Secoo Holding Ltd (NASDAQ:SECO) shares are surging higher Monday after the company announced it will explore the use of Microsoft Corp (NASDAQ:MSFT)-backed ChatGPT and other AI technologies.
What To Know: Secoo said it has been continuously exploring the application of intelligent content generation technology for luxury-related businesses with a service frequency of over 100 million and a consultation resolution rate of more than 90%.
Subsequently, Secoo announced it will also conduct research on AIGC and ChatGPT-related technologies. Secoo believes these technologies can enhance the degree of relevant content such as luxury-related text and video content and product selling points descriptions. Furthermore, the company expects said technologies to significantly improve conversion rates.
“In the future, AIGC will lead a new revolution in the digital content field and become the content production infrastructure of luxury e-commerce,” the company said.
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Secoo Holding operates an online-offline boutique lifestyle platform in Asia. Monday’s move appears to be an overreaction, but it’s in line with a trend that has started to emerge in the AI space.
Several other AI-related names are moving higher and have seen increased investor attention since Microsoft doubled down on its investment in Open AI, the company behind ChatGPT.
C3.Ai Inc (NYSE:AI), BigBear.Ai Holdings In (NYSE:BBAI) and SoundHound AI Inc (NASDAQ:SOUN) are among the biggest movers on Monday. At last check, C3.ai was up approximately 10%, BigBear.ai was up more than 15% and SoundHound was up nearly 40%. The trio appears to be benefiting from having “AI” in their respective names.
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SECO Price Action: Secoo has a 52-week high of $6.90 and a 52-week low of $1.50.
The stock was up 163.7% at $4.43 at the time of writing, according to Benzinga Pro.
Photo: Gerd Altmann from Pixabay.
