Hedge Funds Are Deploying ChatGPT to Handle All the Grunt Work

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

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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 — from reviewing reams of market research to writing basic code and summarizing fund performance.

Chatbots could…