Versus Systems (NASDAQ:VS) is shooting up today on news of a partnership with Resolve Debt. The company is known for innovating interactive audience engagement through gamification technology. Now it plans on taking its mission a step further by joining the artificial intelligence (AI) race, and VS stock is skyrocketing.
According to a statement released by Versus Systems today, it will be partnering with the automated debt collection innovator “to bring gamification and interactive elements to Resolve’s existing AI-powered credit and debt management products and customers.”
Since the launch of OpenAI’s ChatGPT, interest in AI has been rising steadily, boosting companies across the tech sector. But this news shows chatbots aren’t the only product of the new AI boom that can give rise to a new group of market winners. Let’s take a closer look at this partnership and what investors should expect moving forward.
What’s Happening with VS Stock
To say markets are reacting well to news of the Versus Systems partnership would be an understatement. As of this writing, VS stock is up 260% for the day and isn’t showing signs of slowing down. While it has slightly dipped from its earlier peak of 400% gains, this surge is still impressive. The microcap penny stock fell from more than $6 per share to less than $1 over the past six months. But since the year began, it is up more than 370%.
Clearly Wall Street is happy to see the company venturing into the AI space. There’s no reason it shouldn’t be. The markets for both innovative AI and personal finance solutions are hot right now. InvestorPlace senior investment analyst Luke Lango recently predicted fintech innovator SoFi Technologies (NYSE:SOFI) is well positioned to skyrocket in the coming years due its leveraging of automated technology to make personal finance more convenient. But with this partnership, Versus Systems may be able to tap into this lucrative market as well, helping VS stock continue to rise. Its founder and CEO Matthew Pierce issued the following statement on the partnership:
“It’s a new application for products and methods that we have long believed in. Our entire product suite has always been built around the effectiveness of interactivity and rewards to incentivize end users. Adding this expertise to Resolve’s generative AI platform will help more companies provide appropriate repayment solutions to consumers cost effectively, at scale.”
The company’s statement also touches on the market both firms are seeking to address through the partnership. Consumer (non-mortgage) debt in the U.S. has reached more than $4 trillion according to late 2022 data from the New York Federal Reserve. Versus Systems believes that by partnering with Resolve Debt, it will be able to help address a portion of this large amount through Resolve’s AI-driven products aimed at credit and debt management.
What Comes Next
There’s reason to be optimistic about VS stock as a potential 2023 winner. Much of Versus Systems’ success has been driven by its use of gamification technology. If it can successfully add that to Resolve’s personal finance products, it could help revolutionize the ways in which Americans pay bills and reduce their debt. VS stock has the potential to rise well above penny stock range if the company is able to successfully secure a piece of the personal finance market through this partnership.
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On the date of publication, Samuel O’Brient 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.