I launched polls on Twitter, YouTube, and eToro to ask my followers how they use ChatGPT, and here are the results:
This survey provides valuable insight, even though it may not reflect the entire population, as it is intended for people who follow me and are generally interested in investing. And despite the small sample size of 310, the parallels between the three platforms are striking.
Most respondents don't use ChatGPT, and among those who do, most of them only use it as a novelty or gimmick. ChatGPT reached 100 million users in record time but most of these users are not using it for practical purposes in their work or business. Gimmicks are usually trendy in the short term without much longevity. This gives us important insight into the future potential of ChatGPT and its impact on the technology market, particularly in regard to companies such as Microsoft and Google.
Microsoft's investment in and partnership with ChatGPT has the potential to revolutionize the way people use AI for work and business. However, the average person may not necessarily be the target audience for ChatGPT. The average person tends to prioritize speed and convenience when it comes to finding answers, and Google has already established a strong presence in this area. It will be a real challenge to convince people to switch from the familiar Google ecosystem to Bing and Edge. Besides, as we saw with the mistake made by Google Bard that cost it $100 billion in market cap, people expect the answer given by Google to be accurate. Google has a reputation to sustain and more to lose compared to Microsoft. Google Bard will likely prioritize brief answers from reputable sources and leave the rest to normal search. It will be just a small improvement from Google Assistant, which most users will be happy to have.
Those who want to use a language model to write, do their homework or write scientific papers will most likely have to continue using ChatGPT and its integration with Microsoft. I'm still on the waiting list for the New Bing, but from what I understand, it gives up-to-date information but sacrifices speed. Microsoft will likely monetize its version of the chatbox just like ChatGPT is monetized if you want a better experience. Microsoft also has the potential to leverage ChatGPT's capabilities by integrating it into popular products such as Microsoft Office and LinkedIn, which already have paid versions.
I use both ChatGPT and Google (with the help of some Chrome Extensions). Google is good enough for most searches. It is only when I want something more complex to be explained simply that I use ChatGPT. I will recommend you watch this video on how I use ChatGPT as an investor.