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Mattel and OpenAI Announce Strategic Collaboration

1. Mattel partners with OpenAI to create AI-powered products for children. 2. First product launch is anticipated for later this year. 3. Collaboration aims to enhance product development through advanced AI technologies. 4. Focus includes safety, privacy, and enriching play experiences for families. 5. Mattel seeks to solidify leadership in innovation through this collaboration.

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Why Bullish?

The partnership is likely to enhance product appeal and attract broader consumer interest, leading to potential sales growth. Historical examples include Disney's tech ventures enhancing brand value significantly.

How important is it?

This collaboration directly aligns with Mattel's core business growth strategy, enhancing their product offerings and relevance in the market.

Why Long Term?

The effects of this collaboration could lead to sustainable growth as AI becomes integral to consumer products, similar to how companies utilizing tech innovations saw growth in the past.

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-Mattel’s first product powered by OpenAI’s technology is expected to be announced later this year EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (NASDAQ: MAT), a leading global toy and family entertainment company and owner of one of the most iconic brand portfolios in the world, and OpenAI today announced a strategic collaboration to support AI-powered products and experiences based on Mattel’s brands. The agreement unites Mattel’s and OpenAI’s respective expertise to design, develop, and launch groundbreaking experiences for fans worldwide. By using OpenAI’s technology, Mattel will bring the magic of AI to age-appropriate play experiences with an emphasis on innovation, privacy, and safety. With more than 80 years of earned trust from parents and families, Mattel is a leader in adopting new technologies to enhance fan engagement in a safe, thoughtful, and responsible way. As a central part of this collaboration, Mattel and OpenAI will emphasize safety, privacy, and security in the products and experiences that come to market. In addition, Mattel will incorporate OpenAI’s advanced AI tools like ChatGPT Enterprise into its business operations to enhance product development and creative ideation, drive innovation, and deepen engagement with its audience. With OpenAI, Mattel will have advanced AI capabilities that can power the development and operations of consumer products and experiences. Brad Lightcap, Chief Operating Officer at OpenAI, said: "We're pleased to work with Mattel as it moves to introduce thoughtful AI-powered experiences and products into its iconic brands, while also providing its employees the benefits of ChatGPT. With OpenAI, Mattel has access to an advanced set of AI capabilities alongside new tools to enable productivity, creativity, and company-wide transformation at scale." Josh Silverman, Chief Franchise Officer at Mattel, said: “Each of our products and experiences is designed to inspire fans, entertain audiences, and enrich lives through play. AI has the power to expand on that mission and broaden the reach of our brands in new and exciting ways. Our work with OpenAI will enable us to leverage new technologies to solidify our leadership in innovation and reimagine new forms of play.” Mattel and OpenAI will continue collaborating to simultaneously develop a series of products and experiences. Their first product is expected to be announced later this year. About Mattel Mattel is a leading global toy and family entertainment company and owner of one of the most iconic brand portfolios in the world. We engage consumers and fans through our franchise brands, including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, Thomas & Friends™, UNO®, Masters of the Universe®, Matchbox®, Monster High®, MEGA® and Polly Pocket®, as well as other popular properties that we own or license in partnership with global entertainment companies. Our offerings include toys, content, consumer products, and digital and live experiences. Our products are sold in collaboration with the world’s leading retail and e-commerce companies. Since its founding in 1945, Mattel is proud to be a trusted partner in empowering generations to explore the wonder of childhood and reach their full potential. Visit us at mattel.com. More News From Mattel, Inc.

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