A small software company's stock is up 200% on news of AI integration as companies big and small cash in on the craze stoked by ChatGPT
- Versus Systems shares sharply jumped Wednesday on the announcement of a deal involving AI.
- Versus Systems joins a list of stocks whose shares have seen a boost from interest in AI technology.
Shares of software maker Versus Systems shot up by more than 400% during Wednesday's session as the company announced a deal involving artificial intelligence, making the company the latest beneficiary of investors' fixation on the growing technology.
Stock in Versus soared as much as 447% to an intraday high of $3.34. Versus Systems said it reached a partnership to bring its technology that runs audience engagement, such as games and trivia, on apps and websites to Resolve Debt Inc. Resolve focuses on AI-based credit and debt-management products.
The stock surge underscored the blossoming fixation on all-things AI fueled by ChatGPT. The language bot from OpenAI displays a human-like ability to perform a variety of tasks ranging from writing stock stories to writing layoff emails. Microsoft reportedly invested $10 billion in OpenAI, and the buzz surrounding ChatGPT has boosted prices of other AI stocks.
Versus stock later pared its increase to about 200% to $1.80. The company's market capitalization had been course to at least triple to $8 million.
Versus said the work with Resolve Debt is aimed at addressing a part of the $4.5 trillion consumer debt market in the US, excluding mortgages.
"This is a unique opportunity for Versus," Matthew Pierce, founder and CEO of Versus Systems, said in a statement about the Resolve Debt deal. "We get to partner with experts and new generation technology innovators in fintech, payments, and generative AI who have successfully built significant fintech and AI businesses in the past."
The statement didn't include the value of the deal between Versus and Resolve Debt.
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