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Artificial intelligence
TechTech Trends

ChatGPT-connected companies like BuzzFeed see stock volume surges in enthusiasm over OpenAI

  • BuzzFeed, C3.ai, SoundHound AI and BigBear.ai have seen massive jumps in volume and dizzying swings in their share prices
  • Last week, Microsoft said it was investing US$10 billion in OpenAI and BuzzFeed announced plans to use its tech to help with content creation

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The impressive results of ChatGPT, a chatbot from OpenAI, has prompted BuzzFeed to use it to help with content creation and Microsoft to invest further in the company. Photo: Tribune News Service
Bloomberg
Companies tied to artificial intelligence (AI) services recorded some of their highest trading volumes on record this month, amid a frenzy of interest in the ChatGPT tool, which generates conversation-style interactions.

BuzzFeed, C3.ai, SoundHound AI and BigBear.ai Holdings are among the stocks that have all seen massive jumps in volume, along with dizzying swings in their share prices. BigBear.ai soared nearly 65 per cent on Monday, with trading volume that was more than 2,100 per cent of its daily volume over the past three months.

Last week, Microsoft Corp said it was investing US$10 billion in OpenAI, the maker of ChatGPT, and BuzzFeed announced plans to use OpenAI to help with content creation. Over the weekend, Bloomberg News reported that the China-based search company Baidu is planning to roll out an AI chatbot service similar to ChatGPT.

The developments have made AI-related stocks hugely popular with investors. BuzzFeed shares soared more than 300 per cent last week, and trading volume topped 438 million shares. Volume is above 485 million for the month, compared with its monthly average of less than 25 million shares.

Among other stocks, C3.ai has seen more than 72 million shares trade hands this month, the most since June, while voice AI software company SoundHound AI has seen about 64.5 million shares change hands, almost three times its monthly average.

On Monday, BuzzFeed fell 29 per cent, while SoundHound climbed 14 per cent and C3.ai declined 8.3 per cent.

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