NewsletterReddit Stock Price Rallies 14% Amid OpenAI Partnership, AI Growth To Sustain Price Rally?
Highlights
- RDDT experienced a phenomenal price rally, surging 14%.
- The price rally comes falling in line with with Reddit & OpenAI's partnership.
- Reddit (RDDT) currently sits near $64, with investor optimistic about the stock's future.
In an unprecedented development that garnered global attention, Reddit’s stock price has surged to unthinkable levels, primarily attributable to its recent partnership with OpenAI. Rallying nearly 14% as of writing, per pre-market data, the recently birthed Reddit stock has emerged as the talk of the trading town.
This surge, coinciding with the global expansion of AI, has sparked a wave of optimism as investors anticipate a rise in the adoption of AI and related services to potentially fuel further upward momentum in Reddit’s stock price. Here’s a detailed analysis of Reddit’s stock’s groundbreaking achievement.
Reddit’s Partnership With OpenAI Fuels Optimism For RDDT
Reddit (RDDT) Class A Common Stock was launched on March 21 this year, following Reddit’s IPO going live. Now, with the attention-grabbing partnership with OpenAI coming into play, the stock has echoed a frenzy across the trading landscape.
Notably, the partnership between the two entities is set to revolutionize the AI sector. In this regard, OpenAI will train its artificial intelligence model using Reddit’s colossal database.
Further, OpenAI will integrate Reddit content into its AI tools in real-time. This mover is expected to cement OpenAI’s foothold across the AI industry.
Meanwhile, Reddit will use OpenAI’s technology to provide AI-powered features for its users and moderators.
Also Read: Why Avalanche (AVAX) Price Might Surge To $40 Soon?
RDDT’s Price Movements & Scope for Future
At the time of writing, Reddit (RDDT) pre-market data showcased that the stock witnessed gains of 14.05% today, resting at $64.3. Moreover, the stock’s pre-market highs and lows are $64.8 and $63.11, respectively.
Intriguingly, Reddit’s partnership with OpenAI stages as a groundbreaking development, coming in tandem with the rapid growth of AI. As the tech (AI) continues to dominate technologies across the globe, companies see immense potential within this sector.
Reddit’s partnership potentially eyes this and is forging ahead to scale its AI-related operations further. The abovementioned announcement is what primarily fueled RDDT’s stock price rally.
Also Read: Sam Altman Reflects On ‘Weird’ Feelings, Days Without Food After OpenAI Exit
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