Artificial intelligence is gaining momentum in the market, with companies like Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), and more experimenting with this smart technology. Roblox Corporation (NYSE: RBLX) too has prepared its lasso to tighten its grip in future markets. As of now, RBLX stock price was changing at $42.85, down by over 4% since its previous close.
RBLX Stock Rises in Pre-Market
It appears as if the price has already started to set off yesterday’s fall, with company shares gaining 0.35% in the pre-market at publication time. Roblox is taking another step forward in leveraging artificial intelligence. This move comes as the organization unveils its new user AI tools.
The technology is capable of delivering coding scripts using simple text descriptions. Stef Corazza, Roblox Studio Head, highlighted that he was not sure whether this technology would work on the platform a few years back. However, he now believes this is only the beginning, and AI can go beyond two-dimensional surfaces.
Roblox uses Triton, an integral element of Nvidia’s AI platform, to create avatars, moderate content, and more. During the GTC keynote, Jensen Huang, the founder of Nvidia, said that the company would bring AI to every industry. The technology may help push the metaverse into the mainstream.
However, AI’s exponential rise in recent times has overshadowed the metaverse talk for now. Meta Platforms (NASDAQ: META) has shifted its focus from virtual spaces to artificial intelligence. Although, the metaverse remains the primary goal for the company in the long run.
Roblox is currently the biggest metaverse platform, with almost 60 Million daily active users on the network. The company has grown substantially during the past years. The organization had around 11 Million users in 2018. Moreover, it generated $2.2 Billion in revenue in 2022. The metaverse company also paid more than $500 Million to creators on the network.
RBLX Stock Price Action
The chart above shows that an uptrend is in motion. Regression Trend highlights more room for buyers in the coming days. Bull bear power indicator supports the same, indicating buyer dominance in the market. Parabolic SAR underscores an uprising is underway. The pitchfan also underscores a powerful area of progression for RBLX Stock. The price currently holds resistance at $46 and support at $39.
Roblox has a chance to grow amid an increasing augmented and virtual reality market in forthcoming years. Both technologies are an integral part of the metaverse, and going by a simple price and demand logic, demand for these devices may rise exponentially. Currently, these gadgets come with hefty price labels, which repels an average joe from purchasing them.
