One of the biggest movers to the upside in today’s choppy market is WeTrade Group (NASDAQ:WETG). This company, which calls itself a “global diversified software as a service (SaaS) technology service provider,” is seeing incredible interest from a key announcement around the company’s use of artificial intelligence (AI) today. This announcement has led to an incredible 75% surge in WETG stock at the time of writing.
WeTrade’s specific announcement centers around the launch of a large-scale language processing model based on AI technology. This tool is expected to be used to handle “article tag excerpts, news content abstract production, text error correction, text information extraction, short text similarity filtering,” and other functions. Currently in the beta stage of development, this model is reportedly being integrated within Tencent’s (OTCMKTS:TCEHY) WeChat under the account “WeTrade Group AI.” User adoption and interest around this large language model appear to be driving this stock on an incredible run today.
Let’s dive into what investors should make of this news and this move.
WETG Stock Surges on AI Anticipation
We’ve seen a common playbook used by many companies in the tech space of late. Seemingly any technology company with a product or service that can be tied to artificial intelligence is finding a way to do so. Mentions of AI on earnings calls have exploded higher. For those who haven’t noticed, there’s an AI revolution underway, and investors want any sort of leverage to this growth area the market can provide.
Of course, OpenAI’s ChatGPT large language model got the party started. Once users were able to see what AI could provide, it was game on.
For WeTrade Group, today’s move appears to be the result of very similar enthusiasm. Given the size and importance of the Chinese market for companies looking at leveraging artificial intelligence technology, this launch could result in some very interesting moves from here.
Suffice it to say, WETG stock is one that’s made its way onto my watchlist today following this move.
On the date of publication, Chris MacDonald 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.
