Tuya Inc. (NYSE: TUYA), a leading IoT company offering cloud platform services and smart solutions, saw its stock soar 5.10% in the after-hours trading session on Tuesday. The company's strong performance can be attributed to the growing demand for its smart solutions segment and the overall rally in Chinese tech stocks driven by the AI boom.
Tuya's smart solutions segment, which focuses on AI capabilities and smart solutions, experienced a remarkable 100% year-over-year revenue growth in the third quarter of 2024. This surge in demand was fueled by the increasing popularity of smart home devices and the company's innovative offerings.
Furthermore, Tuya's partnership with Chinese automaker Chery to create a smart cockpit and integrate automotive and home ecosystems has bolstered its position in the smart solutions market. This strategic collaboration highlights Tuya's commitment to providing cutting-edge solutions and expanding its reach.
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