Up 35% After Its IPO, Is Reddit the Next Red-Hot Artificial Intelligence Stock?
Reddit (NYSE: RDDT) launched its initial public offering (IPO) on March 21, and the stock has soared out of the gate. The company listed its stock at $34 per share, but it wound up closing out its first day of trading at $50.44 -- good for a gain of roughly 48%.
Shares pulled back somewhat in their second day of trading, but the social networking stock is still up roughly 35% from its listing price.
Many tech companies are touting their efforts to score big wins with artificial intelligence (AI) right now, and Reddit is no different. In particular, the company has outlined the opportunity to license data generated on its platform to other businesses for use in large language models (LLMs), the AI technology that underpins groundbreaking software, including OpenAI's ChatGPT, Microsoft's Copilot, and 's Gemini.
Source Fool.com
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