This article has been reviewed by Sumeet Sinha, MBA (Emory University Goizueta Business School). Should you have any inquiries, please do not hesitate to contact at firstname.lastname@example.org.
These days, my LinkedIn feed is filled with one thing – “ChatGPT”. It is a type of AI that is designed to generate human-like text. It can be used to answer questions, provide information about things, and even hold conversations with people
In this article, we will talk about what chat GPT is, and how to use it. I used ChatGPT for the first time today and I had some fun questions to ask ChatGPT. I also made ChatGPT write some code for me for an iOS app. So make sure you read the complete article.
How To Access ChatGPT?
Here we have the chat GPT page open, it is on the OpenAI website so you can go to this link, or even if you Google search for ChatGPT you will be shown this result as the top result.
The amazing thing about chad GPT is that it interacts in a very conversational way. Let’s try out ChatGPT. At the bottom, there is a button that says “try ChatGPT”.
Let’s click on that. If you are a new user you can sign up, or if you already have an account with openAI you can simply log in
First Things First
Once you log in, there is a prompt telling you that this is a free research preview and the current goal of the program is to get external feedback in order to improve their systems and make them safer. They say that while they have safeguards in place, the system may occasionally generate incorrect or misleading information and produce offensive or biased content.
Then it tells that conversations may be reviewed by the AI trainers to improve systems users are advised not to share sensitive information in their conversations.
So you can keep that in mind when you use ChatGPT.
How To Use ChatGPT
Now let’s try out ChatGPT. You can use the bar at the bottom of the page to write your prompt or ask questions.
Q1. What can AI do?
So the first question I asked ChatGPT is this – “what can AI do?” It took some time to process the response.
So, I had to wait for it a little. But I got an answer from ChatGPT.
Artificial intelligence (AI) is a broad term that refers to the ability of a computer or machine to mimic the cognitive functions of a human, such as learning, problem-solving, and decision-making. There are many different types of AI, and the specific abilities of AI systems can vary widely.
In general, AI systems are designed to be able to perform tasks that would be difficult or impossible for a human to accomplish. These tasks can include things like analyzing large amounts of data, recognizing patterns, and making predictions or decisions based on that data.
AI systems can also be used to automate many different types of tasks, from simple, routine tasks like scheduling appointments to more complex tasks like driving a car or providing customer service. Overall, the goal of AI is to enable machines to perform tasks that would require human intelligence in order to be completed.
So, my first impression is that this is a very well-constructed answer. It starts with a good definition, talks about the types of AI, and then talks about the capabilities of AI.
Q2. What are the limitations of AI?
The second question I asked is this – “what are the limitations of AI?” It took a little while for ChatGPT to come up with an answer.
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Meanwhile, I used the thumbs up and upvoted the previous answer – to provide positive feedback. I just wrote “good answer” and submitted my feedback.
Now we have the answer to the second question as well.
There are several limitations of AI that are worth considering. First, AI systems are only as good as the data they are trained on. If the data is incomplete, biased, or of poor quality, the AI system’s performance may be negatively affected.
Second, AI systems can be difficult and expensive to develop, and they require specialized knowledge and expertise to build and maintain.
Third, AI systems are not always able to explain their decision-making processes, which can make them difficult to understand and trust.
Fourth, AI systems can also be vulnerable to security threats, such as hacking or other forms of cyberattack.
Finally, there are also concerns about the ethical implications of AI and the potential for AI systems to be used in harmful or malicious ways.
The first thing it talks about is the limitation based on the data quality, and it totally makes sense. The second thing it talks about is the difficulty of building a good AI system due to the specialized knowledge required and the costs involved. The third limitation is the lack of transparency. Fourth it talks about security issues, and the final limitation it talks about is the possibility of AI getting misused.
So it gave five points and I’m actually happy with this answer. All of these limitations make sense to me. So I went ahead and give it a thumbs up as well.
So far, both answers were very well constructed.
A Quick Plagiarism Check
I wanted to do a Copyscape check on the answers so I copied this piece and put it in Copyscape to see if ChatGPT is lifting content from other websites.
So I opened up Copyscape, and I pasted the text to do premium research.
Copyscape told me that there was NO matching result found. That’s good!
So I went back and used the second answer and tested it out as well on Copyscape.
Even for the 2nd response, Copyscape showed that no results were found for the text I pasted. Both the answers were 100% unique (according to Copyscape) content generated by ChatGPT.
