Secoo Holding (NASDAQ:SECO) stock is rocketing higher on Monday after the company revealed plans to use artificial intelligence (AI) for its luxury-related businesses.
According to a press release, Secoo intends to conduct research and expansion into AIGC and ChatGPT-related technologies. The company wants to use this tech for “pre-sale customer communication and consultation.”
Secoo believes that it can increase its conversion rate of customers with the introduction of AI technology. This has it joining several other companies that are taking note of AI as a way to boost the performance of their businesses.
Monday’s SECO Stock Movement
Following Secoo’s AI announcement shares started seeing heavy trading volume on Monday morning. As of this writing, more than 8 million shares of SECO stock have changed hands. That’s a massive surge compared to the daily average trading volume of about 72,000 shares.
Secoo operates an e-commerce platform that sees it selling luxury goods in China. The company is the largest online retailer of luxury goods in the country. Even so, it’s stock is subject to volatility with a market capitalization of $11.87 million and a share price of $1.68 when markets closed on Friday.
SECO stock is up 127.7% as of Monday morning.
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On the date of publication, William White did not hold (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.