June 22, 2024

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Opera Surfs Higher on AI Speculation, But Apple Connection Fizzles

2 min read
Opera stock (OPRA) jumped 10% on rumors of an Apple partnership (that fizzled). Here's why investors are still bullish on Opera's AI focus and its future in the browser wars.
Opera

Opera Surfs Higher on AI Speculation, But Apple Connection Fizzles

Hold onto your hats, internet enthusiasts! Opera stock (OPRA) took a wild ride yesterday, surging on rumors of a potential collaboration with Apple at their Worldwide Developers Conference (WWDC). While Apple didn’t mention Opera during their event, the day ended with Opera’s stock price still up a respectable 10.1%. So, what sparked this sudden interest in the browser company?

Fueling the Fire: AI in the Browser Wars

The rumors stemmed from Opera’s recent foray into the world of artificial intelligence (AI). Just last week, they announced a partnership with Google Cloud, integrating Google’s powerful Gemini AI language model into their new Aria AI browser. This browser boasts features like free AI image generation and text-to-speech capabilities.

With Apple’s WWDC known for showcasing advancements in AI, some investors speculated on a similar team-up between Apple and Opera. The idea? Perhaps Opera could leverage Apple’s AI expertise to further enhance their browser.

Apple Stays Silent, But Opera’s AI Focus Remains Alluring

While Apple didn’t confirm any collaboration with Opera, their own WWDC announcements did highlight new AI features for Siri and their operating systems. This focus on AI only fueled the fire for investors already bullish on Opera’s AI strategy.

More Than Just Speculation: Why Opera is Intriguing Investors

Opera’s recent moves extend beyond just the Apple rumors. Analyst optimism is another factor. Last week, a TD Cowen analyst reiterated a “buy” rating on Opera stock, citing their integration of AI features as a positive step. This, coupled with Opera’s attractive valuation (trailing price-to-earnings ratio of only 8), makes them a tempting proposition for investors seeking a foothold in the AI tech space.

The Verdict: A Volatile Day, But Opera’s Future Looks Bright

Yesterday’s stock surge might have been fueled by speculation, but Opera’s focus on AI innovation seems to be resonating with investors. Their collaboration with Google Cloud and their competitively priced stock make them a company to watch in the ever-evolving browser wars. Whether they partner with Apple or forge their own path, Opera appears to be well-positioned for the future.

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