This paper explores the impact of using artificial intelligence (AI) to connect marketers with social media influencers. We develop a theoretical model to examine how AI accuracy affects the competition between influencers and the profitability of a social media platform. Our findings show that improving AI accuracy may not always benefit the platform, especially for platforms with intermediate follower density. Two opposing effects of AI improvement affect the prices of influencer marketing campaigns: AI enhances the matching between influencers and marketers, but also intensifies competition between different types of influencers. The overall effect on prices can be negative for some influencers due to the asymmetric nature of such matching technology: the matching outcome for influencers with a narrower audience (“niche” influencers) is more sensitive to AI accuracy than that for those with a broader audience (“general” influencers). As a result, more niche influencers begin to participate in marketing campaigns when AI accuracy improves, which reduces the prices offered by sufficiently general influencers and may lead to a decline in platform revenue. Additionally, we found that adjusting commission rates in response to AI improvements could help mitigate the negative impact, although it may not eliminate it entirely. Our findings offer valuable insights for social media platforms seeking to remain competitive in the influencer marketing landscape.