Chinese state media, AI companies warn of risks in ChatGPT stock frenzy

Chinese state media on Thursday cautioned against risks in chasing local ChatGPT-concept stocks, while domestic artificial intelligence (AI) companies urged investors to be rational after their soaring share prices caught regulators’ attention.

ChatGPT, a chatbot developed by U.S. firm OpenAI and backed by Microsoft Corp, gives strikingly human-like responses to user queries. Frenzy around the technology launched at November-end has seen shares of Beijing Haitian Ruisheng Science Technology Ltd soar 217% this year.

Hanwang Technology Co Ltd has risen as much as 129% as of Wednesday, CloudWalk Technology Co Ltd 128% and TRS Information Technology Co Ltd 66%.