The Amesite Inc. (NASDAQ: AMST) stock price soared 160% after revealing that it had expanded its platform capabilities to include features based on GPT-3, the AI engine that powers ChatGPT. The news triggered a massive rally in Amesite stock.
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Investors cheered the announcement mainly because, unlike other companies planning to start using AI capabilities like those offered by GPT-3, Amesite has already incorporated the technology into its learning platform, meaning it is ahead of other companies.
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In the past, I have criticised the massive rallies in the shares of companies planning to use AI but need a solid timeline for deploying the technology. In light of my previous reservations, it is impressive to see a company quickly incorporate ChatGPt into its product portfolio, which is what Amesite has done.
Amesite is a company to watch after recently outlining a path to profitability, attracting significant interest from retail investors. Today’s announcement is no surprise, given that the company had an $8.1 million cash runway and no debt at the end of September 2022.
The EdTech company has integrated ChatGPT functions into its Version 5, which is currently available to its customers and has promised to unveil a more advanced toolkit on April 2, 2023.
Dr Ann Marie Sastry, Amesite’s CEO, said:
“We continue to believe that AI is the future of effective, scalable online learning, and have demonstrated the importance of the technology with our 99% retention rate for paid experiences. With curated access to databases with over 240M pieces of qualified information, our users receive updates on important developments in their fields in real-time. Internally, we are leveraging generative AI to deliver an ever-expanding roster of advanced tools – enabling us to dramatically reduce our expenses as we target higher revenue.”
Brandon Owens, Amesite’s Vice President of Sales, said:
“Customers are successfully using our AI-driven platform to deliver learning to a wide variety of users, including jobseekers, professionals and executives, museum patrons, and K12 learners. Our Customers aim to deliver learning to 10,000 learners or more per month, and the ability to leverage our technology means improved outcomes and reduced cost.”
*This is not investment advice.
The Amesite stock price soared 160.24% to trade at $0.7305, from Monday’s closing price of $0.2807.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
