After merging with KINS Technology Group Inc. via a SPAC, CXApp Inc. has continued its remarkable rally for three consecutive days, surging by as much as 1,480%.
Despite not releasing any new updates to the US Securities and Exchange Commission during this period, the AI-powered enterprise software company has seen significant interest from retail investors, riding the same wave that has propelled numerous other companies this year.
$CXAI Surges 1,480% in Blistering Three-Day Rally has jumped from $1.33 to as high as $21 🇺🇸 Even after this week’s searing rallies, CXApp is still a relatively small company with a market capitalization of roughly $200 million @ZaksTradersCafe https://t.co/cGqMoevv0G pic.twitter.com/7V8LzykYzi
— Share_Talk ™ (@Share_Talk) April 14, 2023
In fact, CXApp was the most discussed stock on Stocktwits over the past day, according to Bloomberg data. Despite the impressive gains, CXApp remains a relatively small company, with a market capitalization of around $200 million, based on Bloomberg data. The company is based in Palo Alto, California and began trading on March 15.
Nvidia Corp., a company that produces chips required for intricate AI computing tasks, has become the top-performing mega-cap stock this year due to the surge of interest from AI-focused investors. Additionally, relatively unknown companies with AI in their names have seen their stock prices skyrocket. Guardforce AI Co. has experienced a rise of over 400%, BigBear.ai Holdings Inc. has surged by more than 300%, and C3.ai Inc. has almost doubled its value this year.
CXApp blends the AI craze with another unpredictable trend on Wall Street: special-purpose acquisition companies (SPACs) or blank check firms.
These blank check firms aim to raise funds with the objective of taking private firms public and are designed to provide secure returns for initial investors who purchase shares at the IPO price and earn profits from subsequent increases in stock value.
