Microsoft-backed OpenAI has partnered with Reddit, resulting in a significant increase in the social media platform’s usage on Thursday night. This collaboration allows OpenAI to access Reddit’s Data API and learn from its content in real-time. As a result, Reddit will enhance its platform with AI-powered features, and both companies will become advertising partners.
Reddit stock surged by 11% after hours to reach approximately 62.61 following the announcement of the partnership. The shares are currently working on an IPO base with a 74.90 buy point, although investors may consider using Tuesday’s high of 64.50 as an early entry point. Throughout the week, RDDT stock saw a 5.3% increase, with significant fluctuations influenced by meme stocks such as GameStop (GME) in various subreddits.
On the other hand, Microsoft also experienced a slight increase late on Thursday despite declining by 0.5% to 420.99. MSFT stock has a flat-base buy point of 430.82, and investors looking for an early entry point may consider moving above Thursday’s high of 425.42.
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