WiMi Hologram Cloud (NASDAQ:WIMI) stock is soaring higher on Friday following an update about how 5G can help the hologram market.
According to a WiMi Hologram Cloud press release, the company expects the commercial use of holographic technology to see massive gains once 5G starts to spread to more areas. The company says this is due to the wireless network’s faster speeds that can support holograms.
WiMi Hologram Cloud was actually able to provide a solid example of this during the World Artificial Intelligence Conference. Due to the novel coronavirus, the convention included human holographic projection. That included appearances from Alibaba (NYSE:BABA) founder Jack Ma and Tesla (NASDAQ:TSLA) co-founder and CEO Elon Musk.
Keeping all this in mind, the company says that hologram tech is set for massive growth in the coming years. The company predicts that the market will see exponential growth over the next few years and reach $500 billion in 2025.
The following is an excerpt from the company’s press release on commercial hologram growth.
“After 5G landing, the first scene application will accelerate the DEVELOPMENT of VR/AR, and the growth rate of The Chinese market will be higher than that of the world. Therefore, with 5G blessing, the communication and transmission shortboards of VR/AR and other immersive game scenes will be made up, and it is expected that the commercial use of VR/AR of immersive games will be accelerated.”
WIMI stock was up 202.8% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.