Reddit Experienced A Surge In Shares Value After Data-Sharing Deal With OpenAI
Reddit, a social media company, has recently seen its stock price surge by about 13.78%. This was due to the deal that Reddit made with OpenAI, the company that built the ChatGPT, a remarkable artificial intelligence (AI) chatbot. The deal with OpenAI, was a data sharing deal.
Reddit made its collaboration with OpenAI public on the 16th of May 2024. Reddit has given OpenAI permission to its data Application Programming Interface (API), due to this deal. As a result, from posts on Reddit, real-time content can be provided.
Due to this deal, Reddit content will be provided to ChatGPT. Lightcap Brad, the Chief Operations Officer at OpenAI, mentioned that this new deal will provide several features that are Artificial Intelligence (AI) powered to Reddit customers.
In addition, Reddit has made ChatGPT its advertising partner. After Reddit made this deal with OpenAI public, it initially experienced a drop of about 5.45%. However, it later saw a surge of 13.78% in its stock value.
There was a time Reddit gained so much hype but it quite looks to went down I don't really know what happened but it is really quite interesting to see their value bouncing back
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