Tech stocks saw a jump after 11 companies received the necessary clearances to offer services to more than a billion potential users.

The Cyberspace Administration of China (CAC) has officially given its approval to multiple tech firms, allowing them to offer their artificial intelligence (AI) powered chatbots on a large scale, Reuters.

Chinese tech firms have spent billions on developing AI models after the resounding popularity of OpenAI’s ChatGPT last year. The US-based company is estimated to rake in a billion dollars in revenue over the next year, a recent report from The Information said.