Potential of ChatGPT in predicting stock market trends based on Twitter Sentiment Analysis

Ummara Mumtaz and Summaya Mumtaz

Papers from arXiv.org

Abstract: The rise of ChatGPT has brought a notable shift to the AI sector, with its exceptional conversational skills and deep grasp of language. Recognizing its value across different areas, our study investigates ChatGPT's capacity to predict stock market movements using only social media tweets and sentiment analysis. We aim to see if ChatGPT can tap into the vast sentiment data on platforms like Twitter to offer insightful predictions about stock trends. We focus on determining if a tweet has a positive, negative, or neutral effect on two big tech giants Microsoft and Google's stock value. Our findings highlight a positive link between ChatGPT's evaluations and the following days stock results for both tech companies. This research enriches our view on ChatGPT's adaptability and emphasizes the growing importance of AI in shaping financial market forecasts.

Date: 2023-10
New Economics Papers: this item is included in nep-ain, nep-big, nep-cmp, nep-fmk and nep-pay
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