Why Shutterstock Shares Are Surging Today

Shutterstock Inc SSTK shares are trading higher by over 9% after it disclosed expanding its partnership with OpenAI to boost its position as a high-quality training data provider. 

As per the six-year deal, SSTK gained priority access to the latest OpenAI technology and will continue to leverage DALL·E's groundbreaking generative text-to-image capabilities directly into its platform.

Also, OpenAI secured licensed access to additional Shutterstock training data, including image, video, and music libraries and associated metadata.

The companies will work towards bringing generative AI capabilities to mobile users via Shutterstock's newly acquired GIPHY platform.

Related: GIPHY To Divorce from Meta: Shutterstock To Buy The Company While Meta Secures Access Rights Content

"The renewal and significant expansion of our strategic partnership with OpenAI reinforces Shutterstock's commitment to driving AI tech innovation and positions us as the data and distribution partner of choice for industry leaders in generative AI," said Paul Hennessy, CEO.

Also Read: Shutterstock's Acquisition Of GIPHY Is A Strategic Move Into The Advertising Market: Analyst

Price Action: SSTK shares are up 10.39% at $53.99 on the last check Tuesday.