BuzzFeed Stock Surges 150% on Plans to Integrate OpenAI Technology
BuzzFeed shares skyrocket as the digital media company announces plans to use OpenAI's technology to personalize and generate content. CEO Jonah Peretti views artificial intelligence as the core driver of the industry's future over the next three years.
BuzzFeed stock soars an incredible 150 percent in afternoon trading after the company reveals plans to rely heavily on artificial intelligence for content creation. An internal memo obtained by Yahoo Finance shows that the digital media publisher partners with OpenAI, the creator of ChatGPT, to personalize and enhance its popular quizzes.
CEO Jonah Peretti tells employees that the creative process becomes increasingly AI-assisted and technology-enabled. He predicts a major industry shift over the next 15 years where AI and data help create, personalize, and animate content itself, while human creators still provide the essential ideas, cultural currency, and inspired prompts.
This strategic pivot toward AI attracts major financial backing, as Meta plans to pay BuzzFeed millions of dollars to bring more creators to its social platforms. The sudden stock jump offers a rare bright spot for the company, which loses approximately 75 percent of its value since going public via a SPAC combination in late 2021.