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China’s AI stocks sink


Apr 10, 2023 ,

State media sources advised officials to increase oversight of potential speculation.

The Economic Daily stated on Monday (Apr. 10) that the ChatGPT concept industry has displayed “signs of a valuation bubble” and noted that many companies have made little progress in the development of the technology.

The publication, which operates a website officially recognized by Beijing, recommended that regulators step up surveillance and crackdowns on share-price speculation and manipulation to build “a well-disclosed and well-run market.” Companies should build the capabilities they suggest, it continued, while investors should avoid speculation.

The dip in 360 Security Technology was the largest in three years, while CloudWalk Technology experienced a record-breaking 20% decline. Haitian Ruisheng Science and Technology in Beijing fell 15%.

Chinese shares of the technology have increased sharply since ChatGPT was released, and major domestic IT firms are now competing to create generative AI. As a result of rumors that the SoftBank Group-backed startup was creating a product to compete with ChatGPT, SenseTime Group’s stock price last Tuesday increased the most in two months in Hong Kong. As news of the tech giant’s planned release of ChatGPT spread, shares of Alibaba’s suppliers also increased.

“Generative AI is the hottest trend right now, and many tech companies will be releasing their versions in the coming months,” said Vey-Sern Ling, managing director of Union Bancaire Prive.

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