Why is Onfolio (ONFO) stock up 74% today?

Portfolio (NASDAQ:ONFO) stock soared on Friday after providing investors with an update on its generative AI research tool.

According to a press release from Onfolio, the company has just launched its AI-powered generative search feature for MightyDeals.com, one of Onfolio’s subsidiaries. The AI ​​deployed by the company is “based on chatGPT-style big language models”.

Onfolio says implementing this AI research tool will benefit MightyDeals.com in several ways. This includes providing better search results to customers, which is more likely to lead them to the purchases they want to make.

Dominic Wells, CEO of Onfolio, said the following about its AI search launch:

“Our new AI tool demonstrates that Onfolio is focused on providing the best experience to our customers across all of our branches.”

What this means for ONFO stock

AI is a hot topic right now with investors flocking to companies in the sector. With Onfolio launching its own AI tool for use on its platforms, the company may continue to attract investor attention.

As for today’s move, more than 59 million shares have changed hands so far. For the record, this is a massive increase from the company’s average daily trading volume of around 15,000 shares.

ONFO shares are up 73.5% on Friday morning.

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As of the date of publication, William White has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.