CXApp Inc. soared 94% on Friday, bringing its rally over the past three days to 941% on the back of a wave of retail investor interest after listing via a SPAC merger with KINS Technology Group Inc.
(Bloomberg) — CXApp Inc. soared 94% on Friday, bringing its rally over the past three days to 941% on the back of a wave of retail investor interest after listing via a SPAC merger with KINS Technology Group Inc.
The artificial intelligence-powered enterprise software company has jumped from a Tuesday close of $1.33 to ending Friday’s session at $13.85 without having released any new updates with the US Securities and Exchange Commission in the period. The stock is the latest to ride the AI wave that’s boosted multiple companies this year. It was the most-mentioned stock over the past day in Stocktwits, according to data compiled by Bloomberg.
Even after this week’s searing rallies, CXApp is still a relatively small company with a market capitalization of nearly $200 million, according to data compiled by Bloomberg. The Palo Alto, California-based company started trading on March 15.
AI-hungry investors have propelled Nvidia Corp., which makes the chips needed for complex AI computing tasks, into the best-performing stock among mega-caps this year. Relatively obscure firms with AI in their names have also skyrocketed. Guardforce AI Co. has soared more than 400%, BigBear.ai Holdings Inc. has surged more than 300%, while C3.ai Inc. has nearly doubled this year.Â
Read more: AI-Fueled Stock Rally Ignites Debate on Who Wins And Loses
CXApp merges the AI mania with another volatile Wall Street phenomenon: special-purpose acquisition companies or blank check companies.Â
Blank checks, which raise money with the goal of taking private companies public, are supposed to offer safe returns for early investors who buy in at the IPO price and bank the subsequent gains.
–With assistance from Ryan Vlastelica.
(Updates to market close.)
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