AI Rollout, Plus New Partnerships For Snap: What's Going On?

Snap Inc (NYSE SNAP) shares are trading higher Wednesday amid the company's 2023 Partner Summit event in which it touted new partnerships and unveiled new AI features for Snapchat.

What Happened: Snap highlighted new partners and its latest innovations at an event on Wednesday.

The company said Verizon Communications Inc VZ will add Snapchat+ to +play starting next month. The new partnership will allow Verizon customers to gain early access to experimental features and also opens the door to exclusive offers. 

"By adding Snap+ to +play, we're demonstrating an even wider breadth of partners available to Verizon customers while also giving them a service unlike any others previously available," said Erin McPherson, chief content officer of Verizon Consumer Group.

Snap also partnered with Coca-Cola Co KO to "reinvent the everyday experience of using a vending machine." The company's new prototype features a touch-free interface. 

Check This Out: Vending Machine Side Hustle Turns Into $360K Business: Now This 28-Year-Old Entrepreneur Works Just 6 Hours A Week

The company also said it surpassed 3 million paying subscribers for it's Snapchat+ service and unveiled a new AI-driven feature for the social media app called "My AI."

"Write a song for your bestie who loves cheese, find the best IYKYK restaurant, or Snap it a photo of your garden to find the perfect recipe. Now free for all Snapchatters," Snap said via tweet. 

SNAP Price Action: Snap has a 52-week high of $34.23 and a 52-week low of $7.33. 

The stock was up 0.95% at $11.15 Wednesday afternoon, per Benzinga Pro.

Photo: www_slon_pics from Pixabay.