BuzzFeed Inc. stock (BZFD) rallied more than 90% on Thursday, after the Wall Street Journal reported that the news site is planning to rely on ChatGPT creator OpenAI to enhance its quizzes and generate other personalized content for its audiences. The paper cited a memo to staff from publisher Jonah Peretti who said he is planning to use more AI in the company's editorial and business operations in 2023. In 15 years, he wrote, he expects AI and data to help "create, personalize, and animate the content itself," rather than just curate existing content, the paper reported. BuzzFeed went public in late 2021 by merging with a special purpose acquisition corporation, or SPAC. The company is being paid millions of dollar by Facebook parent Meta Platforms Inc. for content it's creating for Facebook and Instagram. The stock has fallen 44% in the last 12 months, while the S&P 500 has fallen 7%.
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