Hedge funds deploy ChatGPT to handle grunt work

One of the world’s largest hedge funds says technology can speed up the preliminary parts of research

Chatbots could eventually help generate material efficiency gains and provide more rewarding work for their human overlords, possibly at the cost of jobs. But it’s early days yet. Picture: Getty

The latest artificial-intelligence hype is powering a massive surge in the stock market on bets that a new era of innovation is nigh.

Yet for money managers who weaponize computing advances for an investing edge, the era of ChatGPT holds a less lofty promise for now: Automating the grunt work.

So-called generative AI is already helping to speed up mundane tasks known to crush the spirit of junior Wall Street employees, hedge funds say — ...