Why Is Cineverse (CNVS) Stock Up 50% Today?


  • Cineverse (CNVS) stock is rising higher on Wednesday alongside an artificial intelligence announcement.
  • The company is preparing to launch its own AI chatbot powered by Google Cloud.
  • This has the stock rallying with heavy trading today.
CNVS Stock - Why Is Cineverse (CNVS) Stock Up 50% Today?

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Cineverse (NASDAQ:CNVS) stock is rising higher on Thursday after the company announced a new partnership with Alphabet’s (NASDAQ:GOOGL, NASDAQ:GOOG) Google Cloud.

Cineverse says that this has it using Google Cloud’s Vertex AI Search to develop its cineSearch technology. This is an artificial intelligence (AI) search bot that’s designed to help viewers figure out what they want to watch.

Cineverse is planning to launch a beta for the cineSearch technology on its own platform starting in the spring of 2024. The company intends to roll out the technology to third-party streaming platforms following that.

Tony Huidor, Chief Technology Officer and Chief Operating Officer of Cineverse, said this about the news:

“Effective search and discovery is currently the most pressing problem for users of streaming services today […] We first developed cineSearch as an answer to our own problem. Using Google Cloud’s Vertex AI platform, we now have the ability to expand this feature well beyond our initial expectations.”

CNVS Stock Movement Today

News of the AI search bot brings heavy trading to CNVS stock today as investors buy the shares. This has more than 27 million units changing hands as of this writing. That’s well above the company’s daily average trading volume of about 75,000 shares.

CNVS stock is up 49.7% as of Wednesday morning.

There are more stock market stories that traders will want to read about today!

We have all of that news ready to go with our coverage of the market for Wednesday! A few examples of this include why Datasea (NASDAQ:DTSS) stock, Plug Power (NASDAQ:PLUG) stock and Lyft (NASDAQ:LYFT) stock are moving today. You can catch up on all of these stories at the links below!

More Stock Market News for Wednesday

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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.

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