Tuya Inc.'s stock (TUYA) soared 5.33% in the pre-market trading session on Wednesday, extending its gains after a bullish recommendation from Morgan Stanley earlier this week.
On Tuesday, Morgan Stanley analysts expressed confidence in Tuya's prospects and urged investors to buy the Chinese artificial intelligence (AI) company's shares. The positive outlook from the U.S. investment bank, citing Tuya's potential in the rapidly growing AI industry, fueled a significant intraday gain of 5% for the stock.
The momentum carried over into Wednesday's pre-market trading, as investors continued to react favorably to Morgan Stanley's bullish stance. Tuya Inc. operates in the AI sector, which has garnered increasing attention and investment from tech giants and financial institutions alike, likely contributing to the investment bank's optimistic view on the company's future.
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