Shares of WiMi Hologram Cloud Inc. (NASDAQ: WIMI) rocketed 6.00% after the company announced that it has decided to establish a new subsidiary, VIYI Technology Inc. to speed up the development of AI algorithm and cloud computing services. The company has named Mr. Yi Chengwei, who earlier worked as the CTO of WiMi as the CEO of WIMI.
VIYI Technology’s main aim is to focus on low latency cloud computing and data service growth. It will support a wide range of data-centric applications from gaming, multi-media entertainment, to online and mobile advertising, and PaaS cloud services.
The company revealed that it will be able to utilize its advanced AI product advertising and gaming platform and support services more broadly and more quickly as 5G networks continue to be deployed around the world. VIYI also announced that it will continue its investment in core technologies in the field of intelligent analysis and processing of large-scale heterogeneous data.
WiMi Hologram Cloud Inc. (NASDAQ: WIMI) shares were trading up 6.00% at $6.36 at the time of writing on Monday. WiMi Hologram Cloud Inc. (WIMI) share price went from a low point around $3.20 to briefly over $29.50 in the past 52 weeks. It has moved up 98.45% from its 52-weeks low and moved down -78.44% from its 52-weeks low. WIMI market cap has remained high, hitting $383.28 Million at the time of writing.
WiMi and Google have earlier vowed to change the interactive experience of streaming media. 5G Technology is the latest extended generation of 4G, 3G, and 2G technology and it has the ability to provide high data rates, reduced latency, energy savings, reduced costs, increased system capacity, and large-scale device connection.
Google has suggested that it is now the time for social APP and mobile game developers to hold the era of high bandwidth, as 5G mobile networks now offer the same bandwidth experience as fixed broadband. Earlier, Google has commenced the first test of Project Stream. This is the first time they have opened this project for the public.