Software firm C3.ai (AI) rose 11%, analytics firm BigBear.ai (BBAI) jumped nearly 21% and conversation artificial intelligence company SoundHound (SOUN) surged 40%. The lower priced Powerbridge (PBTS) is the latest company showing up on the ChatGPT radar as the PBTS becomes latest company to tap ChatGPT Tech for Educational Services. Financial Information Platform Analyst Pitch curated additional information that shouldn’t be missed.
In recent years, the rise of AI technology has significantly impacted the stock market. AI tools, such as natural language processing (NLP) and sentiment analysis, can help investors and traders make more informed decisions by analyzing large amounts of data in real-time. ChatGPT, as an advanced NLP tool, can process and analyze text data to generate insights and predictions that can be used to make investment decisions.
There are several publicly traded companies that have seen their share prices rise due to the impact of AI, including ChatGPT. ChatGPT is an AI language model developed by OpenAI that can understand and generate human-like text. The technology has a wide range of applications, including language translation, chatbots, and virtual assistants.
One example of a company that has seen its share price rise due to the impact of ChatGPT is OpenAI itself. Since its inception, OpenAI has been at the forefront of AI research and development. The company’s mission is to create safe and beneficial AI that can improve people’s lives. With the development of ChatGPT, OpenAI has taken a significant step towards achieving this goal.
Another company that has benefited from the rise of AI and ChatGPT is Google parent company Alphabet Inc. Google has been at the forefront of AI research for years and has been developing its own language models similar to ChatGPT. The company’s search engine algorithm uses NLP technology to understand and analyze search queries and generate relevant results. This technology has allowed Google to provide users with more personalized search results and improve its ad targeting capabilities.
Shares of C3.ai Inc, BigBear.ai and SoundHound AI extended a rallies recently as AI chatbots becomes a new buzzword on Wall Street with the viral success of ChatGPT chatbot, attracting interest from retail traders.
Tickers for the three small-cap companies were among those that were being bandied about on the investor-focused social media platform, stocktwits.com. The lower priced Powerbridge (PBTS) is the latest company showing up on the ChatGPT radar. It serves over 4,000 nurseries and kindergartens with 40,000 educators supported by ten operational centers and 150 city partners
“Any company that mentions ChatGPT or something about AI, sees this rally … it’s just the hot buzzword of the month,” said Dennis Dick, a trader at Triple D Trading.
The success of OpenAI’s ChatGPT, which drew multi-billion dollar investment from Microsoft Corp (MSFT), has left investors scouring for companies that develop AI-related technologies.
ChatGPT is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to a UBS study last week.
Similarly, Amazon, with its Alexa virtual assistant, has also seen its share price rise due to the impact of AI technology. Alexa uses NLP and machine learning algorithms to understand and respond to user requests. The technology has enabled Amazon to dominate the smart speaker market and expand its reach into other areas, such as home automation and voice-controlled shopping.
Another way that ChatGPT is driving Wall Street is through the development of AI-powered trading algorithms. These algorithms can use ChatGPT’s NLP capabilities to analyze news articles, social media posts, and other unstructured data to identify potential market-moving events. This information can be used to execute trades automatically, allowing traders to react to market movements quickly.
ChatGPT is also driving Wall Street by enabling the development of chatbots and virtual assistants that can interact with investors and traders. These chatbots can provide real-time information on stock prices, market trends, and news articles, enabling traders to make informed decisions quickly. Chatbots can also provide customer service and support, freeing up human traders to focus on more complex tasks.
In conclusion, the rise of AI technology, and specifically the development of advanced language models such as ChatGPT, has significantly impacted the stock market. Publicly traded companies that have embraced AI technology have seen their share prices rise as investors and traders recognize the potential of these technologies to drive growth and profitability. As AI technology continues to evolve, we can expect to see further impacts on the stock market, with companies that invest in AI likely to see significant benefits.