Sonic Foundry (NASDAQ:SOFO) stock is climbing higher on Thursday after the video management company announced artificial intelligence (AI) plans.
Specifically, the company has two of its businesses working together to develop AI solutions for events. This will have its AI analytics business Vidable working alongside its Video Solutions business to develop these offerings.
Joe Mozden, Jr., CEO of Sonic Foundry, said the following about the plans:
“The partnership that our Video Solutions business recently established with CTI Meeting Technology has given us a deeper window into the growing need for events-specific AI solutions. This represents a massive go-to-market opportunity for our Vidable business, particularly given the immediate access to prospective customers that our Video Solutions team can facilitate.”
How This Affects SOFO Stock Today
Investors are currently showing an increasing interest in stocks connected to AI. As a result, there’s extra interest in Sonic Foundry’s AI plans. The company’s announcement has ignited some traders’ excitement.
As a result of this news, shares of SOFO stock are experiencing incredibly heavy trading on Thursday. That has more than 36 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 175,000 shares.
Alongside this comes a 27% increase for SOFO stock today. Investors will also keep in mind that, as of this writing, SOFO shares are up 71% since the start of the year.
If your looking for more of the latest stock market news on Thursday then we’ve got you covered!
InvestorPlace offers up deep dives into all of the hottest stock market stories worth reading about today! A few examples include the latest news that has shares of VIQ Solutions (NASDAQ:VQS), SoFi Technologies (NASDAQ:SOFI) and Cava (NYSE:CAVA) stock on the move today. You can get up to speed on all of this news at the following links!
More Stock Market News For Thursday
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- SOFI Stock Alert: Oppenheimer Just Downgraded SoFi
- Cava IPO: 7 Things to Know as CAVA Stock Starts Trading Today
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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.
