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Reddit Soars After Announcing OpenAI Deal on AI Training Models

The trading floor of the New York Stock Exchange prepares for the IPO of social media platform Reddit in New York on March 21, 2024.

Spencer Platt | Getty Images

Shares of Reddit jumped 11% in extended trading Thursday after the social media company announced a partnership with OpenAI that will allow the maker of ChatGPT to train its artificial intelligence models on Reddit content.

As part of the deal, OpenAI will have access to Reddit’s Data application programming interface, or API, “which provides real-time, structured, and unique content from Reddit,” according to a release.

In exchange, Reddit will begin offering some AI features to users and moderators, powered by OpenAI, which will also become an advertising partner of Reddit. Google announced a similar partnership with Reddit in February, allowing the company to train its AI models, such as Gemini, on Reddit content through access to the platform’s API.

“Reddit has become one of the Internet’s largest open archives of authentic, relevant, always-up-to-date human conversations about anything and everything,” CEO Steve Huffman said in Thursday’s release. “Including it in ChatGPT affirms our belief in a connected Internet, helps people find more or what they’re looking for, and helps new audiences find community on Reddit.”

OpenAI CEO Sam Altman is a former Reddit board member and major shareholder, with a stake valued at around $750 million after Thursday’s pop. OpenAI Chief Operating Officer Brad Lightcap led the deal, which was approved by the company’s board of directors, the release said.

Earlier this week, OpenAI launched a new AI model and desktop version of ChatGPT, along with an updated user interface, the company’s latest effort to expand the use of its popular chatbot. The update brings GPT-4 to everyone, including free OpenAI users, Chief Technology Officer Mira Murati said during a livestreamed event on Monday.

Murati said the new model, GPT-4o, is “much faster,” with improved text, video and audio capabilities. OpenAI said it plans to eventually allow users to video chat with ChatGPT.

For Reddit, the deal provides another spark after a Monday and Tuesday rally tied to a broader rise in so-called meme stocks such as GameStop. Reddit, which went public in March and hit a record closing level days after its IPO, is trading near its high of $65.11 again.

WATCH: OpenAI co-founder and chief scientist leaves the company

News Source : www.cnbc.com
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