BuzzFeed stock continues to soar on news of Meta partnership, ChatGPT content generation
Yahoo Finance anchors Dave Briggs, Seana Smith and Jared Blikre discuss BuzzFeed's skyrocketing stock amid news the company will be using A.I. to help with creating some content.
JARED BLIKRE: My triple play is BuzzFeed. The stock was rescued from Penny Stock Hill Thursday to rally 130% and another 100% today at the highs. The organization known for memes, that's hanging its head on AI with the likes of Chat GPT. And hold there a second. I'm going get you up a chart of BuzzFeed on the Wi-Fi interactive. Here is the stock today. But here is a max chart. And you can see from that $10 SPAC level, it's been down ever since, except for very, very recently. So we'll have to see if this latest gambit pays off.
Now, the Chat GPT going to be writing polls and quizzes for viewers. We learned that from an email by publisher Jonah Peretti to staff. That was yesterday. Separately today, Journal reporting that BuzzFeed is partnering with Meta to Corral content creators. Now does this deal make sense? Going to be difficult to say. But I got my money on Jonah here. I think it's a kind of-- I think it's a perfect fit for him. I'm not in favor of AI writing in-depth feature length articles here. But for BuzzFeed, where else are they going to go?
DAVE BRIGGS: I don't think it's going to be writing in-depth articles. Jonah has said that newsroom journalism will still be done by human beings. I think this is a win-win without a doubt, Jared. I'm just curious, can you really even get close to justifying that kind of a stock surge? This is really a tweak to what BuzzFeed does. It's not a massive overhaul. It's not massive spending cuts. It's trading, to me, almost like, and you mentioned earlier, a meme stock. That type of rise doesn't make sense, given a subtle tweak to AI.
JARED BLIKRE: Fair enough.
DAVE BRIGGS: I thought maybe you'd disagree with me.
JARED BLIKRE: Well, no, it was a penny stock. And now it got some meme love.
DAVE BRIGGS: Now it's a penny and a half.
JARED BLIKRE: Exactly.
DAVE BRIGGS: I suppose that's a fair point.