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ChatGPT has quickly become a very popular tool and is now used by millions of companies and individuals around the world. The conversational AI is very convenient for a number of tasks that involve fetching key points from and summarizing long articles, creating general descriptions, and definitions, doing small-scale financial analysis and calculations, etc.
Using ChatGPT can greatly reduce the workload and time consumed by minor tasks that would otherwise be done manually. This has especially sparked interest among small and medium enterprises that have managed to cut costs by delegating minor tasks to AI. However, the story does not end here, as some major publicly-listed companies have also found ways to implement ChatGPT and increase the overall efficiency of their operations. For example, ChatGPT is very convenient and much faster when it comes to entry-level coding, which makes it easier for companies to ask ChatGPT to write prompts for them in a matter of seconds, as opposed to doing it manually and hiring more staff for the same amount of work.
If you are curious about which major stocks could benefit from using ChatGPT in their operations - look no further than this investfox article about stocks that have implemented ChatGPT.
ChatGPT is a language AI created by OpenAI that is designed to follow prompts to generate responses. The AI uses a machine learning technique called reinforcement learning from human feedback, or RLHF. The AI can provide relevant responses on a wide number of topics but does have some limitations, such as the inability to solicit direct advice from users. ChatGPT can also be choppy when it comes to mathematical problem solving, as it is first and foremost, a conversational AI.
In commercial applications, ChatGPT can be used in a myriad of ways to create value, such as:
These applications make life easier for companies, but many industry experts have raised concerns over the effectiveness of using AI for complex tasks, as well as surrounding the ramifications of using ChatGPT for replacing entry-level workers.
While the broad consensus regarding ChatGPT has been mixed and most large corporations have seen little practical application for the AI, some have taken the leap of faith and started using ChatGPT for their own AI-based services. While the long-term effectiveness of implementing ChatGPT is yet to be seen, these companies have found some use for the software to incorporate it into their business operations.
Salesforce, the cloud-based customer relationship management (CRM) giant, has decided to add a chat function to Slack, Einstein AI, and other platforms. The company has joined dozens of other megacorporations in deploying chatbot AI functionality to their marketing and sales platforms.
Salesforce aims to pair ChatGPT with their own Einstein AI to create the world’s first generative AI CRM solution. The combined AI service will be directly connected to Salesforce’s Data Cloud to use the stored data to manage customer relationships in accordance with the company’s communication strategy.
The Einstein Ai platform developed by Salesforce is able to process over 200 billion predictions per day, based on the analysis of email interactions with customers. Incorporating ChatGPT with Einstein AI will allow the chatbot to think and act in real-time, which will use ChatGPT’s language prompts alongside Salesforce’s CRM database to generate content that suits the ever-changing customer data presented to the AI.
"ChatGPT has become the talk of the town, and our clients are seeing the value of using generative AI from sales to markrting,to service to IT" - Clara Shih
Implementing ChatGPT will allow Salesforce to greatly accelerate and improve its Einstein AI, elevating it to a new level to enhance customer strategies for Slack, as well as other divisions within Salesforce. The exact launch date for Einstein GPT has not yet been announced but is expected to be incorporated into the sales and marketing offerings provided by Salesforce.
Snap Inc, the company behind the popular social media app Snapchat, has announced plans to create its own Ai-powered chatbot based on ChatGPT, called “My AI”. The chatbot will initially only be available to paid Snapchat Plus members, with plans of releasing it to Snapchat’s broader customer base later on.
The chatbot will be pinned to the chat tab and will represent a mobile-friendly iteration of ChatGPT. Snap will be actively monitoring ‘My AI’ to report any inappropriate content generated by the chatbot. The profile page for My AI acts as any other user-created profile on Snapchat, as the AI is designed to be treated as just another friend on Snapchat, as opposed to a search engine.
This move is expected to give Snap’s paid subscriber count a short-term boost, but whether ‘My AI’ will be the key to resolving some of Snap’s operational issues remains to be seen.
