Webuy Stock Surges On Nvidia's AI Accelerator Program: Retail’s Bullish

On Stocktwits, Webuy’s watcher count increased by 25%, showing growing retail attention on the stock.

First Published Dec 17, 2024, 2:31 PM IST | Last Updated Dec 17, 2024, 2:31 PM IST

Shares of Webuy Global ($WBUY) surged nearly 30% on Monday after the company announced its advancement on the next phase of Nvidia’s AI Accelerator Program, lifting retail sentiment.

The program is aimed at advancing the company’s AI capabilities and enhancing its offerings. The program is supported by Singapore’s Economic Development Board; Tribe, an Asian blockchain accelerator; and Digital Industry Singapore.

Participation in this program may help the company reshape the region’s e-commerce and travel offerings, according to a Webuy press release.

“We are thrilled to advance to the next stage of Nvidia’s AI Accelerator Program,” Vincent Xue Bin, CEO and Co-Founder of Webuy said. “This achievement reflects our dedication to integrating AI-driven solutions into our platform to create unparalleled customer experiences.”

According to Webuy, its AI-driven growth will include “predictive demand analytics” and “social interaction AI.”

On Stocktwits, Webuy’s watcher count increased by 25% on Monday, showing growing retail attention on the stock.

Retail sentiment on Stocktwits following the news was largely bullish.

One user suggested the program could open doors for future partnerships.

Separately, Webuy also announced pricing of a securities purchase agreement with certain institutional investors to buy about 21.1 million Class A ordinary shares in a registered direct offering for $0.1756 per share. The gross proceeds from the offering are about $3.7 million.

Wbuy stock is down 60% year-to-date.

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