Published: February 19, 2023 at 11:31 pm ET
By Bingyan Wang
Shares in the major Chinese telecom companies were higher in morning trade after it was announced that China Telecom Corp. developed an artificial intelligence chatbot, reflecting investors’ excitement about the technology popularized with OpenAI’s ChatGPT and spreading to China.
China Telecom shares rose daily…
By Bingyan Wang
Shares in the major Chinese telecom companies were higher in morning trade after it was announced that China Telecom Corp. developed an artificial intelligence chatbot, reflecting investors’ excitement about the technology popularized with OpenAI’s ChatGPT and spreading to China.
China Telecom shares rose by the daily limit of 10% in Shanghai, while Hong Kong-listed shares rose as much as 6.9% on Monday morning. Shares of two other state-owned telecoms groups — China Mobile and China Unicom — rose 5.5% and 6.9%, respectively, in Shanghai.
An online portal affiliated with state-owned Shanghai United Media Group reported last week that China Telecom’s research and development to create an AI base model has “made regular progress” and that the company is launching what it calls an “industrial version by ChatGPT”. for the telecommunications sector.
Analysts from CSC Financial Co. wrote in a research note on China Telecom after the news report, “We think the value of cloud computing, communication and information networks and digitization of telecom operators should be re-examined.” They highlighted rich data resources and said flexibility in coordinating computing resources can benefit training of AI models.
China Telecom’s Shanghai shares are now up more than 40% in 2023. As shares rose 8.3% on Thursday, the company told state media that Thursday’s rally was likely due to this year’s strong dividend, greater attention from institutional investors and the growth momentum of its broadly burgeoning business.
Investor excitement about the business potential of AI chat services has grown since the launch of ChatGPT. Chinese tech giants, including Baidu and Alibaba Group Holding, recently announced they are conducting internal testing of AI chatbots, sparking a buying frenzy for both companies’ shares.
Write to Bingyan Wang at [email protected]
