(Yicai Global) Feb. 9 -- The recent surge in the share price of Cloudwalk Group and Beijing Haitian Ruisheng Science came to an abrupt end today after the two Chinese artificial intelligence companies both said that their business is not connected with US AI lab OpenAI’s chatbot ChatGPT after being asked by the Shanghai bourse to explain the big stock gains.

Cloudwalk’s share price [SHA:688327] sank 14.2 percent to CNY30 (USD4), but later recovered to close down 9.3 percent at CNY31.70. The stock had more than doubled in the last eight trading days.

While Haitian Ruisheng’s stock [SHA:688787] tumbled 2.6 percent to end the day at CNY184.52 (USD27.20). Earlier in the day it plunged 12.9 percent to CNY165.01. The stock had nearly tripled in value since the Chinese New Year holiday ended on Jan. 27.

Cloudwalk is not working with San Francisco-based OpenAI and gets no income from ChatGPT, the Shanghai-based company said on Feb. 7 in response to the bourse's query. China's stock exchanges are permitted to ask companies to explain any abnormal fluctuations in their stock price.

Haitian Ruisheng doesn't directly develop AI algorithms and applications and rather focuses on providing the professional datasets required for algorithm model development and giving training to AI tech firms, the Beijing-based firm said yesterday. Haitian Ruisheng has no cooperation with OpenAI and earns no revenue from the firm’s ChatGPT.

ChatGPT has become a hot topic in investor circles in the past two weeks. Search engine giant Baidu’s share price [HKG:9898] surged over 15 percent on Feb. 7 to the highest level since December 2021 when it said it will launch is own ChatGPT-like chatbot ERNIE in March. Today, it closed down 3.6 percent at HKD151.60 (USD19.31).

Alphabet’s Google, though, introduced its AI chatbot Bard on Feb. 6, but the chatbot didn’t get off to a great start, giving the wrong answer to a question during its first demo. The firm’s share price [NASDAQ:GOOGL] plunged 7.4 percent that day in the biggest single-day decrease since last October.

Editor: Kim Taylor