<p>This study investigates the impact of investor attention on stock market reactions to ChatGPT, a cutting-edge information technology. Using dialogues on the Chinese investor interactive platforms (IIPs), we find that investor attention, measured by the number of ChatGPT-related questions, leads to significant positive market reactions. Firms’ answers amplify investor attention, leading to higher positive market reactions surrounding answer dates. We categorize firms as Investing, Speculative, or Absent based on their answers. Investing firms experience the highest positive abnormal returns, followed by Speculative firms and Absent firms, indicating that different types of responses trigger varying degrees of investor attention. Consistent with speculative bubble patterns, these market reactions to ChatGPT reverse within 11 months, highlighting the challenges of converting ChatGPT-related initiatives into sustainable profitability. Overall, the findings point to the possibility that early stock price surges in the Chinese stock market may reflect a capital mania driven by investor attention, rather than rational expectations of long-term value creation from ChatGPT.</p>