Why WiMi Hologram's Stock Traded 280% Higher Today

WiMi Hologram Cloud Inc. WIMI shares traded sharply higher after the company announced its AR+AI Vision will drive a new wave of 5G applications.

With the change of 5G holographic communication network bandwidth conditions, 5G holographic application market will usher in the explosion, holographic interactive entertainment, holographic conference and other high-end applications are gradually popularized to holographic social networking, holographic communication and other directions, the company said in a press release.

"WIMI plans to use holographic AI face recognition technology and holographic AI face changing technology as the core technologies to support holographic cloud platform services and 5G communication holographic applications with multiple innovative systems," the PR said.

WiMi's stock rallied 281% on Friday to $14.63 per share. After the close on Friday, the company's stock was trading up another 38.87% at $20.17 at the time of publication.

The company set a new 52-week high of $20.17 and has a 52-week low of $3.20.