Investors are trying to figure out the impact of AI chatbots such as ChatGPT on companies and industries, and some stocks are swinging to extremes in both directions as a result, The Wall Street Journal reported. Some technology stocks have spiked, while those of companies adversely affected by ChatGPT have plunged.

With billions of dollars being invested in the technology by tech companies and startups, the enthusiasm is being reflected in the market’s gyrations. For example, chip maker Nvidia’s shares rose, while those of study-materials company Chegg decreased. Big tech companies are performing well due to the potential of AI, the Journal reported.

Generative AI chatbots are popular: ChatGPT reached 100 million users in two months, the fastest app on record, analysts at Goldman Sachs said in a research note, according to the Journal.

Companies are taking notice. “We view AI as huge, and we’ll continue weaving it in our products on a very thoughtful basis,” Apple Chief Executive Tim Cook said last week on a conference call with analysts. Major health systems are experimenting with AI to determine its productivity benefits, and entrepreneurs and venture-capital investors hope generative AI has the potential for businesses such as media production, customer service and grocery delivery. Investors wonder if the technology can disrupt entire industries, as online streaming killed home video rental and mobile phone cameras did to film cameras and photo processing.

Artificial intelligence is “almost certainly overhyped in its initial implementation,” Michael Green, chief strategist at Simplify Asset Management, told the Journal. “But the longer-term ramifications are probably greater than we can imagine.”

Microsoft has added nearly $500 billion in market value since it announced a $10 billion investment in startup OpenAI, developer of ChatGPT, in January. Nvidia shares have risen by 96 percent so far this year, while Chegg’s fell by 48 percent last week after reporting that ChatGPT was harming its ability to attract new customers.

“You just don’t know all the knock-on effects,” Will Graves, chief investment officer at Boardman Bay Capital Management, told the Journal. “If this really is an iPhone moment, nobody saw that Uber was coming out of the iPhone to hammer the taxi industry.”