Why Warby Parker Inc. (WRBY) Skyrocketed Today

We recently published a list of These 10 Firms Just Beat the Market Today. In this article, we are going to take a look at where Warby Parker Inc. (WRBY) stands against other stocks that skyrocketed today.

Ten companies boasted whopping gains on Tuesday despite a wider market pessimism, as a flurry of corporate developments, including impressive earnings and bullish outlooks, sparked buying appetite.

In contrast, Wall Street’s main indices all finished in the red territory. The Dow Jones was down by 0.27 percent, the S&P 500 dropped 0.39 percent, and the tech-heavy Nasdaq declined 0.38 percent.

In this article, we named the 10 best-performing stocks during the trading session and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

Warby Parker Inc. (WRBY)

Warby Parker Inc. saw its share prices surge by 15.63 percent on Tuesday to close at $20.34 apiece as investor sentiment was buoyed by news that it secured a $75-million investment from technology giant Google, in line with plans to jointly develop Artificial Intelligence-powered glasses.

In a statement, Warby Parker Inc. (WRBY) said that Google committed to investing the said amount in the company at its option, subject to reaching certain collaboration milestones. Additionally, it secured another $75 million to fund expenses needed for product development and commercialization.

Upon completion, Warby Parker Inc. (WRBY) said they intend to officially launch the smart glasses to the market after this year.

“We believe multimodal AI is perfectly suited for glasses, enabling real-time context and intelligence to augment a wearer’s surroundings as they move through the world. We couldn’t be more excited to be partnering with Google to bring together the best of AI and the best of eyewear,” said Warby Parker Inc. (WRBY) co-founder and co-CEO Dave Gilboa.

Overall, WRBY ranks 10th on our list of today's best-performing stocks. While we acknowledge the potential of WRBY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WRBY and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.