"..we're rolling out My AI to the entire Snapchat community for free along with a bunch of brand new features" - Evan Spiegel
While Snapchat has a vast, young user base, the company has been struggling in terms of numbers. Massive layoffs and a falling stock price has remained a large concern for shareholders, and implementing ‘My AI’ is part of a broader turnaround plan envisioned by the company’s CEO, Evan Spiegel.
Shopify, the well-known e-commerce company, has added ChatGPT Assistant to its Shop App. The shopping assistant helps users narrow down their product search to find the merchants that may have the specific product the user is looking for. The chatbot is able to narrow down product categories step by step to get a clearer picture of what the customer might be looking for and quickly sifts through the offerings of thousands of merchants on the Shop App to choose the most relevant products that match the customer’s criteria. Customers can also report any issues they may experience while using the assistant to help Shopify improve the AI’s capability using the Shop App API to its full potential.
The AI asks a number of questions to identify the relevant criteria with which to search the database and come up with the closest recommendation possible.
By using ChatGPT, Shopify expects to greatly improve the speed at which customers are able to find what they are looking for while using the Shop App.
"How quickly you can get value out of new tools and how quickly do you spot better and better tools would make a substantial improvement to things that are worth improving on." - Tobi Lütke
This was a welcome addition to Shopify’s services, especially after the dramatic fall in stock price experienced by the company. While SHOP stock has marked a rebound from the lows of late-2022, the long-term effects of implementing ChatGPT into the Shop App are still yet to be determined.
The technology giant Microsoft has officially implemented ChatGPT into its Azure OpenAI service, which makes it easier for companies to implement CatGPT into their service suite and operations. Businesses will be able to handle queries, analyze emails, summarize conversations, etc. While the Azure Open AI service is only available for existing Microsoft customer businesses, the company is on the right path to rapidly popularize OpenAI APIs to a broader partner base as well.
Microsoft has been one of the early investors in OpenAI, investing $1 billion in the project in 2019, and is now the exclusive cloud provider for the company.
Microsoft is actively trying to accelerate the adoption of ChatGPT among partner businesses and whether the tech giant is able to meet the rapidly increasing demand remains to be seen.
Considering Azure is only a part of Microsoft’s business, the popularization of ChatGPT for business is unlikely to massively impact MSFT stock in the short term. The exclusive agreement between Microsoft and OpenAI adds a growing revenue stream for Microsoft, as the acceleration of ChaTGPT adoption directly impacts Microsoft’s bottom line.
"Bing with AI is gonna completely change what people can expect from search. We are grounded in the fact that Google dominates this space. I feel like a new race is starting with a complete new platform technology. I'm excited for the users to have choice finally and a real competitive race out there." - Satya Nadella
C3 AI, the enterprise AI software provider, is one of the companies that is frequently omitted from the list of businesses that can greatly benefit from ChatGPT implementation. However, some might argue that C3 is in fact the company that could benefit the most. The combination of C3’s technology with the natural language learning capabilities of ChatGPT has the potential to create an innovative platform for various businesses to take advantage of.
Another important point to consider is the number of strategic partnerships C3 has made with the likes of Raytheon, Baker Hughes, Shell, etc. These partnerships may well provide C3 with substantial revenue streams in the near future.
"We've been tracking what's been going on in OpenAI very closely in recent years, and we are uniquely positioned to take advantage of that" - Tom Siebel
Another factor that gives C3.ai a leg up when compared to other companies implementing ChatGPT is its modest size and ample room for growth. A part of this growth has already been visible on the market in 2023 with the stock more than doubling in price since the start of the year. Overall, C3.ai is in a lucrative spot to take advantage of the growing demand for ChatGPT, which it can implement into its own suite of AI enterprise solutions.
Stocks of companies that can get the most value out of using ChatGPT could increase considerably thanks to lower costs and faster, more efficient customer-facing processes, such as implementation in marketing and sales communications.
Some publicly listed companies have already implemented ChatGPT into their business to increase speed and cut costs. However, a majority of the market is still untapped and full of potential, which makes these stocks especially attractive to investors.
No. ChatGPT is not a public company and does not trade stocks on an exchange. Microsoft invested $1 billion in the project in 2019, which was followed by other investments subsequently.