Month: February 2024

After years of speculation, Reddit has officially filed paperwork for an Initial Public Offering on the New York Stock Exchange. The company, which plans to use RDDT as its ticker symbol, will also allow some longtime users to participate by buying shares.

In a note shared in the company’s S-1 filing with the SEC, Reddit CEO Steve Huffman said that many longtime users already feel a “deep sense of ownership” over their communities on the platform. “We want this sense of ownership to be reflected in real ownership—for our users to be our owners,” he wrote. “With this in mind, we are excited to invite the users and moderators who have contributed to Reddit to buy shares in our IPO, alongside our investors.”

The company didn’t say how many users might be able to participate, but said that eligible users would be determined based on their karma scores while “moderator contributions will be measured by membership and moderator actions.”

The filing also offers up new details about the inner workings of Reddit’s business. The company had 500 million visitors during the month of December and has recently averaged just over 73 million “daily active unique” visitors. In 2023, the company brought in $804 million in revenue (Reddit has yet to turn a profit). The document also notes that the company is “exploring” deals with AI companies to license its content as it looks to expand its revenue in the future.

Earlier in the day, Reddit and Google announced that they had struck such a deal, reportedly valued at around $60 million a year. “We believe our growing platform data will be a key element in the training of leading large language models (“LLMs”) and serve as an additional monetization channel for Reddit,” the company writes.

This article originally appeared on Engadget at https://www.engadget.com/reddit-files-for-ipo-and-will-let-some-longtime-users-buy-shares-234127305.html?src=rss

Stability AI, the startup behind Stable Diffusion, the tool that uses generative AI to create images from text prompts, revealed Stable Diffusion 3, a next-generation model, on Thursday. Stability AI claimed that the new model, which isn’t widely available yet, improves image quality, works better with prompts containing multiple subjects, and can more accurate text as part of the generated image, something that previous Stable Diffusion models weren’t great at.

Stability AI CEO Emad Mosque posted some examples of this on X.

The announcement comes days after Stability AI’s largest rival, OpenAI, unveiled Sora, a brand new AI model capable of generating nearly-realistic, high-definition videos from simple text prompts. Sora, which isn’t available to the general public yet either, sparked concerns about its potential to create realistic-looking fake footage. OpenAI said it’s working with experts in misinformation and hateful content to test the tool before making it widely available.Stability AI said it’s doing the same. “[We] have taken and continue to take reasonable steps to prevent the misuse of Stable Diffusion 3 by bad actors,” the company wrote in a blog post on its website. “By continually collaborating with researchers, experts, and our community, we expect to innovate further with integrity as we approach the model’s public release.”

It’s not clear when Stable Diffusion 3 will be released to the public, but until then, anyone interested can join a waitlist.

This article originally appeared on Engadget at https://www.engadget.com/stable-diffusion-3-is-a-new-ai-image-generator-that-wont-mess-up-text-in-pictures-its-makers-claim-233751335.html?src=rss