Reddit stated that the agreement enables OpenAI’s tools to “enhance their comprehension and presentation of Reddit content,” while the AI company supports the development of new features on the social platform.
Following a data-sharing agreement between Reddit and OpenAI, the creator of ChatGPT, Reddit’s stock surged by 11% during after-hours trading. In the deal announced on May 16th, Reddit agreed to grant OpenAI access to its data API, enabling real-time content retrieval from platform posts.
Reddit stated that this collaboration aims to integrate Reddit content into ChatGPT and develop new products.
OpenAI plans to offer Reddit users and moderators a range of innovative AI-driven tools designed to enhance user interaction.
On May 16, Reddit experienced a 5.45% decline, but following the announcement of its partnership with the AI firm, its stock surged 11.05% to $62.61 during after-hours trading, as reported by Google Finance.
In February, Reddit reportedly struck a comparable deal with Google valued at $60 million.
Reddit has been actively exploring avenues to enhance community engagement and generate revenue beyond traditional advertising. This effort coincides with a period where AI companies, including OpenAI, are encountering legal challenges related to their data acquisition methods for training models. Lawsuits have been filed, alleging unauthorized use of copyrighted material and private data.
On May 16, Sony, the world’s largest music publisher, initiated correspondence with over 700 firms, including tech giants like OpenAI, Microsoft, and Google, expressing concerns about potential unauthorized utilization of its music in model training.
Previously, Reddit had introduced a blockchain-based rewards program called Community Points, which was discontinued in October due to scalability issues.
As of February, Reddit disclosed holdings of Bitcoin (BTC) valued at $66,915 and Ether (ETH) valued at $3,103 in its cash reserves. Additionally, Reddit enables users to make purchases with Ether and Polygon’s (MATIC) for certain virtual items.
Read More: Elon Musk sues OpenAI and CEO Sam Altman for breaching contract
Disclaimer:
This content is AI-generated using IFTTT AI Content Creator. While we strive for accuracy, it’s a tool for rapid updates. We’re committed to filtering information, not reproducing or endorsing misinformation. – Jomotoday for more information visit privacy policy
Leave a Comment