Why is Versus Systems (VS) stock up 260% today?

Versus systems (NASDAQ:VS) rages today at the announcement of a partnership with Solve the debt. The company is known for innovating interactive audience engagement through gamification technology. She now intends to push her mission a little further by joining artificial intelligence (AI) race, and the VS stock soars.

According to a statement released by Versus Systems today, it will partner with the automated debt collection innovator “to bring gamification and interactive elements to existing credit and debt management products and clients powered by Resolve AI”.

Since the launch of OpenAI’s ChatGPT, interest in AI has steadily increased, boosting companies in the technology sector. But this news shows that chatbots aren’t the only product of the new AI boom that may spawn a new group of market winners. Let’s take a closer look at this partnership and what investors can expect in the future.

What’s going on with VS Stock

To say that markets are reacting well to news of the Versus Systems partnership would be an understatement. As of this writing, the VS stock is up 260% for the day and shows no signs of slowing down. Although it is down slightly from its previous peak of 400% gains, this surge is still impressive. The microcap penny stock has fallen from over $6 per share to under $1 in the past six months. But since the beginning of the year, it is up more than 370%.

Clearly, Wall Street is happy to see the company venture into the AI ​​space. There’s no reason why it shouldn’t. The markets for innovative AI and personal finance solutions are booming right now. InvestorPlace Senior investment analyst Luke Lango recently predicted a fintech innovator Sofi Technologies (NYSE:SOFI) is poised to skyrocket in the coming years due to its use of automated technology to make personal finance more convenient. But with this partnership, Versus Systems may also be able to tap into this lucrative market, helping VS stock to continue to rise. Its founder and CEO, Matthew Pierce, released the following statement on the partnership:

“This is a new application for the products and methods that we have long believed in. Our entire product line has always been built around the effectiveness of interactivity and rewards to engage end users. Adding this expertise to Resolve’s generative AI platform will help more businesses deliver appropriate reimbursement solutions to consumers cost-effectively and at scale. »

The company’s statement also addresses the market that the two companies seek to address through the partnership. Consumer (non-mortgage) debt in the United States reached more than $4 trillion according to end-2022 data from the New York Federal Reserve. Versus Systems believes that by partnering with Resolve Debt, it will be able to help address some of this large amount with Resolve’s AI-powered products for credit and debt management.

What happens after

There’s reason to be optimistic about VS stock as the potential winner of 2023. Much of Versus Systems’ success is due to its use of gamification technology. If he can successfully add that to Resolve’s personal finance products, it could help revolutionize the way Americans pay bills and reduce debt. VS shares have the potential to rise well above the penny stock range if the company is able to successfully secure a share of the personal finance market through this partnership.

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At the date of publication, Samuel O’Brient held (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publication guidelines.