Why Tuya Inc. (TUYA) Advanced on Thursday

We recently compiled a list of the Impressive Earnings, Fresh Deals Propel Prices of These 10 Firms. In this article, we are going to take a look at where Tuya Inc. (NYSE:TUYA) stands against the other stocks.

Wall Street’s main indices ended mixed on Thursday, with the Dow Jones the sole decliner, losing 0.28 percent.

In contrast, both the S&P 500 and the Nasdaq Composite registered gains, rising by 0.36 percent and 0.51 percent, respectively.

Amid the earnings season, 10 companies saw significant increases in their valuations, thanks to stronger-than-expected earnings reports. Additionally, several firms enjoyed rallies fueled by newly secured deals.

To come up with Thursday’s biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A computer engineer working intently on a smart home device.

Tuya Inc. (NYSE:TUYA)

Shares of China-based Tuya Inc. soared by 25.93 percent on Thursday to end at $3.4 apiece as investors cheered news of a collaboration with Chery to create a smart cockpit and accelerate the integration of automotive and home ecosystems.

In a statement, Tuya said the partnership will leverage Tuya’s cutting-edge smart space solutions for passenger vehicles. The collaboration aims to establish an interoperable smart home system across brands, ecosystems, and devices enabling seamless communication between cars, in-car devices, and smart home systems.

For instance, drivers will be able to use a Tuya-enabled App on their car’s infotainment system to control home devices in real-time, such as adjusting lighting, air conditioning, and curtains, before arriving home.

In addition to car-home connectivity, the partnership will expand to include smart living scenarios in real estate, communities, and hospitality.

Overall TUYA ranks 1st on our list of Thursday’s biggest advancers. While we acknowledge the potential of TUYA as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than TUYA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. This article is originally published at Insider Monkey.