Market

Comcast sells nearly 6 million shares of its Buzzfeed stake amid sharp rally

Comcast Corp. has sold part of its stake in Buzzfeed Inc., which has seen its shares surge in recent days amid enthusiasm for the publisher’s artificial-intelligence efforts.

Comcast
CMCSA,
+1.58%

disclosed Wednesday in a filing with the Securities and Exchange Commission that it sold 5,726,385 shares of Buzzfeed
BZFD,
-5.22%

in the open market between Jan. 30 and Feb. 1. The media giant noted in the filing that it owned 19.97% of Buzzfeed shares.

Buzzfeed disclosed in its last 10-Q filing that there were about 126 million shares outstanding of the company’s Class A stock.

Shares of Buzzfeed closed at 95 cents Jan. 25, the day before the Wall Street Journal reported on the company’s plans to use ChatGPT creator OpenAI to augment its quizzes and aid in personalization efforts. By the close of trading on Jan. 27, they had shot up nearly 300% to $3.87. They closed Wednesday at $2.18, giving Buzzfeed a market cap above $300 million.

Comcast expects to sell additional shares depending on market conditions, the company said in the filing, though there are no guarantees that it will indeed sell.

The company’s NBCUniversal unit made a $200 million equity investment in Buzzfeed in 2015.

ChatGPT, a chatbot that uses artificial intelligence, has taken the tech world by storm since making its public debut toward the end of 2022. Microsoft Corp.
MSFT,
+1.99%

recently announced a “multibillion-dollar” investment in the company, and an analyst commented Wednesday that the service seemed to be growing users faster than TikTok did after it first went global.

Read: ChatGPT to charge $20 a month for premium subscriptions, as chatbot grows faster than TikTok

The chatbot has impressed users with its ability to handle creative prompts, though it has also been known to make factual errors and display bias.

ChatGPT has helped kick off an AI frenzy on Wall Street. Shares of C3.ai Inc.
AI,
+9.22%
,
an enterprise AI company, have rallied nearly 50% since Jan. 25.

Read next: Opinion: Microsoft’s big move in AI does not mean it will challenge Google in search


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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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