Buzzfeed rally after artificial intelligence announcement – E24

Buzzfeed rally after artificial intelligence announcement – E24

Media House jumped nearly 300 percent after announcing the use of artificial intelligence in content production. OpenAI, better known as ChatGPT, will be responsible for the technology.

Media company Buzzfeed is putting behind it a weak period in the stock market.
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Buzzfeed ended the week with a two-day rally after announcing Thursday that “artificial intelligence-inspired content will become part of the company’s core operations.” That’s what Buzzfeed CEO Jonah Peretti wrote in an internal letter, according to Bloomberg.

He is also said to have written that AI will “open a new era of creativity” that will help improve the company’s test production, and personalize content. The news sent Buzzfeed stock up 120 percent on Thursday, and the rally continued on Friday, up almost 80 percent, just before 9pm, Norwegian time.

Buzzfeed will implement this in collaboration with OpenAI, the company behind the ChatGPT chatbot. The AI ​​tool garnered a lot of attention after its launch in November, and has proven to be a hit answers in the exam.

The stock jump served shareholders well, who received a significant increase in the value of their shares.

– ChatGPT can not only help you pass the test. Media house owners Buzzfeed earned NOK 1.6 billion today when the share price soared 120 percent after the company announced it would use a bot to create more personality tests, writes Nordea chief investment officer Robert Ness. on Twitter Thursday evening.

earlier this week Microsoft said it would invest $10 billion, about NOK 98.8 billion, in OpenAI.

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Not a strategy to cut staff

Peretti further wrote in the internal letter that artificial intelligence should help employees become more efficient and creative, and that it is not a strategy to reduce headcount, according to the company. The Wall Street Journal.

Earlier today Thursday, it became clear that the media house would continue its partnership with Facebook owner Meta, creating nearly $10 million worth of content for Meta, according to Bloomberg.

Buzzfeed’s stock was penalized on the stock exchange last year, but it rose to a massive market capitalization of $535 million, but even with the strong rally, the stock is still down about 60 percent since it appeared on the stock market in December 2021.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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