BuzzFeed taps the bots
Good morning.?I'm senior reporter Phil Rosen.?
Thursday's jobs data showed the labor market right now basically resembles the opposite of what it?should?look like ahead of a recession. It's as robust as ever, even as?fears of a downturn?have yet to abate. Not to mention the economy itself, which is still growing.?
This makes any type of economic forecasting more shaky, and strategists have been dishing?different takes?on a daily basis.
While tech companies like?Amazon?and?Google?have made headlines with headcount reductions, media outlets like?The Washington Post?and?CNN?have also been hit.?
BuzzFeed's part of that group too — but it's come up with a peculiar idea to ramp up business (and stock).?
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1. Similar to other companies, BuzzFeed laid off 12% of its workforce last month,?citing a worsening economic environment.?But unlike other companies, the online publisher said it's?turning to OpenAI's artificial intelligence?technology to provide a spark through uncertain times.?
Investors cheered the announcement that the ChatGPT creator would help the company write personalized listicles and quizzes, even as journalists the world over quivered at the thought of a bot?coming for their job.?
The stock also got a boost from news of the?media company's partnership with Meta, which will see BuzzFeed bring more content to Facebook and Instagram.?
According to the Wall Street Journal, that deal's worth about?$10 million.?
Shares of?BuzzFeed?— which went public via a SPAC deal in 2021 —?soared as much as 203%, trading at an intraday high of $2.88 yesterday.??
In an internal memo, per the Journal, chief executive Jonah Peretti voiced his support in?seeing AI play a bigger role?in the company's editorial and business operations. That could look like a robot-generated quiz, for example.
It's unclear how ChatGPT's parent,?OpenAI, ties into Meta's multi-million dollar deal with BuzzFeed, if at all, but the agreement is meant to?boost creator content for Facebook and Instagram.?
It's not a stretch to say BuzzFeed?at one point basically?was?the internet. It was the king of viral content and quirky listicles — and?Facebook of course had a hand?in getting eyeballs on BuzzFeed.?
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So let's put all this together:?
Maybe the Fed is watching all this from on high,?nodding approvingly at the tighter labor market that ChatGPT may one day help create. It remains to be seen if the pervasiveness of AI is the best thing since sliced bread, or if we'd all be better off dusting off our cover letters.
What do you make of the idea of AI-generated journalism? Let us know in the comments.
In other news:
2. These are the stocks positioned to benefit most from China's reopening economy, according to Goldman Sachs.?Analysts shared 50 US-listed names that will benefit greatly from the red-hot Chinese economy —?see the list.
3. Meet a 26-year-old college dropout who makes $73,000 a month in revenue selling products on Amazon FBA.?He lost money on the first two products he tried to sell, but then he figured out what works.?He broke down five tips to find the best products and sell them out.
4. This couple's retirement plan was derailed in 2008 so they moved abroad for a lower cost of living.?They knew "something drastic had to happen" when they moved to Ecuador after losing nearly everything.?Here's how they live comfortably on social security and spend $2,000 a month.
5.?Tesla shares climbed on Thursday as the company surged above a $500 billion market cap.?The rally follows an upbeat earnings report from the EV maker this week —?but its market value still remains far below its peak of $1.2 trillion.
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This newsletter was curated by Phil Rosen.
MFIN-Boston In Campus, CPA candidate, Business Owner.
1 年Buzz feed control
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
2 年Thank you for Posting.
Entrepreneur, Problem Solver, Minister of Business - Prayer warrior Passive income Multi Unit Specialist- Real Estate Investor - Political strategist - Father to 4 future queens - ???? Ask Seek Knock - Matt 7:7
2 年Being feed AI journalism is probably going to taste like lab grown meat the first few months. Wow this taste so different is that beans>??? and chick peas I taste ? Artificial growth fat with artificial sweeteners fed all day in day out seems like a healthy cost effective approach for a moments time but not all of us are diabetic or have a high cholesterol diet. I will miss you Phil Rosen and thanks for all the info you bring in the morning... (moment of silence?) Do you wonder who will give it the instructions in the long run? Will it be overseen and have an oversight committee and a fact check department?? for the begin months will it be let free to roam like a lion in the jungle within its own artificialness? Id say time will tell and organic information will be its victim. (Thoughts)