NEW YORK, Jan. 27 (Reuters Breakingviews) – That’s exactly what blockchain did last year. The latest craze to excite investors is artificial intelligence. BuzzFeed (BZFD.O) is a great example. Digital his publisher after The Wall Street Journal reported that the company run by Jonah Peretti is the creator of his ChatGPT chatbot and plans to use OpenAI to power quizzes and listicles. His shares more than doubled on Thursday. It’s a welcome boost to his $300 million company, whose stock has plummeted since merging with Blank Check Company in 2021. But if past trends are any indication, vertigo can be short-lived.
Blockchain once had a similar potency to drive shareholders crazy. In 2017, shares in beverage company Long Island Iced Tea nearly quadrupled in value after being rebranded as Long Blockchain. The excitement wore off and the company was eventually delisted after he was four years old.
In the internet craze of the late 1990s, companies enjoyed a stock price boost by adding “dotcom” to their name. However, the nickname soon became albatross. BuzzFeed should not be tempted to remove Buzz for Chat. (by Jennifer Saba)
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