Spatial data company actions Matterport (NASDAQ: MTTR) surged 19.5% in trading on Friday, speculation could be metaverse action. Shares are up 17.3% at 3:40 p.m. EDT and appear to end the week strong.
Investors are now speculating that Matterport could be a partner in Facebook‘s (NASDAQ: FB) effort to build the metaverse (Facebook will soon be known as Meta). The two companies are working together on Facebook’s AI simulation platform in Embodied AI. This research aims to find use cases of spatial data and AI with university researchers.
It’s a bit of a stretch today to say that the Meta name change announcement yesterday will have an impact on Matterport’s business in the long term. It might be good to have a frontline view of the development of the Metaverse, but Meta’s movements don’t necessarily change Matterport’s trajectory.
One announcement that might also grab attention is Matterport’s Capture app now available to Android users, which includes space capture on smartphones. A previous version of the app was compatible with cameras, but didn’t include full capture capabilities on the device, which was announced yesterday.
I’m certainly optimistic about Matterport’s future as a company, but it’s a move that seems a bit of a stretch given the metaverse’s childhood. But it will be worth looking at how spatial data is used in the development of tools for AR / VR / metaverse applications.
The most important news from Matterport will be released next week on November 3, when third quarter results are released. This will give investors an idea of how quickly this growth stock is gaining traction with users.
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