Shanghai Bourse Probes AI Firms’ Stock Surge on Chatbot Fervor

Two listed Chinese artificial intelligence (AI) firms have clarified that their business is unrelated to ChatGPT and its developer U.S. startup OpenAI, after the fervor around the chatbot sent their shares soaring, prompting questions from Shanghai’s bourse.

Shares of CloudWalk Technology Co. Ltd. and Beijing Haitian Ruisheng Science Technology Ltd. have traded up by around 120% and 190%, respectively, this year. AI-related stocks have garnered intense investor interest in China amid speculation about potential Chinese alternatives to ChatGPT, a bot designed to provide realistic answers to questions using technologies like deep learning and natural language processing.