Shares of Getty Images Holdings jumped about 200% in premarket trading on Monday after the photography repository announced a licensing deal with OpenAI.
On Sunday, Getty said in a statement that images from its library will appear in the search and discovery features of ChatGPT, marking a key reversal for the firm. The companies did not share financial terms or disclose any details over whether Getty’s images would be used to train future OpenAI models.
The stock had fallen about 55% this year to close at 61 cents on Friday.
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The stock-photo company’s shares have plunged over fears that OpenAI and other artificial intelligence developers will poach its business. AI can produce realistic images, and the companies behind the tools have repeatedly clashed with photographers and creators whose work helped train their technology. Initially, Getty resisted the technology. It tried developing its own AI image generator and had sued Stability AI, a developer of another popular tool.
OpenAI has cut a number of licensing deals with news publishers and media firms as the ChatGPT creator expands into areas like video creation and advertising.
In May, Getty reported first-quarter sales that missed expectations. The company is still waiting for approval to buy rival Shutterstock in a $3.7 billion deal.
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