Hanwang, bellwether of Chinese ChatGPT frenzy, under regulatory scrutiny
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The Shenzhen Stock Exchange said on Friday it had put Hanwang Technology Co Ltd, widely seen as a bellwether of Chinese ChatGPT-concept stocks, on its "focus watch list" following recent "abnormal" gains in its share price.
The move comes after Chinese state media on Thursday cautioned against risks in chasing local ChatGPT-concept stocks and as Hanwang on Friday flagged earnings risks.
Shares of Hanwang and other Chinese developers of artificial intelligence (AI) products and services have surged as a global frenzy around the Microsoft-backed ChatGPT chatbot spurred speculative bets on revolutionary AI computing technology.
ChatGPT, a chatbot developed by U.S. firm OpenAI, gives strikingly human-like responses to user queries.
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