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Beware of the ChatGPT Stock Pump

Stock market speculators cling to the latest fad. In the last few weeks, ChatGPT, or OpenAI, is the latest buzz. Microsoft’s (MSFT) implementation of OpenAI in Bing search is a game-changer. Alphabet (GOOG) (GOOGL) stock reacted negatively to Bing’s developments. However, companies that announced ChatGPT’s integration saw their stock rise.

This rally may prove short-lived. Investors should be wary of a potential stock pump that does not last., whose stock traded at around $10, rose to above $25 recently. On Jan. 31, 2023, c3 announced a new artificial intelligence-focused product suite. It integrates Open AI’s ChatGPT. It also integrates AI capabilities from Google and academia. Market’s honed in on the news. The company, which posted an 11-cent-a-share non-GAAP loss in its second quarter, needs to post better results.

For 2023, expects revenue of up to $270 million. It will lose between $85 million to $98 million from operations this fiscal year.

BuzzFeed (BZFD) traded as high as $4.00 before losing half its value by the end of last week. It will use OpenAI to boost more content. This approach may not increase user activity.

BuzzFeed cut 12% of its workforce. In Q4, it expects revenue of $129 million - $134 million.