Reddit Soars 48% in Debut as AI Pitch Gets Warm Reception.

Reddit Inc. experienced a 48% increase in its stock price during its initial public offering (IPO), as investors showed enthusiasm for the company's focus on profiting from the growth of artificial intelligence (AI). The San Francisco-based company raised $748 million in the offering, which was priced at the top of the marketed range. Reddit's IPO is the fourth largest on a US exchange in 2024, signaling a rebound in the market for first-time share sales. The company's success is expected to encourage other tech companies to move forward with their own IPO plans. [Extracted from the article]