Buzzfeed (NASDAQ:BZFD) stock is rising on Friday on reports that the company will use AI to generate content.
According to an internal memo, Buzzfeed is planning to make use of OpenAI, the owner of ChatGPT, for content creation. This comes after a report that Meta (NASDAQ:META) is considering a deal with Buzzfeed to bring more content to its platforms, such as Facebook.
Here’s what a portion of the Buzzfeed internal memo says, as reported by Yahoo Finance:
“To fulfill the promise of our mission, we need to build a stronger business foundation by executing a forward-looking strategy. 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.”
BZFD Stock Needs the Boost
Reports of the Meta deal, as well as the AI content memo, bring a welcome rally to BZFD stock. The company’s shares gained 120% during Thursday trading and are starting out Friday up 38.8% in pre-market trading.
Investors have been dealing BZFD stock falling in price since it went public in late 2021. The company’s stock was trading at closer to $10 per share during its debut but currently goes for about $2.09. Year-to-date, BZFD shares are up 186.3%.
With today’s news comes heavy trading of BZFD stock too. There have been some 19 million shares traded as of this writing. For comparison, the company’s daily average trading volume is around 3.5 million shares.
Investors searching for all of the most recent stock market news will want to keep reading!
InvestorPlace offers up all of the latest stock market coverage traders need to know about on Friday! Among that is what has shares of GeneDx (NASDAQ:WGS), ContraFect (NASDAQ:CFRX), and Akanda (NASDAQ:AKAN) stock moving today. You can read up on all of that news with the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.