(Finance) – Great day for Redditwhich is recording an increase of 12.88%, thanks to the partnership with OpenAI to bring its contents to ChatGpt.
In detail, the agreement allows OpenAI to access Reddit content and the social media to use additional artificial intelligence tools. Financial terms of the deal have not yet been disclosed.
Comparing the performance of the stock with theS&P-500on a weekly basis, we notice that Reddit maintains positive relative strength in comparison with the index, demonstrating a greater appreciation by investors compared to the index itself (weekly performance +27.01%, compared to +1.59% of theUS basketball index).
The medium-term technical implications are always read in a bullish light, while in the short term we are witnessing a weakening of the bullish push due to the evident difficulty in proceeding above USD 66.32. The most immediate support level controlling the current phase seen in the 60.79 area is still valid. The most consistent expectations favor an extension of the corrective movement towards 57.94, which will occur in a reasonably short time.