The Influence of ChatGPT on Artificial Intelligence Related Crypto Assets: Evidence from a Synthetic Control Analysis

Aman Saggu and Lennart Ante

Papers from arXiv.org

Abstract: The introduction of OpenAI's large language model, ChatGPT, catalyzed investor attention towards artificial intelligence (AI) technologies, including AI-related crypto assets not directly related to ChatGPT. Utilizing the synthetic difference-in-difference methodology, we identify significant 'ChatGPT effects' with returns of AI-related crypto assets experiencing average returns ranging between 10.7% and 15.6% (35.5% to 41.3%) in the one-month (two-month) period after the ChatGPT launch. Furthermore, Google search volumes, a proxy for attention to AI, emerged as critical pricing indicators for AI-related crypto post-launch. We conclude that investors perceived AI-assets as possessing heightened potential or value after the launch, resulting in higher market valuations.

Date: 2023-05
New Economics Papers: this item is included in nep-ain, nep-big, nep-cmp, nep-mfd and nep-pay
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Citations: View citations in EconPapers (12)

Published in Finance Research Letters, 103993 (2023)

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Journal Article: The influence of ChatGPT on artificial intelligence related crypto assets: Evidence from a synthetic control analysis (2023)
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