Why BuzzFeed (BZFD) Shares Are Trading Higher Today? - BuzzFeed (NASDAQ:BZFD)

BuzzFeed, Inc BZFD shares are trading higher for the second day after reports surfaced about its deal with Facebook parent Meta Platforms Inc META yesterday.
Subsequent reports disclosed BuzzFeed's plans to use OpenAI's artificial intelligence to enhance its content.
BuzzFeed clarified using OpenAI's publicly available API (application programming interface)," instead of ChatGPT.
As part of a deal reached last year worth $10 million, BuzzFeed agreed to help generate creator content for Meta's platforms and train creators to grow their presence online.
BuzzFeed tapped content that went viral on Facebook, and the social-media giant regularly came to the publisher to help tap into trends to win back more users who have fallen for the charms of ByteDance Ltd's TikTok.
BofA analyst reiterated their $2 price target and an Underperform rating on BuzzFeed as "META deal doesn't appear to be a new deal."
BZFD is more of a "show me" story at this stage in the company's life cycle, the analyst said.
BZFD stock gained 120% on Thursday.
Price Action: BZFD shares traded higher by 32.10% at $2.76 on the last check Friday.

What's Happening With BuzzFeed Stock Today