WiMi Hologram Cloud Stock Rallies on News of New Artificial Intelligence Subsidiary
Shares of WiMi Hologram Cloud (NASDAQ: WIMI) were rallying on Monday after the company announced it has created a new subsidiary to focus on artificial intelligence technology and cloud services. The company's chief operating officer was also promoted to the chief executive officer position, following the previous CEO's resignation last week.
WiMi stock was up as much as 13% early in today's session, but it traded much higher earlier in the year thanks to a lot of hype for the potential of its technology. The company currently only makes money by creating advertising campaigns for its clients and by processing mobile app payments through its middleware software. But investors have pointed to the company's intellectual property as reason to believe it could be something more than what it currently is.
Image source: Getty Images.
Source Fool.com
