Buzzfeed Stock Soars on News They’ll Replace Journos With AI-Generated Articles
(Bloomberg). — Companies linked to artificial intelligence services saw their highest trading volumes this month. This was despite a frenzy surrounding ChatGPT, which generates conversational interactions.
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BuzzFeed Inc. and C3.ai Inc. have seen huge jumps in trading volume. This has also led to dizzying swings of their share prices. BigBear.ai surged almost 65% Monday with trading volume that exceeded 2,100% over the last three months.
Microsoft Corp. stated last week that it was investing $10B in OpenAI, which is the maker ChatGPT. BuzzFeed also announced plans to make use of OpenAI to assist with content creation. Bloomberg News reported this weekend that Baidu Inc., an China-based search firm, plans to offer an artificial intelligence chatbot similar to ChatGPT.
These developments have made AI stocks extremely popular among investors. BuzzFeed shares rose more than 300% in the last week. Trading volume reached 438 million shares. The month’s volume is higher than its average monthly of less than 25,000,000 shares.
C3.ai, which has traded more than 72 millions shares this month, has had the most trades since June. SoundHound AI Inc., a voice AI software company, has seen 64.5 million shares change hands. This is almost three times its monthly average.
BuzzFeed dropped 29% Monday while SoundHound rose 14%, and C3.ai fell 8.3%.
(Updates to market closing, BigBear.ai trading.
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