BuzzFeed will use ChatGPT bots instead of writers to write and the company stocks just jumped 150%

BuzzFeed, the popular internet media company has said that it will work with ChatGPT creator OpenAI to use artificial intelligence to help create content on its website.

The Wall Street Journal reported that BuzzFeed Inc announced in a memo sent to staff on Thursday (January 26) that the company will rely on ChatGPT creator OpenAI to enhance its quizzes and personalize some content for its audiences.

What BuzzFeed said: Company's CEO Jonah Peretti said that AI will play an increasingly large role in the company's operations. Specifically, it plans to use the technology to move beyond curation to help create personality quizzes that ask users questions and generate text write-ups based on their responses.

• He also said that AI will assist workers to enhance their content. "To be clear, we see the breakthroughs in AI opening up a new era of creativity that will allow humans to harness creativity in new ways with endless opportunities and applications for good," he said.

BuzzFeed stock rises 150%: After the news broke that BuzzFeed is planning on heavily leaning on AI-generated content, the company's shares saw as much as 150% jump in afternoon trade in the US to more than $2 a share.

• BuzzFeed stock has lost 75% since the company went public via a SPAC combination in late 2021.

What is ChatGPT? ChatGPT has taken the tech world by storm since it was made available to the public recently. It is already being tested by companies in a number of industries.

• ChatGPT is a large language model developed by OpenAI. It uses deep learning techniques to generate human-like text and is trained on a massive dataset of internet text. It can be used for a variety of natural language processing tasks such as text generation, conversation simulation, language translation and more.

ChatGPT CEO's old video on monetising the platform: An old video of ChatGPT CEO Sam Altman has surfaced on the internet where he was asked how he plans to monetise ChatGPT. His reply was: "The honest answer is, we have no idea."

Seems a very serious & real answer by @sama #ChatGPT pic.twitter.com/HujbNsL20m

— Vijay Shekhar Sharma (@vijayshekhar) January 26, 2023

"We never made any revenue. We have no current plans to make any revenue. We have no idea how we may one day generate revenue." The video has now gone viral on social media.

Job cuts at BuzzFeed: Last month, BuzzFeed had announced that it is cutting 12% of its workforce, citing worsening economic conditions. According to the data firm FactSet, BuzzFeed has 1,522 employees, which would mean roughly 180 of them would be laid off.

Advertisers, on which BuzzFeed relies, have broadly pulled back spending to address rising costs. Spending on advertising is typically among the most elastic items in a company's budget and is often the first place to see cuts, reported the Associated Press.