AI stock rises after lagging behind benchmarks

The global buzz surrounding the ChatGPT tool has made its way to China’s stock market, sending stocks related to artificial intelligence skyrocketing after months of underperformance.

On Wednesday, shares of Beijing Deep Clint Technology Co. rose 16%, bringing the company’s 2023 growth to more than 60%. And Hanwang Technology Co. gained more than 40% during this period, outperforming the benchmark CSI 300 index’s 7% gain.

Despite the growth, some companies have weak financials.

The stock price increase reflects increased interest in all things AI following the November launch of ChatGPT, an artificial intelligence tool developed by OpenAI.

“In China, one of the countries most actively promoting artificial intelligence, there is a strong desire for the concept of ChatGPT, and many large companies are preparing to release similar products.” “However, if not supported by significant firm progress, the rally could fade quickly,” said Sean Meng, director of Chanson & Co. in Pekin.

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