Shares of Opendoor Technologies Inc (OPEN) surged 10.96% on Thursday, driven by the news that one of its major investors, Tiger Global Management, is planning to participate in the funding round of OpenAI, a leading artificial intelligence (AI) research company.
Tiger Global, a prominent technology investment firm, has been a significant backer of Opendoor, a real estate platform that leverages AI and data analytics to streamline the home-buying and selling process. The firm's decision to invest in OpenAI, a pioneer in generative AI and other cutting-edge technologies, is seen as a positive signal for Opendoor's prospects.
Analysts believe that Opendoor's association with Tiger Global and the potential synergies with OpenAI's AI capabilities could provide a competitive advantage in the real estate industry. Opendoor's use of AI-powered pricing models, virtual property tours, and data-driven decision-making could be further enhanced by leveraging OpenAI's advancements in natural language processing, computer vision, and other AI domains.
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