Why Boost Run Stock Popped by Nearly 6% Today
The company announced a splashy new AI cloud contract with an unnamed client.
Overview
Artificial intelligence (AI) cloud company Boost Run (NASDAQ: BRUN) had quite the run on its stock Tuesday. This followed news from the company that it signed a new contract to provide its services under a long-term deal that will see it earn hundreds of millions of dollars. With that considerable tailwind behind it, Boost Run's shares rose by almost 6% that trading session.
Before market open, Boost Run announced it had inked a five-year deal with what it described as "a leading sovereign AI company" that it did not identify. The total contract value (TCV) of the arrangement is $525.6 million, quite a handsome sum given that the company's most recent quarterly revenue was barely over $31 million.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.