What happened
Shares of Upwork (NASDAQ: UPWK), the online freelancer hiring marketplace, were gaining today after the company announced a new AI services hub to help businesses find the AI talent and solutions they need.
As of 2:16 p.m. ET, the stock was up 9.3%.
So what
Calling the launch "a major expansion of AI offerings and resources," Upwork said the new hub would make it the preeminent destination for businesses to find AI talent, and for job seekers to find AI opportunities and use generative AI tools.
The company is partnering with OpenAI and Jasper, a generative AI content generation platform, on its new AI Services hub to offer features such as a job post generator, which can help employers craft job post drafts in just seconds, a chatbot to help businesses navigate the platform and use it more effectively, and proposal tips for job seekers to help them land employment, among other resources.
Upwork also noted that it had seen significant adoption of generative AI on its platform with more than 450% growth in weekly job posts related to generative AI over the past year.
Now what
AI stocks have surged this year as investors clamor for a piece of what they believe could be the next breakthrough technology. Stocks like Nvidia and C3.ai have tripled this year, and Upwork is grabbing a piece of the AI magic dust with today's announcement.
The news is also significant because it will help Upwork differentiate itself from competitors like Fiverr. Upwork has struggled as a stock in its publicly traded history, but staying on top of current hiring trends and capitalizing on the AI boom is a smart move for the freelancer marketplace.
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Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fiverr International and Nvidia. The Motley Fool recommends C3.ai and Upwork. The Motley Fool has a disclosure policy.
