May 17 (Reuters) - Shares of Reddit (RDDT.N), opens new tab rose 13% on Friday, following a partnership with artificial intelligence firm OpenAI that is expected to boost advertising income for the social media platform.
The jump pushed the stock up at $63.64, within striking distance of the record closing price of $65.11 hit in late-March, putting the company on track to add $1.2 billion to its market capitalization.
The partnership, announced on Thursday, allows Reddit to leverage OpenAI's technology to build tools and features, and OpenAI's ChatGPT platform to integrate Reddit's content in a "real-time, structured" manner. OpenAI will also become an advertising partner for Reddit.[https://www.reuters.com/technology/reddit-stock-jumps-after-openai-partnership-2024-05-17/](https://www.reuters.com/technology/reddit-stock-jumps-after-openai-partnership-2024-05-17/)
May 17 (Reuters) - Shares of Reddit (RDDT.N), opens new tab rose 13% on Friday, following a partnership with artificial intelligence firm OpenAI that is expected to boost advertising income for the social media platform. The jump pushed the stock up at $63.64, within striking distance of the record closing price of $65.11 hit in late-March, putting the company on track to add $1.2 billion to its market capitalization. The partnership, announced on Thursday, allows Reddit to leverage OpenAI's technology to build tools and features, and OpenAI's ChatGPT platform to integrate Reddit's content in a "real-time, structured" manner. OpenAI will also become an advertising partner for Reddit.[https://www.reuters.com/technology/reddit-stock-jumps-after-openai-partnership-2024-05-17/](https://www.reuters.com/technology/reddit-stock-jumps-after-openai-partnership-2024-05-17/)