RXT - Why Rackspace Stock Was Blasting Higher This Week
2023-06-16 09:53:35 ET
With the white-hot popularity of artificial intelligence (AI) these days, nearly every company that is even vaguely associated with the technology is getting some attention.
This week it was cloud services provider Rackspace Technology 's (NASDAQ: RXT) turn in the spotlight. Following the announcement that it was launching a business unit dedicated to AI, investors leaped on the stock. According to data compiled by S&P Global Market Intelligence , Rackspace's share price had climbed more than 37% higher week to date as of early morning Friday.
On Tuesday Rackspace announced that it has launched the Foundry for Generative AI by Rackspace, or FAIR.
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Why Rackspace Stock Was Blasting Higher This Week