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Finance and Economics Vision

Volume 6 nos.1 April 2024 ISSN 2755-3272

Empirical Analysis of the Impacts of ChatGPT on Fine Arts, Information Technology, and Semiconductor Stock Markets

  • This empirical research was conducted to illustrate the relationship between the release of ChatGPT, an artificial intelligence language model, and the stock markets in fine arts, information technology, and semiconductor sectors. Near the end of 2022, ChatGPT was released to the public who for the first time experienced human-like conversations with a computer model. The linear regression model was used to calculate stock returns and set up the null hypothesis. In this way, it allows the research to focus and analyze the degree of impact that ChatGPT had on various industries by checking the curves of cumulative abnormal return. First analyzing the Fine Arts sector, then the Information Technology industry, and last the semiconductor industry, the findings indicated an increasingly strong and positive effect of ChatGPT on the stocks of representative firms within each sector. Meanwhile, results from companies in the information and technology fields are also contributed by the release of another following event, the release of GPT-4. The findings explain possible reasons for both moderate and positive market reactions through current events as well as social factors. 

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  • This empirical research was conducted to illustrate the relationship between the release of ChatGPT, an artificial intelligence language model, and the stock markets in fine arts, information technology, and semiconductor sectors. Near the end of 2022, ChatGPT was released to the public who for the first time experienced human-like conversations with a computer model. The linear regression model was used to calculate stock returns and set up the null hypothesis. In this way, it allows the research to focus and analyze the degree of impact that ChatGPT had on various industries by checking the curves of cumulative abnormal return. First analyzing the Fine Arts sector, then the Information Technology industry, and last the semiconductor industry, the findings indicated an increasingly strong and positive effect of ChatGPT on the stocks of representative firms within each sector. Meanwhile, results from companies in the information and technology fields are also contributed by the release of another following event, the release of GPT-4. The findings explain possible reasons for both moderate and positive market reactions through current events as well as social factors.