Unity stocks spiked more than 15% on Tuesday following the revelation of a platform for AI software. Executives have spoken highly of the possibilities of AI, with CEO John Riccitiello expressing his opinion of it: "I think AI will revolutionize gaming, making it quicker, more cost-efficient, and better."
On Tuesday, Unity saw a significant increase in share price of 15%, pricing at $42.38 each, due to the announcement of a software marketplace in the field of artificial intelligence. This marketplace is intended for Unity's customers, which use its game engine in the production of video games for phones, console systems, as well as virtual reality headsets. Third-party companies like Inworld AI or Polyhive will offer their AI software through Unity's Asset Store, where developers will be able to purchase it.Unity CEO John Riccitiello spoke in an Associated Press interview on Monday about how AI will revolutionize the gaming industry, making it faster, more affordable, and better.Analysts from Wells Fargo also published a note giving Unity an overweight rating and a target price of $48. This note acknowledged that although consolidation of the interactive entertainment industry may lead to the use of proprietary game development tools in the long-term, the Wells team still believes that Unity will remain competitive.It was also suggested that, with the waning of metaverse hype, this may present a buying opportunity.Prior to the attention being drawn to AI, Unity had been linked to headset efforts, such as Meta's, due to its ability to create VR apps.And recently, Apple said Unity-made VR apps will be supported on their upcoming Vision Pro headset. However, Riccitiello does not think highly of the term metaverse, which Apple has never incorporated in their terminology.
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