BuzzFeed Inc. stock is on track for weekly gains of 283% on news it will use ChatGPT and AI to enhance its content and has an almost $10 million deal with Meta.
BuzzFeed Inc.’s stock soared another 73% on Friday to put it on track for a weekly gain of 283%, as analysts weighed in on news relating to a partnership with Facebook and artificial-intelligence initiatives with some bullish comments.
The Wall Street Journal reported on Thursday that BuzzFeed BZFD is planning to leverage ChatGPT and AI to enhance its quizzes and add other personalized content, citing a memo from publisher Jonah Peretti. The Meta partnership could also serve as a template for other third-party platforms to direct business to BuzzFeed, said the note.
BuzzFeed’s quizzes “appear most ripe” for ChatGPT, although there are other potential uses for AI that could help improve engagement, said the Bank of America analysts. The bank is sticking with its underperform rating on the stock and $2 price target, which is below the stock’s current price of $3.63.
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