Implementing ChatGPT in Sentiment Analysis for Stock Market Evaluation

Student: Antipova Anna

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2024

In our study, we explore how implementing ChatGPT into the textual analysis of news can lead investors to higher returns in the stock market. The stock market has always depended on the news background, and one of the traditional methods for assessing it is the dictionary method of sentiment analysis. However, we believe that in the era of information noise and the development of AI technologies, ChatGPT can replace such methods of natural language processing. Our research shows that sentiment derived from ChatGPT affects the performance of S&P 500 stocks in a way that sentiment derived from the dictionary method does not. However, the strategy built on the ChatGPT sentiment did not lead to higher profitability in comparison with the dictionary approach.

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