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BuzzFeed stock rises 150% as company plans to use AI

Buzzfeed to corporate closely with OpenAI!

BuzzFeed (BZFD) is planning to heavily lean on AI-generated content and embrace the niche product ahead of the competitors

Tweet on Buzzfeed and OpenAI cooperation news 

OpenAI and Buzzfeed to join forces for content creation 

News that sent shares of the company exploding higher, rising as much as 150% in afternoon trade.

According to an internal memo as reported by The Wall Street Journal, the company plans to utilize ChatGPT creator OpenAI to generate and personalize some of its content and enhance its quizzes.

“To fulfill the promise of our mission, we need to build a stronger business foundation by executing a forward-looking strategy,” BuzzFeed CEO Jonah Peretti wrote to employees.

“We must look ahead and shift our business towards longer-term trends in order to seize the opportunities that will come in the eventual recovery,” Peretti continued, citing “creators” like celebrities, athletes, and influencers, along with artificial intelligence, as the future of digital media over the next three years.

In response to that effort, the Journal reported this week Facebook parent company Meta (META) plans to pay BuzzFeed millions of dollars to bring more creators to the social media giant’s platforms.

  • BuzzFeed stock has lost ~75% since the company went public via a SPAC combination in late 2021.

ChatGPT, the AI-based language processing bot, has caused a frenzy of conversations over the past several weeks with entertainer will.i.am describing the technological innovation as “a great co-pilot for creatives” in a conversation with Yahoo Finance at Davos.