Shares of Treasure Global (NASDAQ: TGL) surged by almost 9% on Friday after the tech company announced a collaboration with AIO Synergy Solutions to develop a data center tailored for AI applications.
Treasure Global (TGL) and AIO Synergy have joined forces to revolutionize the world of artificial intelligence (AI) in Southeast Asia. The strategic alliance aims to develop next-generation AI solutions and an exclusive state-of-the-art data center tailored for AI applications.
The dedicated AI data center will serve as a central hub for advanced AI data analytics and the development of AI-generated human experiences. It is custom-engineered to meet the unique demands of AI workloads, ensuring top-notch performance and efficiency.
The collaboration’s primary focus is on the Malaysian market, where Treasure Global (NASDAQ: TGL) and AIO Synergy are committed to delivering transformative AI solutions across various industries.
Both companies foresee significant expansion as Southeast Asia’s AI market is projected to soar. The Southeast Asian AI market is projected to reach US$10.05 billion in 2024, with an anticipated annual growth rate of 17.83%, reaching US$26.89 billion by 2030.
Sam Teo, CEO of TGL, expressed excitement about the collaboration, stating,
”As Southeast Asia makes unprecedented strides in digitalization, our collaboration with AIO Synergy is poised to offer advanced AI solutions that align with the evolving needs of businesses in the region.”
He added,
“Our plan is not just keeping pace with this growth; we believe we are actively contributing to shaping the future of AI technology in Southeast Asia and have once again proven our leadership position in the AI and digital e-commerce space.”
TGL stock was up 8.93% as of Friday’s close. That comes with 61,472,341 (61.47 million) shares traded. The daily average trading volume is below that at 2.58 million shares.
Maria Reed is a financial journalist with a passion for covering US equities. She joined the ABBO News team in June 2023. Maria holds an M.S. degree in International Economics and Finance from Otto-von-Guericke University in Magdeburg and is a CFA Level 2 candidate.
