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An Event Study on the Market Impacts of the Release of Major AI Models
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Zitationen
4
Autoren
2025
Jahr
Abstract
This work evaluates the impact of the release of important artificial intelligence (AI) models on the stock market. The event study approach and the market model are applied to investigate the abnormal stock returns of Microsoft and Google after the release of models (namely, ChatGPT, GPT-4 and Gemini 2.0) related to either of the companies. The results indicate that ChatGPTs influence on both corporations was not significant, while GPT-4 generated prominent positive returns in both. Moreover, the release of Gemini 2.0 resulted in positive abnormal returns for Google and had a minor impact on Microsoft. By analyzing the results, several possible reasons are proposed that may underlie these patterns. The findings of this work contribute to a more thorough understanding of the role of AI in the stock market and major companies.
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