BuzzFeed Stock up Over 300% in the Past 48 Hours After Announcing it Will Use AI to Create Content

BZFD stock rose by 120 percent after CEO Jonah Peretti told staff the company would begin using AI to enhance quizzes and personalize content but not to write news articles.

On January 25th 2023, BuzzFeed Inc’s stock was trading at $0.95 – Today on January 27th 2023, it’s trading at $3.87
The move increased the market capitalization of BuzzFeed Inc from under $200 Million to $540 Million
CEO, Jonah Peretti said in the groundbreaking announcement:
  “We’ll build the best platform for creators. We’ll lead the future of AI-powered content.”
He added:
“In the short term, we will fiercely focus on delivering strong value for our partners so that they continue to spend with us during the recession, and manage our costs and run our company like a lean, scrappy startup. In tough economic times, we need to fight for every penny of revenue, and try to save every penny of costs.”
The news comes less than 60 days after ChatGPT, the AI Tool that will be the ‘brains’ behind the new content creation strategy. ChatGPT made headlines after becoming the fastest ever product launch to attract 1 million users. It took them just 5 days.