lucky stock picks it hasnt been around long enough for us to see whether it can replicate those results over the long term he says additionally the free version of chatgpt has limited knowledge of world events after 2021 which means its responses arent based on realtime data theres just fundamental components of the technology that are not there to do the things that you hope it would do boneparth says theres a difference between potential and reality and the reality is were certainly not in a place where we should be relying on a chatgpt bot or ai in general to be making investment decisions for ourselves