Almost every industry, from architecture to entertainment, is testing generative AI, hoping to profit from a technology that can produce writing, images and art much like humans.

Wall Street has long used automated algorithms for tasks such as placing trades and managing risk. But investors haven’t made much progress relying on AI to tackle their biggest challenge: beating the market. While some see ChatGPT as a way to boost sales and research efforts, the investing results using AI haven’t been especially impressive.