From www.sciencedirect.com: The paper examines the impact of the ban on ChatGPT in Italy on financial analysts’ information processing capabilities within capital markets.

Following the ban, domestic analysts experienced a significant decrease in AI usage, resulting in fewer earnings forecasts, reduced forecast accuracy, increased reliance on industry-specific information, and widening bid–ask spreads.

The findings indicate that the ban diminished the informational efficiency of the market, especially for analysts with technical backgrounds, but this situation reversed once access to ChatGPT was restored.