Reddit: share price rises following partnership with OpenAI
May 17, 2024 at 10:39 am EDT
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Reddit shares climbed 15% on the New York Stock Exchange on Friday, the day after the company announced a partnership with OpenAI, the company behind the ChatGPT artificial intelligence (AI) system.
Under the terms of the agreement, OpenAI will be able to use content posted on Reddit forums to power ChatGPT and other OpenAI products, giving it real-time access to Reddit's data API.
The latter did not specify the financial terms of the agreement.
In parallel, Reddit plans to offer its users and moderators new AI functionalities based on OpenAI's platforms.
Finally, OpenAI intends to become an advertiser on Reddit's pages.
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Reddit, Inc. operates a social platform, Reddit. The Company operates mobile applications and a Website that allows users to form communities and create and share content. Reddit is focused on bringing community, belonging, and empowerment to everyone in the world. Reddit is a global, digital city where anyone in the world can join a community to learn from one another, engage in authentic conversations, explore passions, research new hobbies, exchange goods and services, create new communities and experiences, share a few laughs, and find belonging. Reddit has thousands of communities, endless conversation, and authentic human connections. Reddit offers real-time access to evolving and dynamic topics, such as sports, movies, news, fashion, and the latest trends.
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