The prospect of artificial intelligence-powered large language models (LLMs) replacing fund managers and deciding what stocks to buy is “just a fantasy”, according to Citadel’s Founder and Chief Executive Officer Ken Griffin.
A report by MorningStar says Griffin aired his views on AI’s impact on investing during an interview with CNBC. While he admitted that AI has made a “real difference” to the way that Citadel invests, he does not see LLMs like ChatGPT leading to an investing revolution anytime soon.
He said: “It’s not clear to me that we’re going to get the productivity gains out of AI that the markets are broadly hoping for.”
“I do not see some of the hoped-for game-changing outcomes that other people talk about when it comes to the use of LLMs.”
Instead, Griffin believes that it will be more likely to see “incremental gain” in areas such as “software development productivity” in “helping to produced memos or other written work”.
