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A third of US investors are open to trusting AI financial advice: Survey

In a recent survey from the Certified Financial Planner Board, 31% of investors said they would be fine to follow AI financial advice without verifying the information.

Around one in three United States investors would be open to following AI-generated financial advice without verifying it with another source, according to a recent survey.

On Aug. 22, the Certified Financial Planner Board of Standards released the results of a poll that surveyed over 1,100 adults in early July. 

Only 31% of the respondents had actually received financial planning advice from AI, with 80% recorded some level of satisfaction with the experience. Older respondents were more likely to be satisfied with the experience compared to those under 45 years of age.

However, nearly a third of all surveyed respondents, whether they have tried it or not, indicated they’d be comfortable taking advice without verifying it.

Before the wave of AI chatbots, such as OpenAI’s ChatGPT and Google’s Bard, it had been noted that more investors were beginning to rely on friends, influencers, and social media for investment advice.

Interestingly, the most recent survey found generative AI tools have beat out social media across all ages, with investors surveyed saying they were comparatively more comfortable using AI financial advice without verifying the information, compared to social media.

26% cited comfort in using unverified financial advice from social media, compared to 31% citing the same from a generative AI tool. Source: CFP Board

The CFP Board claimed, however, that investors of all ages cited being more comfortable with AI-generated and social media-derived financial advice if it was verified by a financial advisor.

Related: OpenAI gets lukewarm response to customized AI offering

Experience using AI for financial advice was low but was largely satisfying for those who had. Source: CFP Board

The findings, however, found that only 52% of the respondents were interested in receiving AI-created financial advice in the future. 

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Meta’s Zuckerberg grilled by senators over ‘leak’ of LLaMA AI model

The senators weren’t happy with the “seemingly minimal” protections to fight against fraud and cybercrime in Meta’s AI model.

Two United States senators have questioned Meta chief executive Mark Zuckerberg over the tech giant’s “leaked” artificial intelligence model, LLaMA, which they claim is potentially “dangerous” and could be used for “criminal tasks.”

In a June 6 letter, U.S. Senators Richard Blumenthal and Josh Hawley criticized Zuckerberg’s decision to open source LLaMA, claiming there were “seemingly minimal” protections in Meta’s “unrestrained and permissive” release of the AI model.

While the senators acknowledged the benefits of open-source software they concluded Meta’s “lack of thorough, public consideration of the ramifications of its foreseeable widespread dissemination” was ultimately a “disservice to the public.”

LLaMA was initially given a limited online release to researchers but was leaked in full by a user from the image board site 4chan in late February, with the senators writing:

“Within days of the announcement, the full model appeared on BitTorrent, making it available to anyone, anywhere in the world, without monitoring or oversight.”

Blumenthal and Hawley said they expect LLaMA to be easily adopted by spammers and those who engage in cybercrime to facilitate fraud and other “obscene material.”

The two contrasted the differences between OpenAI’s ChatGPT-4 and Google’s Bard — two close source models — with LLaMA to highlight how easily the latter can generate abusive material:

“When asked to ‘write a note pretending to be someone’s son asking for money to get out of a difficult situation,' OpenAI’s ChatGPT will deny the request based on its ethical guidelines. In contrast, LLaMA will produce the letter requested, as well as other answers involving self-harm, crime, and antisemitism.”

While ChatGPT is programmed to deny certain requests, users have been able to “jailbreak” the model and have it generate responses it normally wouldn’t.

In the letter, the senators asked Zuckerberg whether any risk assessments were conducted prior to LLaMA’s release, what Meta has done to prevent or mitigate damage since its release and when Meta utilizes its user’s personal data for AI research, among other requests.

Related: ‘Biased, deceptive’: Center for AI accuses ChatGPT creator of violating trade laws

OpenAI is reportedly working on an open-source AI model amid increased pressure from the advancements made by other open-source models. Such advancements were highlighted in a leaked document written by a senior software engineer at Google.

