BuzzFeed stock price exploded after the announcement of the BuzzFeed ChatGPT news. The success of BuzzFeed is only the latest case of a firm that has benefited from being associated with ChatGPT. BuzzFeed, an online media company, intends to utilize artificial intelligence provided by OpenAI (the creators of ChatGPT) to facilitate its content creation processes.
Companies offering AI-related services have witnessed some of their highest trade volumes ever this month, and this trend is expected to continue with BuzzFeed.
BuzzFeed ChatGPT deal: Buzzfeed stock skyrocketed after the OpenAI deal
OpenAI’s text synthesis technology, inspired by the widely used application ChatGPT, will soon be used by BuzzFeed to create original quizzes and maybe other content. BuzzFeed’s stock price jumped by an astounding 200% after the announcement. BuzzFeed announced the decision in a blog post on Friday. It turns out that BuzzFeed has joined forces with Meta as well. This will be a very satisfying situation for those who already own shares of Buzzfeed.
BuzzFeed plans to integrate AI into its editorial process to better serve its users. BuzzFeed CEO Jonah Peretti recently announced that the firm would be leveraging OpenAI, the creators of the ChatGPT platform, to customize content like the quizzes and listicles that have made BuzzFeed so successful.
“In 2023, you’ll see AI inspired content move from an R&D stage to part of our core business, enhancing the quiz experience, informing our brainstorming, and personalizing our content for our audience.”
-BuzzFeed CEO Jonah Peretti
This couldn’t come at a better time, as OpenAI’s ChatGPT language model has been getting much attention recently, prompting Microsoft to raise its commitment and Google to respond with its own adjustments. Google has been on high alert for the AI threat for some time, with a ” Google code red” warning.
ChatGPT’s underlying model, GPT-3, can generate coherent text in various styles based on its statistical “knowledge” of millions of books and articles, with results that, depending on the topic, read remarkably similarly to human writing. GPT-3 aims to determine which words in a user-supplied sequence are most likely to come next (a “prompt”). We may confidently assert that AI prompt engineering is the key to boundless universes. The conversational nature of text-to-text AI techniques is especially notable. As a result, we should be mindful of the language we employ in prompts in the same way we are when conversing with someone. Let’s give one a shot at imagining what the next ChatGPT BuzzFeed quiz will be like.
What answer did you get? Think ChatGPT was successful in developing a high-quality BuzzFeed quiz? Perhaps we could improve the quality of the prompt; after all, we can always learn more about how to use ChatGPT effectively.
Turning back to BuzzFeed, we can confirm that the company will not be using ChatGPT but rather creating its own implementation based on OpenAI’s GPT-3 engine. So, did this choice lead to December’s layoffs?
BuzzFeed layoffs: Is AI officially taking our jobs for the first time?
Around 180 jobs, or 12% of the company’s total, were cut at BuzzFeed in December. Despite the fact that the ChatGPT news that broke a month later made us worry that AI might replace us in the workplace, the CEO’s comments validate our worst fears.
“In tough economic times, we need to fight for every penny of revenue, and try to save every penny of costs.
But the truth is that working hard for our partners and operating cost efficiently, while essential, will only get us so far. To fulfill the promise of our mission, we need to build a stronger business foundation by executing a forward-looking strategy. We must look ahead and shift our business towards longer term trends in order to seize the opportunities that will come in the eventual recovery.
Over the next three years, the future of digital media will be defined by two major trends: creators, and AI.”
-BuzzFeed CEO Jonah Peretti
Despite the buzz around the BuzzFeed ChatGPT deal, a company official assured the press that the company is still dedicated to human-generated journalism for now.
The huge tech expansion takes a hit with a layoff frenzy for a while. Check out what causes the big tech layoffs.
Even with all the talk about how AI would replace jobs, the promise of cheaper content creation thanks to automated processes powered by AI may be too enticing to pass up. We don’t know if artificial intelligence will replace human journalists or if it will just make them more efficient in their current roles (in the tradition of inventions like the typewriter). With the rapid advancement of generative AI, who can predict what will occur?
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