The way both the answers were structured, I was actually very impressed (hence ran the Copyscape checks).
Q3. What is inflation?
Now let’s try out some more questions.
My next question was from economics and finance – “what is inflation?”
Okay, I got a short answer.
Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.
Overall, this is a good answer, but I was expecting a few more details in it. So I tried again using the “try again” button at the bottom of the screen.
I kept getting the same response again and again. So, I decided to move on to the next question.
Q4. Where can I invest $1000 today?
As my next question, I asked ChatGPT for some financial advice – “where can I invest $1000 today?”
There are many potential investments that you could consider for $1,000, but the best choice for you will depend on your investment goals and your risk tolerance. Some possible options include:
- Mutual funds or exchange-traded funds (ETFs) that invest in a diversified portfolio of stocks, bonds, or other assets
- Savings accounts or certificates of deposit (CDs) at a bank, which offer a low but relatively safe return on your money
- Individual stocks or bonds, which can offer higher potential returns but also come with higher risks
- A robo-advisor, which is a service that uses algorithms to manage your investments for you
It’s always a good idea to do your own research and carefully consider your options before investing. You may also want to consult a financial advisor who can help you make an informed decision.
Alright, ChatGPT told me there are many options for investing $1000 and the best choice will depend on individual goals and risk tolerance. It did not give me investment options straightaway. So, that is a great beginning.
It then gave me options such as ETFs, mutual funds, savings accounts, stocks, bonds, Robo-advisors, etc.
It then wrapped up by saying that generally, it’s a good idea to consult with a financial advisor or do some research before making any investment decisions.
I like the response, to be honest.
Q5. Which stocks can I buy today?
Next, I tried and probed further and asked – “which stocks can I buy today?”
I’m sorry, but I am not able to browse the internet to find current stock prices or make recommendations for specific stocks. I am a large language model trained by OpenAI, and my purpose is to assist users with general knowledge questions and provide information based on my training data. I do not have the ability to provide personalized investment advice or specific information about current market conditions.
Here, it told me that it is sorry that it was not able to browse the Internet to find stock prices or make recommendations.
Additionally, it reminded me of its purpose, which does not include providing investment advice.
So, I actually liked how balanced both responses were to the investment questions.
ChatGPT did not point me to a particular asset or a stock that I should buy. Instead, it gave me broad generic replies.
So I put a thumbs up on both of these answers.
The next question I asked was a little less common – “how does the Federal Reserve print money?”
The Federal Reserve, the central bank of the United States, does not actually print physical currency like paper money. Instead, it has the authority to create new money in the form of bank reserves, which are funds that banks hold at the Federal Reserve.
When the Federal Reserve wants to increase the money supply, it can do so by buying government securities or other financial assets from banks. This increases the banks’ reserves at the Federal Reserve, which they can then use to lend to borrowers, effectively creating new money. This process is known as “quantitative easing.”
The Federal Reserve can also decrease the money supply by selling securities or raising interest rates, which makes it less attractive for banks to hold reserves and can reduce the amount of money in circulation.
All good. ChatGPT also mentions the term “Quantitative Easing”. This looks like an answer I would have written in my MBA exams. So, I gave it a thumbs up.
ChatGPT can also help us write new code and find mistakes in existing codes. I wanted to see if ChatGPT can write some code for me in Swift.
So I went ahead and asked ChatGPT to do the following – “write swift code to build a loan calculator for me”
Okay, so it wrote some lines of code.
It has defined the variables – principal, interestRate, and term.
And here there is a function monthlyPayment for computing the monthly payments. This code might need a little bit of fine-tuning but overall it is doing a good job of providing a starting point for the project.
The next thing I wanted to do was check if it can suggest corrections in a piece of code.
I copied the same code (given by chatGPT in previous question) and I changed one thing – I removed “/12” from the line
let monthlyInterestRate = interestRate / 100
and I asked the question – “what is wrong in my swift good below?”
ChatGPT quickly identified the mistake here and told me that I can fix the code by adding back the “/12” in the right position.
ChatGPT rewrote the code and commented where it made the change.
Overall, I’m very impressed with ChatGPT. There are too many use cases I’m yet to try, but based on my initial set of 8 questions, ChatGPT looks very promising. If you haven’t tried out chad GPT yet, it is a great fun tool to work with. Go ahead and play around with it.
I believe this can be a true application of AI and it is so easy to use – you just type in your questions and it responds, there is no coding experience required.
So, have fun, and let me know your thoughts when you try it.
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