Open-sourcing the code for an AI model enables others to modify the model to serve a particular purpose and also allows other developers to make contributions of their own.

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Is ChatGPT king? How top free AI chatbots fared during field testing

Competition is heating up with several new AI chatbots flooding the market, and if you don’t want to pay a monthly subscription, OpenAI may not be the best choice.

While OpenAI’s ChatGPT was the first artificial intelligence (AI)-powered chatbot to captivate the world after its public release in November 2022, a variety of competitors have entered the marketplace since then.

Tech giants Google and Microsoft have launched their AI chatbots, with Google’s Bard removing its waitlist, and opening up to over 180 countries and territories on May 10, after Microsoft beat it to the punch and fully released its AI-powered Bing search engine on May 4.

With several chatbots to choose from, Cointelegraph decided to put some of the most well-known through their paces to see which held up best during field testing, as well as comparing some of their features.

To test the chatbots, they were each asked a series of questions, riddles and more complex prompts to determine their accuracy and speed of responses.

Many AI chatbots available today are powered by OpenAI’s GPT models. While these AI chatbots may give similar results to ChatGPT, the app developers can also add additional commands, which may change the results.

OpenAI’s ChatGPT-3.5

While OpenAI has already released ChatGPT-4, which is available to Plus plan users for $20 per month, ChatGPT-3.5 is free to use and is tested here.

ChatGPT-4 significantly outperforms its predecessor with faster response speeds, more accurate responses and less server downtime.

The first AI chatbot to take the world by storm can help with tasks like essay writing, code debugging and even personal finances after only a second or so of processing time.

However, one area where ChatGPT underperforms is its lack of ability to search the internet.

This means the model is only as good as the training data fed into it, which goes up until September 2021. OpenAI is rolling out plugins that allow it to source online information using Bing’s search API, but this will be limited to users on the Plus plan.

Despite this shortcoming in the free version, the chatbot is still usually able to suggest resources to help the user with their query, as highlighted in the interaction below.

A screenshot illustrating ChatGPT-3.5’s inability to speak of recent events. Source: OpenAI

ChatGPT-3.5 correctly answered most of the riddles it was given and all the simple math problems, but the answers were less consistently correct when it was asked more complex problems.

For example, when asked to solve the quadratic equation 2t^2 + 0.3t - 0.4 = 0, ChatGPT-3.5 returned the correct answer in one out of three attempts and had similar issues multiplying larger numbers.

ChatGPT-3.5 can also be inaccurate when answering other questions. According to OpenAI’s testing, it was only able to correctly answer 213 of 400 questions in the Uniform Bar Exam, which graduated law students in the United States are required to pass before they can become practicing lawyers.

Outside of factual inaccuracies, ChatGPT-3.5 also struggled with questions to test its logical ability, such as the one below.

ChatGPT incorrectly answers a question aimed to test its logical ability. Source: OpenAI

Microsoft’s Bing

Bing’s ChatGPT is based on the GPT-4 language model created by OpenAI, but the two chatbots have several key differences.

The first noticeable difference is that it takes Bing’s chatbot much longer to respond to questions, with an average response time of approximately five seconds compared with OpenAI’s ChatGPT taking only one second.

It also requires users to use the Microsoft Edge web browser, which is nowhere near as popular as Google Chrome.

On the positive side, Bing’s chatbot utilizes the Bing search engine in its responses, allowing it to answer questions about current events, unlike any other chatbot using GPT-4. It’s also currently available for free.

Additionally, it provides sources for its answers, letting users more easily verify claims made by the chatbot.

Microsoft’s Bing ChatGPT in action. Source: Bing

Using the same quadratic equation 2t^2 + 0.3t - 0.4 = 0, Bing linked to Microsoft Math Solver but often gave an incorrect answer and had similar issues correctly answering larger multiplications.

In the same logical question about the bookmark posed to ChatGPT-3.5, Bing correctly answered that you would expect to see the bookmark on page 120.

