Luokung Technology (NASDAQ:LKCO) stock is revving up on Thursday after revealing a deal with Microsoft (NASDAQ:MSFT) that has investors excited. LKCO is a Chinese spatial-temporal intelligent big data services company that offers location-based services and high-definition maps.
What Happened With LKCO Stock?
Luokung Technology announced that it’s working with Microsoft to create autonomous driving services for automakers. This covers the “collection, storage, analysis, management and simulation testing of autonomous driving data.”
What It Means
The two companies are working together in preparation for the mass adoption of self-driving vehicles in China. This means that both of them will be ready to commercialize their services to automakers selling autonomous vehicles in the country.
Xuesong Song, chairman and CEO of Luokung Technology, said this about the deal.
“As the demand for flexible computing continues to expand, China’s autonomous driving data service market shows significant room for growth. We believe EMG’s core competencies in LBS and HD Maps are an ideal fit with Microsoft’s considerable advantages in areas of cutting-edge technology such as cloud computing, artificial intelligence, elastic computing, and mixed reality. “
What’s Next for LKCO Stock?
A deal with Microsoft is nothing to take lightly. It shows that Luokung Technology’s services have value, which could turn into value for investors when autonomous vehicles take off in China. Keeping that in mind, traders will want to keep an eye on LKCO stock as self-driving vehicles gain traction.
LKCO stock was up 15.1% as of Thursday afternoon.
Investors looking for more hot stock market news today are in luck!
We’ve got all the latest news that traders need to know about with our coverage of the stock market. Among that is Leap Therapeutics (NASDAQ:LPTX) stock rising, The Metals Company (NASDAQ:TMC) stock getting a boost, and shares of Palantir Technologies (NYSE:PLTR) on the move. You can find out all about these stocks at the following links!
More Thursday Stock Market News
- LPTX Stock: What Leap Therapeutics Investors Are Clicking Their Heels About Today
- TMC Stock Soars as Buzz Grows About The Metals Company. What Investors Are Saying Today.
- PLTR Stock Pushes Higher on Connected Vehicle Partnership
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed