Why Reddit Stock Soared Today
Shares of social media company Reddit (NYSE: RDDT) soared on Friday after the company announced a partnership with 's OpenAI. As of 11 a.m. ET today, Reddit stock was up 14%.
Most investors know OpenAI for its artificial-intelligence (AI) chatbot ChatGPT and for its strong ties to Microsoft. On May 16, OpenAI announced a partnership with Reddit, a company that just went public with an initial public offering (IPO) in March.
Many people think of chatbots as a new form of internet search -- rather than use a search engine to go to a website, chatbots summarize online information into a succinct answer. ChatGPT will integrate information from Reddit's user-generated content.
Source Fool.com
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