📈 Reddit shares jump by 48% thanks to AI

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Welcome to AI Tool Report!

Friday’s top story: In its public market debut, Reddit shares went for $50.31, a 48% increase from its original IPO price ($34 per share), thanks to investor confidence in its AI data contracts with big tech companies.

All week, we’ve been combining the Work In AI job board with our Job Coach GPT. Today we’re launching part 3, designed to help you smash your interview and land that dream job.

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🌤️ This Morning on AI Tool Report

1. 📈 Reddit shares jump by 48% thanks to AI

2. 💰 Microsoft pays $650M for Inflection AI’s staff

3. 📃 The UN agrees on the first AI resolution

4. 🎼 Tennessee the first to protect music from AI

Read Time: 5 minutes

FINANCE

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SHARE PRICES

📈 Reddit shares jump by 48% thanks to AI

Our Report: Reddit’s debut on the New York Stock Exchange (NYSE) saw its shares going for $50.31—up nearly 48% from its original IPO price—thanks to its trove of data that AI companies are desperate to get their hands on.

🔑 Key Points:

• Reddit’s stock opened at $47 per share and—during its first day of trading—it reached an all-time high of $57.80 per share, marking a 70% increase, at its peak.

• Reddit had indicated a target range of $31 to $34 per share in the run-up to its public market debut, settling on pricing its shares at $34 each, hitting its target valuation of $6.5B.

• Of the 22M shares it's selling, 6.7M will be sold by stockholders—with Reddit receiving nothing—and the rest sold by Reddit, meaning it stands to raise $519M.

🤨 Why you should care: Earlier this year, Reddit sold $203M worth of contracts to AI companies, for its data, which signifies to investors that this is a serious revenue growth stream, instilling confidence and potentially driving share prices up.

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3. WhatWide uses AI to generate high-quality content

4. Buildlean supports entrepreneurial growth with AI

5. Gees is an all-in-one AI design tool

DEALS

💰 Microsoft pays $650M for Inflection AI’s staff 

• Days after hiring its co-founders and 70 of its staff, Microsoft will pay Inflection AI $620M to license its software and $30M to waive any lawsuits, after the mass hiring.

• Inflection AI’s models will be integrated into Microsoft’s Azure cloud service and its employees will join a new consumer AI unit, led by co-founder Mustafa Suleyman.

• Although this deal will make Inflection AI investors a moderate return on investment, it’s likely to spark antitrust concerns, much like Microsoft's $80B deal with OpenAI did.

💼 Combining the Job Board and Job Coach GPT - Part 3

✅ Sharpen your interview skills with the Work In AI GPT

1. Explore job listings on workinai.com to find a role that excites you.

2. For interview prep, switch to the Work In AI GPT and select the Interactive Practice Interview.

3. Provide the job description and upload your CV/Resume for customized practice questions.

4. Choose Mock-Mode for a full interview run-through or Practice-Mode for step-by-step guidance with feedback.

This preparation strategy boosts your ability to impress during the interview, increasing your likelihood of success.

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Use the Prompt Engineer GPT by AI Tool report to 10x your prompts.

GLOBAL LEGISLATION

📃 The UN agrees on the first AI resolution

• The UN has adopted the first global resolution to promote the safe development of AI which encourages the protection of data, monitoring of AI, and the safeguarding of human rights.

• Following three months of negotiations, the resolution—sponsored by the United States—was adopted by unanimous consensus by all 193 UN member nations.

• This is the latest, in a series of initiatives by global governments, to control the advancement of AI, amid fears it could be used to disrupt democratic processes.

MUSIC

🎼 Tennessee the first to protect music from AI 

• Tennessee Governor—Bill Lee—has signed legislation (the ELVIS Act) designed to protect all music industry professionals against the potential misuse of AI.

• The bill—which will go into effect in July—is the first legislation of its kind in the US, designed to ensure that AI tools can’t replicate an artist’s voice without their consent.

• The ELVIS Act builds upon existing state rules that protect against the unauthorized use of someone’s voice, safeguarding citizens from unethical uses of AI.

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