On January 25th 2023, BuzzFeed Inc’s stock was trading at $0.95 – Today on January 27th 2023, it’s trading at $3.87 – Over 300% up in 48 hours!
Earlier today it was trading at more than $4 per share.
The move increased the market capitalization of BuzzFeed Inc from under $200 Million to $540 Million.
CEO, Jonah Peretti said in the groundbreaking announcement:
“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.
Why is BuzzFeed Stock Up so Much?
BuzzFeed stock is souring on the news that it will use AI generated content, mainly from OpenAI’s ChatGPT generative text tool. The move to AI will help the company save a considerable amount of money when it comes to content creation.
The move will save considerable sums of money, previously spent on paying contributors to the site, undoubtedly increasing the net profit realised.
BuzzFeed Using AI to Replace Human Workforce
A popular opinion circulating the internet in 2023 is that ChatGPT is so powerful, it has the ability to significantly disrupt the global workforce.
BuzzFeed are making moves to prove this opinion true. Artificial Intelligence provides a much cheaper solution to writing articles, creating images and SEO services.
We’re already starting to see workers take action and prepare to fight against the risk of AI replacing them in the workplace. Microsoft recently laid off 10,000 workers just days before announcing a Multi-Billion-Dollar investment in OpenAI.
OpenAI Founder, Sam Altman has predicted that AI will replace enough jobs that Universal Basci Income will be a neccessity.
AI is here to stay, and whether you like it or not is a very real threat to millions of jobs all around the world. It can’t replace them all, but it can try.