ChatGPT drops in popularity for the first time. It might be a quick honeymoon as the average American gets introduced to the novel technology.
ZeroHedge notes that analytics firm Similarweb found the first ever decline in monthly traffic for the ChatGPT website in June.
Currently, AI stocks are robust. In the middle of 2020, Nvidia, responsible for the AI software, saw its stock at 100. Now, they’re above 400, indicating only soaring momentum.
But, in only one month, traffic for the website is down 10%. It’s not just an expected decline as the general public settles and gets more familiar with the technology. A 10% drop might signal that users are experimenting with OpenAI and then shrugging it off, clearly not finding it to be terribly helpful or fun.
And, Similarweb notes, viewer engagement was down 8.5% in a month. Again, the interest is there, but then it slowly fades after playing around with the software.
“The novelty has worn off for AI chat. Chatbots will have to prove their worth, rather than taking it for granted, from here on out,” Similarweb wrote.
A key researcher for macro markets, Jim Bianco, says AI stocks are currently in a bubble. Of course, we can all think back to the 2000 Dotcom bubble burst.
“It’s got a hostile federal reserve, elevated inflation, and it still has a lot of restructuring to go through. Anything to do with AI, those things are way out there,” he said.
Sounds like a classic case of massive growth with no long-term plan. Maybe ChatGPT can come up with a way out for investors?
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