Reddit Stock Climbs On OpenAI Deal

RTTNews | 468 days ago

(RTTNews) - Shares of Reddit Inc. were gaining around 14 percent in the pre-market activity on the New York Stock Exchange after the social media company announced a deal with artificial intelligence or AI startup OpenAI, the developer of highly popular generative AI chatbot ChatGPT.

The deal will bring Reddit's content to ChatGPT and its products. OpenAI will also become a Reddit advertising partner.

OpenAI noted that its co-founder and CEO Sam Altman is a shareholder in Reddit. The latest partnership was led by OpenAI's COO Brad Lightcap and approved by its independent Board of Directors.

According to the terms of the deal, OpenAI will gain access to Reddit's Data application programming interface or API, which provides real-time, structured, and unique content from Reddit.

The partnership is expected to benefit both the Reddit and OpenAI user communities in various ways.

OpenAI will bring enhanced Reddit content to ChatGPT and new products, helping users discover and engage with Reddit communities. Access to Reddit's Data API will enable OpenAI's AI tools to better understand and showcase Reddit content, especially on recent topics.

Further, the deal will enable Reddit to bring new AI-powered features to redditors and mods. The company plans to build on OpenAI's platform of AI models to bring its powerful vision to life.

Steve Huffman, Reddit Co-Founder and CEO, said, "Reddit has become one of the internet's largest open archives of authentic, relevant, and always up to date human conversations about anything and everything. Including it in ChatGPT upholds our belief in a connected internet, helps people find more or what they're looking for, and helps new audiences find community on Reddit."

Bloomberg recently reported that tech giant Apple Inc. is in the final stages of reaching an agreement with OpenAI to incorporate ChatGPT features into iOS 18.

Reddit shares were gaining around 13.8 percent to trade at $64.17 in pre-market on the New York Stock Exchange.

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