Tuya Inc.'s stock skyrocketed 14.17% in the intraday trading session on Wednesday, fueled by a bullish recommendation from U.S. investment bank Morgan Stanley.
On Tuesday, Morgan Stanley analysts expressed confidence in Tuya's prospects, urging investors to buy the Chinese artificial intelligence (AI) company's shares. The investment bank's positive outlook on the AI firm, citing its potential in the rapidly growing AI industry, drove the stock to surge 5% during Tuesday's trading session.
The momentum carried over into Wednesday's intraday 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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