- BuzzFeed, Inc BZFD shares are trading higher for the second day after reports surfaced about its deal with Facebook parent Meta Platforms Inc META yesterday.
- Subsequent reports disclosed BuzzFeed's plans to use OpenAI's artificial intelligence to enhance its content.
- BuzzFeed clarified using OpenAI's publicly available API (application programming interface)," instead of ChatGPT.
- As part of a deal reached last year worth $10 million, BuzzFeed agreed to help generate creator content for Meta's platforms and train creators to grow their presence online.
- BuzzFeed tapped content that went viral on Facebook, and the social-media giant regularly came to the publisher to help tap into trends to win back more users who have fallen for the charms of ByteDance Ltd's TikTok.
- BofA analyst reiterated their $2 price target and an Underperform rating on BuzzFeed as "META deal doesn't appear to be a new deal."
- BZFD is more of a "show me" story at this stage in the company's life cycle, the analyst said.
- BZFD stock gained 120% on Thursday.
- Price Action: BZFD shares traded higher by 32.10% at $2.76 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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