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BuzzFeed trading volume smashes record following plans to use OpenAI

BuzzFeed trading volume smashes record following plans to use OpenAI
BuzzFeed plans to make its tech, product, and select content teams experts on the latest technologies and the best AI models.


The trading volume of BuzzFeed soared following the announcement of its plans to use OpenAI to churn out content on its platform. According to a Bloomberg report, the American internet company’s stocks jumped more than 300% last week with trading volume topping 438 million shares.


The media agency added that BuzzFeed’s monthly trading volume rose above 470 million. This is a massive jump from its monthly average of less than 25 million shares.


On Thursday, several media reports noted that the company’s founder and chief executive officer Jonah Peretti said in a staff memo that the company will work with ChatGPT’s parent OpenAI to use AI to churn out content for its audience. Peretti added that the company will make “AI inspired content” a part of its “core business, enhancing the quiz experience, informing our brainstorming, and personalizing our content for our audience.”


OpenAI’s ChatGPT has been in the limelight since its launch in November last year. Short for Chat Generative Pre-trained Transformer, ChatGPT is a popular AI text generator and has been a center of attention for many due to its human-like response.


The tech startup is backed by the American multinational tech giant Microsoft, which announced a “multibillion dollar investment” last week in OpenAI. While the actual amount and terms of the deal are still unclear, some reports suggest that Microsoft will invest $10 billion in OpenAI.


Meanwhile, the Chinese multinational tech giant Baidu is reportedly planning to launch an artificial intelligence-based bot, similar to ChatGPT. According to a Reuters report, the company is expected to launch the chatbot as soon as March.

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