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Reddit stock closes up nearly 48% on its first day of trading
Shares of social forum giant Reddit opened today at nearly $47 per share, then quickly soared to around $55, up about 60% in heavy volume from its IPO
And Reddit is a treasure trove of exactly the kind of training data that always-hungry, large language model AI companies need, which bodes well for this to become a serious growth part of its future business. It’s worth noting that the FTC has opened an inquiry into Reddit’s plan to license its user data to train AI models. But with Astera Lab’s impressive performance yesterday and Reddit’s strong showing today, maybe there will be more life in the IPO market this year than many thought.
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