OpenAI deal boosts Etsy stock in dramatic market response
Etsy shares jumped nearly 16% after the company revealed a partnership with OpenAI to enable purchases directly through ChatGPT.
Under the new “Instant Checkout” feature, US ChatGPT users can purchase products directly from US Etsy sellers within the chatbot interface. OpenAI plans to bring more merchants, such as Shopify sellers, into the system soon.
The juxtaposition of AI and e-commerce signalled to markets a leap in monetisation potential for ChatGPT. Investors viewed the move as shifting ChatGPT from a content tool into a transactional platform. Shopify’s shares also saw gains.
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