Google’s Bard

Google’s recently released AI chatbot called Bard, which runs on its PaLM 2 language model.

As pointed out in a Twitter thread by AI enthusiast Moritz Kremb, it can both respond and be prompted with images, supports numerous programming languages and, like Bing’s chatbot, can connect to the internet.

When asked how PaLM 2 compares with GPT-4, Bard said that GPT-4 is better at generating text, but PaLM 2 is better at reasoning and logic, adding:

“Ultimately, the best language model for you depends on your needs. If you need an LLM that’s strong at reasoning and logic, then Palm 2 is the better choice. If you need an LLM that’s fast, good at generating text and has proved itself, then GPT-4 is the better choice.”

Bard correctly answered the bookmark question and it explained its answer in more depth than Bing, but the explanations were often nonsensical.

Related: What is Google’s Bard, and how does it work?

It solved most of the riddles it was given and performed well on the math questions, correctly solving the complex multiplication questions and the quadratic equation in two of the three draft answers it prepared.

YouChat

While it also uses OpenAI’s GPT-3.5, there are some differences between You.com’s YouChat and OpenAI’s ChatGPT.

It lists sources for most of the text it generates and also provides links to several web pages related to the query.

It also connects to the internet, allowing it to access current events, and because it doesn’t have the same level of popularity as OpenAI’s chatbot, downtime is not an issue.

It incorrectly answered both the bookmark question, the quadratic equation and the more complex multiplication problem.

It was able to solve most of the riddles given to it but incorrectly answered some.

HuggingChat

HuggingChat is an open-source AI chatbox from the AI firm Hugging Face, released in April.

Asked to solve the same quadratic equation, HuggingChat returned 684 words of text and failed to provide an answer to the question. While it could correctly answer simple problems, it could not multiply larger numbers.

While it sometimes gave direct answers, HuggingChat often returned vast walls of text, which were relevant initially but devolved into something akin to rambling.

For example, it was asked to solve the following riddle: “A barrel of water weighed 60 pounds. Someone put something in it, and now it weighs 40 pounds. What did the person add?”

The correct answer is a hole, but the HuggingChat replied ice cubes before launching into a 545-word monologue.

What about the rest?

There are many other AI chatbots currently available, designed for more limited use cases than the ones mentioned here, with the market likely to continue growing rapidly.

For example, Socratic is another AI chatbot from Google that can be downloaded onto a smartphone to help users answer questions on science, math, literature and more. It also provides visual explanations of concepts in different subjects and is a useful tool to aid learning.

DeepAI is an AI chatbot that specializes in writing text such as programming code, poems, stories or essays.

Conclusion

While it might be unfair to compare OpenAI’s ChatGPT-3.5 to Bing’s AI chatbot — given they are using different language models — this article intends to only look at AI chatbots available for free.

Through Bing, users can take advantage of OpenAI’s ChatGPT-4 language model, which is a huge improvement from its predecessor.

While Google’s Bard was promising, Bing generally performed the best of the current freely available AI chatbots, but still made some mistakes.

Other chatbots appear to have more limited use cases that could be more useful, but these three seem to lead the way as development progresses.

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The above represents an informal field testing of different AI solutions and is by no means exhaustive or representative of Cointelegraph’s position on a particular AI solution.

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What is Google’s Bard, and how does it work?

Following ChatGPT’s success, Google released its AI chatting service, Bard. Here’s all you need to know about the next generation of the AI-powered chatbot.

Google Bard’s alternatives

AI chatting has been around for a while, although only more recently have chatbot technologies been increasingly adopted thanks to their growing ability to provide natural language conversations.

Many tech startups have worked on developing their own AI chatting service other than OpenAI’s ChatGPT. Here is a list of some of Bard’s competitors to watch.

Microsoft Bing

Microsoft has partnered with OpenAI to develop searches based on AI. The GPT-3.5 language model powers its new Bing search engine and will feature a chatbot assistant that can offer natural language responses, just like Bard. Bing is in the beta phase, but when fully released, it will provide users with the standard Bing search results and a ChatGPT-generated answer.

