The stock of Color Star Technology Co., Ltd. (CSCW) gained today after they announced a they have signed a cooperation agreement with Alibaba Cloud. The stock valued at $0.48 at last check. This is a gain of more than 3.79% from the previously closed value.
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Reasons of the stock gain:
On 14th December, 2021 the compaany announced in a press release that they have signed an agreement with Alibaba Cloud. Both of the companies will be together in the World Expo 2020 in Dubai on 25-26 December, 2021 to carry out the formalization of the agreement.
The Color Star Technology Co., Ltd. (CSCW) is an entertainment technology company that focuses on bringing the innovation and artificial intelligence or AI in the entertainment industry. The company is looking forward to begin development and cooperation with Alibaba Cloud in diversified tech related fields for instance cloud computing and Artificial Intelligence or AI. This deal could be a breakthrough in bring a technological revolution within the company and can help achieve their vision of bringing innovation and AI in the entertainment industry.
The company stated that with this new agreement with Alibaba Cloud it will help them achieve their contemporary goals and objectives and improve its space in the new era’s technological innovation like metaverse. They are looking forward to be a part of World Expo.
The company is anticipating that in 2022 they will bring more content related to business. They are focused on to improve the Color Star metaverse step by step in 2022 to be fully available to the public. Due to the new pandemic situation after the rise of new corona virus variant named Omicron, it could bring an uncertainty in the market but they are keen towards to keep the company’s numbers in positive integers.
Effect on the stock:
After this press release by the company, the investors were not able to resist themselves in investing in a technological company with massive goals and development for the future operations. They seemed to trust the company’s vision after the collaboration with a tech giant Alibaba and expecting a significant capital gain in the value of the stock in the future.
Conclusion:
The upcoming couple of quarters will be important for the stock of the company. Investors will be looking forward to the development in the deal to bring innovation in the entertainment industry and as well as the company’s plan to improve its space metaverse technology.
