Why Is Gaxos.AI (GXAI) Stock Down 21% Today?


  • Gaxos.AI (GXAI) stock is falling on Tuesday after the company’s shares underwent a rally on Friday.
  • That came about after announcing plans to integrate AI into game development.
  • With that news came heavy trading of GXAI shares that day.
GXAI Stock - Why Is Gaxos.AI (GXAI) Stock Down 21% Today?

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Gaxos.AI (NASDAQ:GXAI) stock is sliding lower on Tuesday after the non-fungible tokens (NFT) game development and management company’s shares saw a major rally on Friday.

Shares of GXAI stock closed out Friday up 172.9%. That came alongside roughly 108 million shares of Gaxos.AI stock changing hands. To put that in perspective, the company’s daily average trading volume is well below that at about 2.2 million shares.

All of this attention was placed on Gaxos.AI after the company filed announced plans for using artificial intelligence (AI) in game development. The company notes that this will focus on “dynamic content generation, seamless integration, and personalized solutions.”

Vadim Mats, CEO of Gaxos.AI, said the following about this plan:

“With the technological success of implementing AI into our games, we are excited to bring this AI service to market […] By embracing this tech, the game development community can unlock new levels of creativity, efficiency, and player interaction. This is a big step in our gaming strategy as we look forward to delivering value to shareholders.”

GXAI Stock Movement Today

Shares of GXAI stock are retreating on Tuesday after that Friday rally. However, the shares are giving up all of the ground that they gained. Instead, the stock is down 20.9% as of this writing with roughly 1.4 million units traded.

Investors who want more of the most recent stock market news are in the right place!

InvestorPlace is home to all of the hottest stock market stories for Tuesday! That includes everything happening with Universe Pharmaceuticals (NASDAQ:UPC) stock, Trxade Health (NASDAQ:MEDS) stock and AgriForce Growing (NASDAQ:AGRI) stock this morning. You can learn all about these matters at the following links!

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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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