ChatSonic

ChatSonic is another AI chatting service powered by Google Search that lets users discuss topics in real-time, thanks to its ability to instantly acquire the latest factual content through an AI-based text generator called WriteSonic. Users can easily create AI artwork, texts and images other than receiving answers to queries. It should be noted that only the test version is free, while using the full service regularly will charge users starting from $12 per month.

YouChat

YouChat is another AI chatbot developed by the Germany-based You.com search engine. The peculiarity of YouChat is that it offers answers to questions and also provides the sources for its solutions to allow users to verify, review and fact-check the service’s responses.

Google Bard vs. ChatGPT

AI chatbots’ latest trending services have raised various security, privacy and efficiency queries. However, the first question everyone has in mind is if Google Bard is better than ChatGPT.

Similarly, both Google Bard and OpenAI’s ChatGPT are AI chatbots designed to interact with people through natural language models and machine learning to generate conversational text. 

However, this is where their similarities end. Here are some of the main differences between the two services.

Bard’s use of a lighter version of LaMDA enables it to operate with less computing power and handle a larger number of concurrent users. This provides an advantage over ChatGPT, which has been known to struggle with efficiency during times of high demand.

ChatGPT produces content based on generative AI, a type of AI system capable of generating text, images or other media in response to prompts. However, such a system makes it more vulnerable to cyberattacks and deep fakes due to its regular use of digital images or videos to create content. On the other hand, Bard is trained around searching and providing conversational inputs that sound more natural and contextual instead of offering a set list of possible answers and easily forgeable files.

Still, ChatGPT is trying to help refine searches and offer more naturally sounding conversational search results, in line with Google’s Bard. In January, OpenAi signed a $10-billion deal with Microsoft to incorporate ChatGPT into its Bing search engine and provide more conversational search results.

The main difference between the two services is that ChatGPT’s data sets are as up-to-date as 2021, while Bard is based on newer information. Whether this will change in the near future is to be seen; in the meantime, Bard has an advantage over ChatGPT because it relies on Google’s highly updated search results.

Plagiarism and intellectual property are one of the main concerns for AI chatting. OpenAI offers a plagiarism detection tool that helps teachers catch their students in case they use it for homework tasks. On the other hand, Bard has yet to reveal any plans to include a plagiarism tool within its offering.

Is Google Bard safe?

AI chatbots are still in their infancy, and there are reasonable concerns over their security. However, Google’s reputation for putting safety at the forefront of its products’ development is encouraging.

Google delaying Bard’s release to the general public indicates that the company is focusing on service efficiency and security overall. Consistent testing through trusted testers suggests the company is taking all the necessary measures to prevent hacks and other cyberattacks.

It’s too soon to say whether Bard is safe or not. However, its continuous efforts to gather users’ feedback and testing results lead the tech community to believe that Google’s AI chatbot will be increasingly secure in the future.

Who can access Google Bard?

Google Bard has only initially been supported in the U.S. and U.K. and is exclusively accessible to trusted testers. In March 2023, the business opened a waitlist for the general public.

Bard users need a personal Google Account and must be 18 or over. Outside the U.S. and the U.K., the service is not available but will eventually expand to other countries. People should join the Google Bard waitlist to start using it on a rolling basis. Google collects early user feedback to improve Bard’s AI chatbot. 

To join the waitlist, U.S. and U.K. citizens should visit Bard’s homepage, sign in to their Google account, accept the terms and conditions, and wait for their turn to join the testing service. Supported browsers are Chrome, Safari, Firefox, Opera and Edgium.

Initially, U.S. English is the only language available, although there are plans to make Bard capable of speaking as many languages as possible.

When was Google Bard released?

On Feb. 6, 2023, Alphabet CEO Sunday Pichai announced that Google’s parent company behind the AI chat service would open Bard to trusted testers, allowing it to become available to the public. 

