Why Shutterstock Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
Shutterstock Inc (NYSE:SSTK) shares surged over 9% following the announcement of an expanded partnership with OpenAI. The six-year deal gives Shutterstock priority access to OpenAI's latest technology and allows it to integrate DALL·E's text-to-image capabilities into its platform. OpenAI also secured licensed access to additional Shutterstock training data. The companies aim to bring generative AI capabilities to mobile users via Shutterstock's newly acquired GIPHY platform.
July 11, 2023 | 2:36 pm
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POSITIVE IMPACT
Shutterstock's expanded partnership with OpenAI and the integration of AI capabilities into its platform could potentially boost its market position and drive further growth.
The expanded partnership with OpenAI and the integration of AI capabilities into Shutterstock's platform could potentially enhance its product offerings and attract more customers, thereby driving its revenue growth and positively impacting its stock price.
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