Buzzfeed skyrocketed as much as 150 percent on Thursday after it was reported that the website would be using OpenAI’s ChatGPT tool to help create content.
According to The Wall Street Journal, which reviewed a memo sent to staff on Thursday, the digital publisher intends to use the AI-powered tool to “create, personalize, and animate the content itself.”
This would be primarily used for quizzes.
If the publication succeeds, even more newsrooms will inevitably adopt the technology. In a way, this makes sense, especially for business reporters since they have more time to cover other news rather than doing a summary of a corporate earnings call.
Anyway, Buzzfeed shares had surged as much as 150 percent in intraday trading to around $2.50.
To celebrate the news, here is a ChatGPT Buzzfeed-style article about the company’s stock as of late:
“You Won’t Believe What Happened to Buzzfeed Stock: A Rollercoaster Ride of Emotions”
Once upon a time, Buzzfeed was the darling of the media world, known for its viral lists and quizzes that kept audiences coming back for more. But as the company went public in 2018, investors were in for a wild ride.
At first, things looked promising. Buzzfeed stock soared on its first day of trading, with shares jumping by as much as 44%. But soon after, the honeymoon period was over. The stock struggled to maintain its initial gains, and by 2019, shares had dipped below their IPO price.
Many attributed the struggles to a shift in the media landscape, as social media companies like Facebook and Google continued to dominate the digital advertising space. Others pointed to the company’s heavy investment in video content and international expansion as factors that weighed on its financials.
But just when it seemed like all hope was lost, Buzzfeed made a comeback. The company streamlined its operations and focus on its core competency in digital content, which led to a surge in its stock price in 2020.
As the pandemic hit, Buzzfeed’s online traffic soared as people spent more time at home scrolling through their feeds. The company’s stock followed suit, with shares climbing by more than 200% in just a few months.
But the rollercoaster ride wasn’t over yet. As the market cooled down and the pandemic began to ease, Buzzfeed’s stock price started to drop again. And while the company’s future is uncertain, one thing is for sure: it’s been one wild ride for investors.
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