- Chinese AI stocks have been rallying as the market appears to join ChatGPT-driven hype.
- Computer vision tech group Beijing Deep Glint Technology Co. rose more than 15% Wednesday.
Chinese artificial intelligence (AI) stocks are surging as a wave of ChatGPT hype fans investor enthusiasm toward competitors.
Some AI stocks jumped more than 10% Wednesday, and are in the midst of a rally that has seen others increase their market value by more than half.
Beijing Deep Glint Technology Co., a researcher of computer vision technology and big data analysis, surged more than 15% on the day, and is up more than 60% since the beginning of 2023.
Hanwang Technology Co., a manufacturer of pattern recognition technology, jumped more than 10% Wednesday, taking year-to-date gains above 43%. Facial recognition software firm CloudWalk Technology Co. rose more than 8%, with a 2023 gain of nearly 49%.
The buzzy ChatGPT — an AI writing tool developed by OpenAI — $4 since its beta version was released in November, touting its ability to do everything from $4 to explaining $4.
It's also caused competitors and investors to scramble to catch up with the burgeoning sector, with Google management $4 and redirecting employees to work on AI projects.
Indeed, $4 have enjoyed their own bull run since the launch of ChatGPT, with chipmakers Nvidia and Ambarella among companies enjoying double-digit stock rallies.
The recent surge in Chinese AI stocks appears to be in a similar vein, and follows a disappointing month for the shares due to concerns over weak balance sheets and slow progress in delivering ambitious targets, $4.