Using AI To Select Stocks? Screener AI's Ayush Mittal Sounds A Caution
"AI can help you with data, making it concise and easy to collate. It will give u insights," Ayush Mittal said.
Artificial intelligence can be a great tool for research, but it is not ideal for investors to use it for selection of stocks, Screener AI co-founder Ayush Mittal said.
"Don't use AI for stock selection, but as a tool for research. AI can help you with data, making it concise and easy to collate. It will give u insights. But make investment choices based on risk appetite and investment pattern," Mittal told NDTV Profit.
He highlighted the incredible speed AI brings to research. Screener AI provides users with "massive data so they can get all information," a task made possible by both regulatory changes and technological leaps, Mittal said.
"The benefit is you are getting factual data and we can safeguard against hallucination. The power of AI is limitless. Someone can create a detailed valuation model for three years," the entrepreneur said.
He gave a compelling example of AI's efficiency: "I knew nothing about battery energy storage, it took me 15-20 minutes on AI to find out the use case, information on China, and then I found out companies. Then I asked which Indian companies are doing this. It could have taken a month for analysts to do manually."
