A new artificial intelligence-powered investing guide using OpenAI's ChatGPT for managing portfolios is now available, and promises to "improve investing for millions."

PortfolioPilot is a verified ChatGPT plugin co-founded by AI software entrepreneur Alex Harmsen that he says is backed by hedge fund-caliber models.

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Users can copy and paste their portfolios into the tool for analysis, receive investment recommendations, search for market information and ask the bot questions – all for free.

"We are on an ambitious mission to build a complete map of how the economy works," Harmsen said in a statement. "This will dramatically improve investing for millions, decrease risk in decision making, and remove huge inefficiencies in the financial sector."

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According to new data, Americans have wasted no time trying out ChatGPT for stock recommendations since the AI-powered chatbot became available to the public in November.

The Motley Fool released a study this week that found 47% of U.S. adults have already used the tool for stock picks, and 69% said they are open to the idea of doing so.

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According to the survey, higher-income Americans were most likely to use ChatGPT for investment advice, with 77% reporting they have utilized it for stock picks.