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.
The stock rose by as much as 203% on Thursday, bringing BuzzFeed’s market value to around $400 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 150 million shares exchanging 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.”
