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AI News: Why WiMi Hologram Cloud Stock Is Rising 5% Today

WiMi Hologram Cloud (NASDAQ:WIMI) stock is on the rise Monday following news that it’s creating a subsidiary focused on artificial intelligence (AI).

a robot built in the essence of a human raising its hand to its chin implying deep thought

Source: Phonlamai Photo / Shutterstock.com

According to the company’s news release, its new AI subsidiary is named VIYI Technology. The goal of this division is to “accelerate the development of AI algorithm and cloud computing services.”

The WiMi Hologram Cloud subsidiary will focus on low latency cloud computing and data service growth. This will have it working to support several data-centric industries, such as gaming, entertainment, and online advertising.

The WiMi Hologram Cloud news release notes that Yi Chengwei will be serving as the CEO of VIYI Technology. Chengwei previously served as the CTO of WIMI.

The VIYI Technology CEO said this about the AI news.

“Our long-term goal is to become the global leader in the central processing unit (CPU) AI algorithms. Having a company laser focused on one set of objectives will give us a considerable advantage as we work to capture a greater share of the rapidly growing AI and cloud computing markets, which will in turn, create added value for our customers, WiMi and our shareholders.”

In related news, WiMi Hologram Cloud also announced a change to its leadership today. Shuo Shi is the new CEO of the company and has joined its Board of Directors. This comes after the departure of former CEO and Board member Fanhua Meng for personal reasons on Friday.

WIMI stock was up 5.2% as of Monday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/10/ai-news-sends-wimi-hologram-cloud-stock-soaring/.

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