Gaxos.ai (NASDAQ:GXAI) shares are up during Thursday’s premarket session. However, there is no news to justify the movement.
On Tuesday, the company announced a partnership with Byteplus, the Enterprise Technology Division of ByteDance. This collaboration is expected to enhance Gaxos’ AI capabilities significantly, adding pressure as broader markets edged lower.
Byteplus Partnership Boosts Gaxos.ai’s AI Capabilities
Under the agreement announced on Tuesday, Gaxos will receive preferred pricing and discounts on ByteDance’s advanced video generation models, which will accelerate the deployment of AI tools in its flagship platform, Art-Gen.
This strategic alignment is anticipated to enhance Gaxos’ gross margins and market penetration in the rapidly growing creator economy.
Additionally, the partnership will provide Gaxos with early access to new technologies, further solidifying its competitive edge in the AI space. The CEO, Vadim Mats, emphasized that this collaboration is a significant step toward establishing Gaxos as a leading AI platform for creators and enterprises.
Gaxos.ai’s Mixed Short-Term Trading Trends
Gaxos.ai is currently trading 3.9% below its 20-day simple moving average (SMA) and 8.1% above its 50-day SMA, reflecting a mixed short-term trend. Over the past 12 months, shares have decreased by 23.60%, and they are positioned closer to their 52-week lows than highs.
The RSI is at 48.78, which is considered neutral territory. Meanwhile, MACD is at -0.0078, below its signal line at 0.0201, indicating bearish pressure on the stock.
The combination of neutral RSI and bearish MACD suggests mixed momentum.
- Key Resistance: $1.50
- Key Support: $1.00
GXAI Price Action: Gaxos.AI shares were up 3.25% at $1.27 during premarket trading on Thursday, according to Benzinga Pro data.
Photo by Jub ka Joy via Shutterstock
