  The introduction of OpenAI's large language model, ChatGPT, catalyzed
investor attention towards artificial intelligence (AI) technologies, including
AI-related crypto assets not directly related to ChatGPT. Utilizing the
synthetic difference-in-difference methodology, we identify significant
'ChatGPT effects' with returns of AI-related crypto assets experiencing average
returns ranging between 10.7% and 15.6% (35.5% to 41.3%) in the one-month
(two-month) period after the ChatGPT launch. Furthermore, Google search
volumes, a proxy for attention to AI, emerged as critical pricing indicators
for AI-related crypto post-launch. We conclude that investors perceived
AI-assets as possessing heightened potential or value after the launch,
resulting in higher market valuations.
