The artificial intelligence sector has grown at a breakneck pace over the course of the past half a decade or so and it is no wonder that investors are constantly on the lookout for viable opportunities in the sector.
One of the companies from this sector that has seen its stock soar in recent times is Artificial Intelligence Technology Solutions (OTCMKTS:AITX).
Artificial Intelligence Technology Solutions (OTCMKTS:AITX) has gone up by as much as 300% over the course of the past month and hence, anyone looking for artificial intelligence stocks could consider having a closer look at it.
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The rally in the stock has been fueled by significant recent developments.
One of the biggest developments with regards to the company’s business took place last month when Artificial Intelligence Technology Solutions’ fully owned subsidiary Robotic Assistance Device (RAD) signed a major deal. The deal in question is a purchase agreement with Romania’s largest security company Civitas.
According to the terms of the deal, products manufactures by RAD are going to be used by Civitas. More importantly, the Chief Executive Officer of Civitas, Rene Pasculescu, stated that the products from RAD also received excellent feedback during the course of the demonstration and he expects that those products are going to generate a lot of orders.
Hence, the optimism around this deal is understandable and that also explains the highly impressive rally in the Artificial Intelligence Technology Solutions stock.
While the signing of this deal marks a key milestone for RAD, it is also necessary to point out that it could have significant long-term ramifications for the company’s business in Europe.
The deal with Civitas has given RAD an entry point and a foothold in the European Union. Using that entry as a base, the company can further expand its presence in the lucrative European market.
If it succeeds in doing so then it could prove to be a significant source of revenues for Artificial Intelligence Technology Solutions in the long term.
Disclaimer: We hold no position in AITX stock.