Digital media company BuzzFeed has announced that it will use ChatGPT to write articles and news quizzes for which the company is known—giving its stock a significant bounce.
Key Details
- BuzzFeed shared Thursday that it will use artificial intelligence (AI) platform ChatGPT to create personalized content for its readers.
- The AI will be used to write BuzzFeed quizzes and generate different responses for users rather than choosing from a handful of predetermined content.
- CEO Jonah Peretti said in the memo that he plans for the AI to become an important part of the company’s operations in the coming year, The Wall Street Journal reports.
- Peretti plans for the AI to enhance and assist in writing while BuzzFeed’s current writers come up with prompts and ideas.
- Following the announcement, BuzzFeed’s stock shot up—at one point rising 203%. The stock settled at a 120% increase.
- Even with the price jump, BuzzFeed’s stock is still down 80% since going public in 2021.
Why it’s news
BuzzFeed is the latest company to announce that it will take advantage of the new AI tool, ChatGPT. The AI bot is powered by OpenAI and went viral shortly after being released at the end of last year.
Digital technology publisher CNET was using ChatGPT to write explanations of financial-service topics until recently. The publisher paused using the AI after writing 77 stories and finding multiple factual errors.
Microsoft plans to incorporate the technology into all its products, causing waves at Google as the company scrambles to catch up to AI technology. The healthcare community has also started looking into ways that the AI could assist patients.
BuzzFeed’s announcement comes amid company struggles. Last year, the digital-media company reduced its news staff in an attempt to make the company profitable. Currently, the company receives millions of dollars from Meta Platforms to produce creator content that plays on Facebook and Instagram, The Wall Street Journal reports.
