MicroAlgo Inc. (MLGO) stock gained investor attention on Thursday, driven by momentum in the artificial intelligence and quantum computing sectors.
The company develops central processing algorithms to assist clients in the online advertising, gaming, and smart chip industries in China, Hong Kong, and other countries. It has two main parts: Central Processing Algorithm Services and Intelligent Chips and Services.
MicroAlgo stock traded over 14% higher in Thursday’s premarket. At the time of writing, the stock was trending in second place on the Stocktwits platform. Retail sentiment around the stock remained in ‘extremely bullish’ territory amid ‘extremely high’ message volume levels.
The stock saw an 816% jump in user message count over the last week. A Stocktwits user highlighted China’s ban on Nvidia’s chips and the consequent interest in MicroAlgo.
Another user said MicroAlgo is an important name in the AI-robotics hype cycle.
On Wednesday, the Cyberspace Administration of China (CAC) instructed major firms, including Alibaba Group Holding (BABA) and ByteDance, to halt testing and procurement of Nvidia’s RTX Pro 6000D, a chip specifically designed for the Chinese market.
The move by Chin is seen as an attempt to encourage domestic AI processors, which the officials claim have reached, or even surpassed, the performance levels of the restricted U.S. chips.
On September 10, the company reported first-half fiscal 2025 revenue of $26.3 million and earnings per share (EPS) of $1.33. MicroAlgo held $253.3 million in cash and equivalents as of June 30.
MicroAlgo stock has lost over 89% year-to-date and over 90% in the last 12 months.
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