Shares of Opera Limited (OPRA 0.20%), an internet browser company, were soaring today on speculation that the company might be involved in Apple's Worldwide Developers Conference (WWDC) today.
Some investors were discussing the idea on X, formerly known as Twitter, earlier in the day, though there was no indication by either company that a collaboration was forthcoming. Apple's event came and went without any mention of Opera.
Nevertheless, Opera's stock was up by as much as 24% today and ended the trading day up 10.1%.
Opera is getting a lot AI attention
Just last week, Opera announced an artificial intelligence collaboration with Alphabet's Google Cloud, with the tech giant's Gemini AI large language model (LLM) being integrated into Opera's Aria AI browser.
One feature that's included in the new browser allows users to generate AI images for free; it also reads out responses to users with its AI text-to-audio capabilities.
This is where Opera's soaring stock price comes in. Apple announced new AI capabilities today, and some investors were speculating ahead of the event that Opera could collaborate with Apple in a similar way that it is with Alphabet.
That turned out not to be true, with Apple announcing new AI capabilities for Siri and its operating systems, but making no mention of Opera.
Investors are keeping a close eye on Opera
Opera's recent collaboration with Alphabet comes on the heels of a TD Cowen analyst reiterating a buy rating on Opera's stock just last week, with a price target of $25. Part of the analyst's optimism stems from Opera integrating more AI features into its web browser.
It's clear that Opera is making some smart moves in the AI space right now to keep its browser relevant in a rapidly evolving market, and investors are taking notice of the company's moves.
Opera has a trailing price-to-earnings ratio of just 8, making this tech stock a tempting opportunity for investors looking for a good deal in the artificial intelligence space.
