BuzzFeed Inc. shares surged by a record on news that the digital-media company plans to use OpenAI to bolster some of its content creation.
Q4 2022 hedge fund letters, conferences and more
The stock rose by 120% Thursday, bringing BuzzFeed’s market value to nearly $300 million, in its biggest gain since going public via a blank-check merger in December 2021. The news sparked a trading frenzy with more than 190 million shares changing hands.
“AI inspired content” will become “part of our core business” this year, including enhancing the company’s famous quizzes, BuzzFeed Chief Executive Officer Jonah Peretti said in a memo to staff seen by Bloomberg News. He added that breakthroughs in artificial intelligence will be “opening up a new era of creativity.”
BuzzFeed will use OpenAI’s publicly available application programming interface, according to a spokesperson.
The move toward AI-assisted content comes as OpenAI’s viral chatbot faces a barrage of critics and believers alike.
ChatGPT, OpenAI’s artificial intelligence tool, has lit up the internet since its introduction in November, amassing more than a million users within days and touching off a fresh debate over the role of AI in the workplace. Earlier this week, Microsoft Corp. said it’s investing $10 billion in OpenAI.
Read the full article here by Alicia Diaz, Gerry Smith, Advisor Perspectives.
