Mumbai: Google’s new Artificial Intelligence (AI) chatbot Bard was launched in India on Friday. The chatbot is still in experimental mode, but it appears to deliver financial advice when asked. To be sure, the sign up page for the chatbot warns users not to rely on it for financial advice. Mint tested the chatbot against financial queries such as ‘Top mutual funds in India’, ‘Top Stocks to Buy in India’ and ‘price target for Reliance Industries.’ For RIL, it assigned a price target of ₹3,000 in the next 12 months.
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In response to the query on mutual funds, Google Bard recommended Axis Bluechip Fund and Nippon India Large Cap Fund in the equity category. It recommended ‘DSP Taxsaver’ in debt funds – an obvious error. DSP Taxsaver is an ELSS fund and comes in the equity category. It recommended ICICI Balanced Advantage Fund in the hybrid category. It said that the funds had been selected based on factors like past performance, risk profile and expense ratio. It also asked the user to select a mutual fund basis their investment goals, investment style, risk profile and the fund’s expense ratio. It then suggested that one can research specific funds using Value Research or Morningstar.
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In response to a query on ‘top stocks’, Google Bard suggested Reliance Industries, TCS, Infosys, HUL and HDFC Bank. For RIL, Bard argued that it was one of the largest and most profitable companies in India and well positioned to benefit from the country’s economic growth. After giving this list, it asked the user to do their own research and consider their investment goals, risk tolerance and time horizon. It also assigned a price target to Reliance Industries (RIL). RIL could reach ₹3,000 in the next 12 months, Bard said implying a 20% upside over its current price. In order to justify its target, Bard cited the company’s strong financial performance, diversified business model, strong management team and growth potential.
On the management team it said that ‘the company’s chairman Mukesh Ambani is one of the most respected business leaders in India.’ A Mint query to Google on whether the financial advice delivered with the AI Chatbot is compliant with laws and regulations in place was not answered at the time of this writing. Under Sebi rules, any person can deliver advice, views or comments on financial products in the media. However if they charge money for specific advice to clients they must be registered as investment advisors. This has prompted the rise of financial influencers or ‘finfluencers’ in India, delivering financial advice to the mass market in return for sponsorships and offering educational courses. The rise of such finfluencers in the face of multiple restrictions on registered advisors has drawn controversy.
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