ChatGPT bubble seems to be bursting

Prices of ChatGPT concept stocks, a favorite of the stock market until a few days ago, fell abruptly on Monday. Data show prices of about 20 such stocks have fallen by over 10 percent; some had even reached limit down, the maximum decline permitted before curbs kick in.

From Jan 31 to April 6, the ChatGPT concept stock saw total business volume rising from 16 billion yuan ($2.3 billion) to 85 billion yuan, in which the average stock price rose by over 50 percent and some rose by 300 percent. Overnight the stocks hit rock bottom.

That was a lesson learned the hard way, not only for investors who lost money, but also for the whole ChatGPT industry. ChatGPT was so hot at the start of the year, even those not familiar with artificial intelligence wanted to know everything about it. Articles such as "The jobs ChatGPT could replace" and "What ChatGPT can do for you" were flooding social networking sites.

It is understandable that such popularity gets reflected in the stock market, because new concepts always mean new investment opportunities and AI companies need to raise funds to support their development. However, it takes time for new technologies to be applied in daily life, and those who were looking for quick money from stocks might have realized by now that it is not so easy.

Actually, as early as April 6, many voices were already pointing at the hidden risks behind what seem like opportunities. As the bubble burst, stock prices fell back to their real level, as has happened in the past with blockchain and the metaverse.

The stock market is a place where resources should be channelized for those in need, and not for those eyeing quick money. That's the principle that governs it.