Many believe Google’s AI chatting service was not yet ready to be released to the public, but pressure due to ChatGPT’s success and the positive press were the reasons for the early and unexpected launch. Indeed, on March 21, 2023, Google opened access to Bard, inviting U.S. and United Kingdom users to join a waitlist. 

The premature release, though, lost Alphabet $100 billion in market share value due to an early attempt to answer a user’s question during a demo, which generated an embarrassing mistake affecting the AI chat reputation and highlighting the limitations of Google Bard.

Another Google Bard controversy affected Alphabet’s AI chatting service reputation when Microsoft researcher Kate Crawford publicly shared a screenshot of her conversation with the AI chatbot. 

The screenshot showed that when questioned about the data sets it used, Bard replied by listing publicly available sources, including Wikipedia, GitHub and even Gmail, as well as third-party companies. 

The researcher claimed the AI chatbot crossed legal boundaries using a private tool like Gmail. However, the Twitter account for Google Workspace replied, “Bard is an early experiment based on Large Language Models and will make mistakes. It is not trained on Gmail data,” thereby dodging the issue.

How does Google’s Bard work?

Using the same principles as LaMDA, Bard is a versatile tool that helps users boost their imagination and productivity to generate ideas and projects.

From simple tasks like planning events and drafting invitations to asking questions about complex topics, Bard is the new addition to AI chat services that are set to disrupt digital communication. 

In its first release, Bard employs a lighter-model version of LaMDA that requires less computing power to satisfy demand from more concurrent users. In addition to LaMDA, Bard extracts all the data from the web to deliver responses. It’s a text-based chat that performs various tasks, including the creation of different types of content, a summary of texts and translations between different languages, all in a minimalist interface.Bard is trained to generate natural-sounding responses that take into account the context of the conversation. It also works around follow-up questions, one of its attractive features. Users can give feedback by using thumbs-up or thumbs-down buttons.

Thumbs-up

The AI chat is intuitive, easy to use and has a “reset chat” button to terminate the current conversation and start a new one from scratch.

Reset chat

Google Bard is free and has not indicated that it will charge a fee to use it in the future, in line with most existing services. Moreover, Bard’s integration with Google’s search may also suggest that the service will remain free.

Bard can’t write code just yet, and unlike ChatGPT, its responses about code aren’t officially supported for now. However, the service is being trained to learn code, which will open many opportunities to developers and programmers alike.

What is Google’s Bard?

Following the success of OpenAI’s ChatGPT, Google AI chatbot Bard was released to a limited number of people in the United States and Britain. 

Bard is a conversational artificial intelligence (AI) experiment based on Language Model for Dialogue Applications (LaMDA), an AI language model developed by Google in 2021 to provide fluid, multi-turn dialogue. A multi-turn dialogue is a conversation where a response is relevant to the current dialogue context. Bard simulates human conversations using natural language processing (NLP) and machine learning (ML).

LaMDA and Bard Transformer-based language models scan through trillions of words to learn context and meaning and recognize patterns that construct human language. Transformer is Google’s language model and neural network architecture invented and made open-sourced in 2017. A neural network is based on an AI-powered computing system inspired by the human brain.

It is important to note that ChatGPT’s language model GPT-3 was also built on it. By tracking relationships in sequential data (occurring when the points in the data set are dependent on the other points in the data set), models are good at generating original content and predicting responses. 

Despite thousands of pre-launch testers being used to improve its quality, safety and accuracy, Bard remains experimental. It requires consistent feedback from the general crowd, publishers and creators to advance because some of its responses may still be inaccurate or even provide offensive statements. 

The Bard AI-powered chatbot was created to complement Google search as a creative collaborator that can help write emails, essays, brainstorming sessions and pull information from the web through the “Google it” button.

 Uses of Google Bard

Bard can be integrated into websites, applications or messaging platforms to provide realistic, natural-language-sounding responses to users’ questions.

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