MicroAlgo stock soared 500% on Tuesday: what happened?

MicroAlgo Inc (NASDAQ: MLGO) soared an eye-popping 500% today after announcing a new agreement with WiMi Hologram Cloud Inc (NASDAQ: WIMI).

Details of MicroAlgo-WiMi collaboration

The bespoke central processing algorithms company has teamed up with WiMi to “jointly establish a micro-conscious quantum research centre”, as per a press release on Tuesday.

MicroAlgo and WiMi collaboration will tap on quantum theory and artificial intelligence to “study the relationship between consciousness and quantum”.

More broadly, the research centre they’ll jointly set up will “expand the limitations of science”.

The news arrives a couple months after $MLGO announced a “deep clustering algorithm based on multi-level feature fusion”, as Invezz reported here. It unveiled a prediction algorithm for Bitcoin trading based on technical indicators and machine learning as well in late 2023.

Shares of WiMi Hologram Cloud Inc are also up roughly 40% following the news on Tuesday.

MicroAlgo stock trading volume is through the roof today

MicroAlgo and WiMi said the new research centre will integrate several disciplines including medicine, biology, computer science, mathematics, genetics, psychology, polymer chemistry, sociology, and philosophy.

Its core research interests include brain-computing interface technology, quantum computing and consciousness modelling, quantum-driven generative consciousness, and big data AI and quantum consciousness.

$MLGO is convinced the collaboration is a step towards a future where quantum science and AI will go hand in hand. Its press release added:

More than 100 million shares of the Nasdaq-listed firm have exchanged hands on Tuesday (as of writing). That’s up sharply from its average daily trading volume of well under 1 million. MicroAlgo stock is not really covered by Wall Street analysts at present.