Why Tuya Inc. (TUYA) Went Up on Friday
The stock market ended the trading week in the green territory with all major indices recording gains as investors digested latest US jobs data which fell short of expectations.
The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.
Ten companies across mixed sectors also mirrored a broader market optimism, booking modest gains during the end of the trading week. In this article, we have named the 10 top performers on Friday and detailed the reasons behind their performance.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A computer engineer working intently on a smart home device.
Tuya Inc. (NYSE:TUYA) surged 17.15 percent on Friday to finish at $4.03 apiece as investors took heart from news that it partnered with Vietnam-based Viettel Telecom and T3 Technology to accelerate the development of the region's smart home ecosystem by leveraging Tuya's Cube Cloud solution.
According to Tuya Inc. (NYSE:TUYA), the collaboration will focus on enhancing and innovating hardware products, smart home solutions, and business models through resource sharing and complementary strengths to create a more seamless, intelligent, and efficient global smart home ecosystem.
By integrating T3's solutions with the Tuya Cube Cloud solution, Viettel will be able to establish a customized AIoT platform with high system stability and full data independence at a cost-effective scale. The AIoT platform will enable Viettel to connect a wide range of smart home devices, including IP cameras, and build a comprehensive home management system, improving user convenience and engagement.
Overall TUYA ranks 2nd on our list of Friday's top performers. While we acknowledge the potential of TUYA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TUYA but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap
Disclosure: None. This article is originally published at Insider Monkey.
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