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

Investors urged o be rational after their soaring share prices caught regulators’ attention

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

The stocks retreated on Thursday after the state media warning as well as a slump in Alphabet Inc shares that wiped out $100 billion in market value after the Google parent’s ChatGPT rival shared inaccurate information. “However, some people avidly speculate on fake concepts, luring others into schemes of pumps and dumps. Investors eventually end up in tears so they should not follow.”

Though such technology “is on a long-term uptrend, we need to analyse its speed of growth, and effect, in a cool-headed way,” it said in a filing in response to queries from the Shanghai Stock Exchange.

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