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The AI Phenomenon Shaking Crypto Markets

From Wall Street to Crypto Street, the ChatGPT effect is redefining investor sentiment while igniting an AI revolution, explains cryptoeconomics professor Aman Saggu, in a guest post for Blockhead.

Image: Aman Saggu/Midjourney

ChatGPT's grand entrance to the world on November 30, 2022, catalyzed a revolution in artificial intelligence (AI), amassing over 100 million users a couple of months after launch, becoming the fastest-growing user base in history. A new research paper, "The Influence of ChatGPT on Artificial Intelligence-Related Crypto Assets," demonstrates the profound impact of ChatGPT on the AI crypto landscape.

Tech Titans to Investors: "This is the Way"

The ChatGPT launch quickly attracted the attention of tech titans like Google and Baidu, which scrambled to assert their AI dominance. In a show of force, Google unleashed its own AI model, Bard, while liberally sprinkling over 140 mentions of AI in its keynote address for 2023, leaving no doubt about the tech sector's renewed valuation of this cutting-edge technology.

As a result, financial markets witnessed a surge in the valuations of companies utilizing AI technologies. The integration of ChatGPT into c3.ai's toolkit propelled its share price to new heights with a remarkable 28% increase. Surprisingly, even companies unrelated to ChatGPT, like BigBear.ai and SoundHound AI, experienced soaring stock prices buoyed by the AI frenzy sweeping the market.

The ChatGPT Effect

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