Why WiMi Hologram Cloud Stock Surged Today

Shares of WiMi Hologram Cloud (NASDAQ: WIMI) surged as much as 26% today after the company announced that its WiMi Hologram Soft Light technology has been cleared by regulators for the U.S. market. As of 2:30 p.m. EST, the stock had given up some of those gains but was still up 9%.

The Chinese company, which creates holograms by leveraging augmented reality (AR) technology, had seen its stock skyrocket during the summer on hopes that it could find a variety of use cases for its hologram tech. Alibaba founder Jack Ma had showcased the technology at an artificial intelligence (AI) conference, which drove considerable hype.

Image source: Getty Images.

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Source Fool.com