A fresh press release from this morning is putting Jeffs’ Brands (NASDAQ:JFBR) in the spotlight. Reportedly, Jeffs’ Brands entered into a non-binding letter of intent (LOI) with SuperBuzz. Consequently, Jeffs’ Brands will be better positioned to utilize artificial intelligence (AI). This is what’s prompting today’s financial traders to bid up the JFBR stock price.
Jeffs’ Brands is an e-commerce company that operates on the Amazon (NASDAQ:AMZN) Marketplace. The company’s LOI means it is teaming up with SuperBuzz, which is described as an AI company that specializes in marketing technology.
Together, Jeffs’ Brands and SuperBuzz intend to create software for Amazon’s advertisement platform. This software will involve AI, including OpenAI’s ChatGPT. Furthermore, the software will be “designed specifically for Jeffs’ Brands’ stores and brands, as well as opening a new line of service for marketing campaigns.”
Anytime a press release mentions ChatGPT, there could be a rally in a company’s stock price. So, let’s see how today’s traders are responding to Jeffs’ Brands’ announcement.
What’s Happening with JFBR Stock?
JFBR stock surged 20% immediately after the opening bell rang on Wall Street, but then pulled back somewhat. Within the first hour of trading, shares were up around 7% for the day.
That’s still a pretty decent rally, and it reflects investors’ enthusiasm for anything and everything with a ChatGPT angle nowadays. Certainly, it will be interesting to see how the deployment of ChatGPT and other AI technology will enhance Jeffs’ Brands’ market efforts on Amazon’s platform.
In that regard, Jeffs’ Brands evidently has high hopes. The company expects the collaboration with SuperBuzz to “yield improved targeting, maximize campaigns, and increase exposure and sales.”
Whether the partnership actually yields those results remains to be seen. At the moment, however, JFBR stock is on the rise as AI enthusiasts confidently hit the “buy” button.
On the date of publication, David Moadel 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.