Shares of BuzzFeed Inc soared on news that the digital media company plans to use OpenAI to power some of its content creation.

The stock jumped 120% on Thursday, giving BuzzFeed a market value of nearly $300 million, its biggest gain since it went public via a blank-check merger in December 2021. The news sparked a trading frenzy, with more than 190 million shares changing hands.

According to a spokesperson, BuzzFeed will use OpenAI’s public application programming interface. The move to AI-assisted content comes as OpenAI’s viral chatbot faces a slew of detractors and believers.

ChatGPT, OpenAI’s AI tool, has ignited the internet since its launch last November, attracting more than 1 million users in a matter of days and sparking new debate about the role of AI in the workplace. Earlier this week, Microsoft said it would invest $10 billion in OpenAI.

BuzzFeed’s stock price action on Thursday was reminiscent of the cryptocurrency and blockchain boom five years ago when a company’s stock would soar when it announced a potential partnership or entry into a hot industry.

The Wall Street Journal, which earlier reported on BuzzFeed’s OpenAI plans, also said the media company is working with creators to produce content for Facebook parent Meta Platforms Inc as part of a $10 million deal.