The New York Stock Exchange trading floor is preparing for the March 21, 2024 initial public offering of social media platform Reddit in New York City.
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Reddit Shares of the social media company surged 11% in after-hours trading Thursday after the social media company announced a partnership with OpenAI that would allow the maker of ChatGPT to train its artificial intelligence models based on Reddit content.
As part of the deal, OpenAI will gain access to the Reddit Data Application Programming Interface (API), which “provides real-time, structured and unique content from Reddit,” according to a press release.
In exchange, Reddit will begin providing certain artificial intelligence capabilities to users and moderators with the support of OpenAI, which will also become Reddit’s advertising partner. Google In February this year, the company announced a similar partnership with Reddit, allowing the company to train its AI models, such as Gemini, on Reddit content by accessing the platform’s API.
“Reddit has become one of the largest open archives on the web of real, relevant, and always up-to-date human conversation about anything and everything,” CEO Steve Huffman said in a press release Thursday. . “Inclusion in ChatGPT reflects our belief in a connected internet, helping people find more of what they’re looking for, and helping new audiences find community on Reddit.” “
OpenAI CEO Sam Altman is a former board member and major shareholder of Reddit, with his stake valued at about $750 million after the stock price rose on Thursday. OpenAI Chief Operating Officer Brad Lightcap led the transaction and received approval from the company’s board of directors, according to a press release.
Earlier this week, OpenAI launched a new artificial intelligence model and desktop version of ChatGPT, along with an updated user interface, the company’s latest effort to expand the use of its popular chatbot. Chief Technology Officer Mira Murati said during a live broadcast on Monday that the update will bring GPT-4 to everyone, including free users of OpenAI.
Murati said the new model, GPT-4o, is “much faster” and has improved text, video and audio capabilities. OpenAI says it eventually plans to allow users to use ChatGPT for video chat.
For Reddit, it follows Monday and Tuesday’s turmoil with so-called meme stocks, such as game station. Reddit went public in March and set a closing record just days after its initial public offering, and is now trading back near its highs of $65.11.
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