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OpenAI Partnership Boosts Reddit (RDDT) Stock by 11%

Openai Reddit (Rddt)

After hours, Reddit (RDDT) rose 11% after the social media company announced a data-sharing agreement with OpenAI, the creator of the artificial intelligence chatbot ChatGPT.

May 16 saw Reddit announce that it will provide OpenAI access to its Data API, which will supply real-time material from postings on the site and “bring Reddit content to ChatGPT and new products.”

As a trade, OpenAI will provide moderators and Reddit users with a slew of new artificial intelligence-powered services meant to increase user interaction.

Related: OpenAI Unveils ChatGPT’s Human-like Upgrade: GPT-4o Model

The AI startup was also announced by Reddit as its newest advertising partner.

Reddit dropped 5.45% on May 16, but Google Finance reports that following the collaboration announcement after the bell, it rose 11.05% to $62.61 in after-hours trade.

Similar to this deal, which reportedly cost $60 million, Reddit and Google inked it in February.

Long ago, Reddit set out to create revenue streams outside of selling advertising space and improve community involvement.

The agreement is made in the middle of increasing legal action against OpenAI and other AI companies for allegedly stealing private information and copyrighted property through their data-gathering techniques for model training.

According to various reports, on May 16, the biggest music publisher in the world, Sony, wrote letters to more than 700 companies, including AI developers OpenAI, Microsoft, and Google, stating that it had “reason to believe” they may have used its music “unauthorizedly” to train their models.

With scaling issues, the company closed down Community Points, a blockchain-based rewards program, last October.

READ:  OpenAI Unveils ChatGPT's Human-like Upgrade: GPT-4o Model

In February, Reddit said it had Bitcoin (BTC) and Ether (ETH) in its monetary reserves and even let users pay with Ether and Polygon (MATIC) for some virtual goods.

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