Why Is Onfolio (ONFO) Stock Up 74% Today?

Onfolio (NASDAQ:ONFO) stock is rocketing higher on Friday after providing investors with an update on its generative AI search tool.

According to an Onfolio press release, the company has just launched its generative AI search function for MightyDeals.com, one of Onfolio’s subsidiaries. The AI deployed by the company is “based on chatGPT-style Large Language Models.”

Onfolio says that the implementation of this AI search tool will benefit MightyDeals.com in several ways. That includes providing better search results to customers, which is more likely to lead them to purchases they want to make.

Dominic Wells, CEO of Onfolio, had the following to say about its AI search launch:

“Our new AI tool demonstrates that Onfolio is focused on delivering the best experience for our customers across all our subsidiaries.”

What This Means for ONFO Stock

AI is a hot topic right now with investors flocking to companies in the sector. With Onfolio launching its own AI tool for use on its platforms, the company could continue to draw in extra investor attention.

As for today’s movement, more than 59 million shares have changed hands as of this writing. For the record, this is a massive increase compared to the company’s daily average trading volume of around 15,000 shares.

ONFO stock is up 73.5% as of Friday morning.

There’s more stock market news traders will want to read about below!

We’ve got all of the hottest stock market coverage for investors to read about on Friday! A few examples worth noting include the latest news moving shares of Bed Bath & Beyond (OTCMKTS:BBBYQ), Paramount (NASDAQ:PARA) and Walgreens (NASDAQ:WBA) stock. You can find out more on these matters at the links below!

More Stock Market News For Friday

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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