In a fresh Valentine’s Day press release, Amesite (NASDAQ:AMST) revealed it will now provide features on its learning platform using GPT-3, which is the engine for OpenAI’s ChatGPT. Since both ChatGPT and artificial intelligence (AI) are generally red-hot topics these days, financial traders are snapping up AMST stock.
Amesite bills itself as an AI software company that provides a cloud-based learning platform. This platform, according to the company, “delivers 99% learner retention for business and education markets.”
That’s an impressive statistic, but Amesite will certainly seek to improve its learning platform with best-in-class technology. To that end, Amesite is “delivering features leveraging GPT-3 … to complement its existing AI capabilities.”
Just a few months ago, most traders probably wouldn’t have cared much about GPT-3. However, since it’s the engine that powers ChatGTP, this development is now major news for Amesite.
To quote Betty Kirby, vice president of Central Michigan University Innovation and Online: “There is no doubt that ChatGPT has captured the world’s imagination.” There’s no doubt about that, so let’s see how today’s news moves AMST stock.
What’s Happening With AMST Stock?
The Amesite share price surged 130% early this morning, but then pulled back slightly and hovered at around 60 cents. Still, Amesite’s shareholders are clearly in celebration mode as the value of their investment literally doubled in a day.
It’s easy to see why investors are so amped up about machine learning in 2023. AI is expected to contribute $15.7 trillion to the world’s economy by 2030. Moreover, the AI software market is expected to increase in value to $1.09 trillion by 2032.
Naturally, all of this is bullish for Amesite. Yet, Amesite was already deeply involved in the machine learning segment. Most likely, it’s the announcement of the ChatGPT connection that’s causing today’s buying frenzy with AMST stock. It will be interesting to see whether the rally will be sustainable or just the first phase of a huge pop-and-drop.
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On the date of publication, David Moadel 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.