Technology

Snap rises following integration of Google's GenAI model into chatbot

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Shares of Snap (NYSE:SNAP), the parent company of Snapchat, rose 3.2% to $10.53 after the company announced an expanded partnership with Google Cloud (NASDAQ:GOOGL).

The collaboration will integrate Google's generative artificial intelligence (AI) model, Gemini, into Snapchat’s "My AI" chatbot.

This development aims to boost user engagement on the platform.

"Now with Gemini in My AI, Snapchatters can learn so much more about the world, do it really quickly in the moment, and easily share that with friends," said Snap CEO Evan Spiegel.

Snap initially launched the "My AI" chatbot last year using OpenAI’s GPT technology.

Despite the recent share increase, Snap’s stock remains down nearly 40% year-to-date as of the last close.

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