BuzzFeed Smashes Records for Trading Volume on OpenAI Frenzy
Companies tied to artificial intelligence services recorded some of their highest trading volumes on record this month, amid a frenzy of interest in the ChatGPT tool, which generates conversation-style interactions.
Last week, Microsoft Corp. said it was investing $10 billion in OpenAI, the maker of ChatGPT, and BuzzFeed Inc. announced plans to use OpenAI to help with content creation. Over the weekend, Bloomberg News reported that the China-based search company Baidu Inc. is planning to roll out an artificial intelligence chatbot service similar to ChatGPT.
The developments have made AI-related stocks hugely popular with investors. BuzzFeed shares soared more than 300% last week, and trading volume topped 438 million shares. Volume is above 470 million for the month, compared with its monthly average of less than 25 million shares.
Among other stocks, C3.ai Inc. has seen nearly 67 million shares trade hands this month, the most since June, while voice AI software company SoundHound AI Inc. has seen 60 million shares change hands, almost three times its monthly average.
On Monday, BuzzFeed fell 13%, while SoundHound dipped 0.6% and C3.ai declined 2.6%.
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