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Reddit Inc. and OpenAI have formed a relationship that will allow Reddit to introduce more artificial intelligence elements to its forums and provide its material to ChatGPT and other companies.
Following the news, Reddit’s stock, which had its IPO in March, increased by as much as 15% in late trade.
The firms released a joint statement on Thursday stating that the deal “will enable OpenAI’s AI tools to better understand and showcase Reddit content, especially on recent topics.” Through the agreement, OpenAI will be able to train AI systems using partner data and show Reddit content.
Additionally, Reddit will provide its users with new AI-powered tools based on OpenAI models, which will display advertisements on its partner’s website. The deal’s financial details were kept a secret.
For many years, Reddit material has been a well-liked source of training data for AI models, notably OpenAI’s. Reddit published new guidelines for using its data last week in an attempt to boost income through licencing deals with businesses and inventors of artificial intelligence.
CEO Steve Huffman stated, “Our data is extremely valuable,” earlier this month at the Bloomberg Technology Summit. “There’s a lot of interest in it,”
Identifying fresh revenue streams was a component of Reddit’s proposal before to its first public offering. Additionally, the business inked a $60 million deal with Alphabet Inc.’s Google in January to assist in the training of big language models, which are the foundation of generative artificial intelligence.
Huffman previously declined to comment on the details of the Google agreement, but she did say that standard conditions might control things like whether a licensee must display Reddit branding in AI-generated results or how long a Reddit summary can appear in a Google search. The social network, situated in San Francisco, has inked licencing agreements totaling $203 million, with durations varying from two to three years, and has been in negotiations to finalise further arrangements.
To assist in training its AI systems and displaying more real-time material within its chatbot, OpenAI, on the other hand, is forming more and more collaborations with media firms. The creator of ChatGPT also signed agreements with the Financial Times in April and Dotdash Meredith earlier this month.
With Microsoft Corp.’s support, the firm has become a major player in the advancement of artificial intelligence. The CEO of OpenAI, Sam Altman, has a lengthy history on Reddit. He was among the company’s biggest backers when it went public earlier this year, and in 2014, he took on a brief stint as Reddit’s temporary CEO.
The firms said in the statement that its independent directors had given their approval and that Brad Lightcap, Chief Operating Officer of OpenAI, was leading the cooperation.
Following the collaboration announcement, Reddit’s shares, which had dropped 5.5% to $56.38 during normal New York trading on Thursday, surged as high as $64.75. Since its IPO, the stock has increased by 66%.
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