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Luokung Technology (NASDAQ:LKCO) stock is revving up on Thursday after revealing a deal with Microsoft (NASDAQ:MSFT) that has investors excited. LKCO is a Chinese spatial-temporal intelligent big data services company that offers location-based services and high-definition maps.
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What Happened With LKCO Stock?
Luokung Technology announced that it’s working with Microsoft to create autonomous driving services for automakers. This covers the “collection, storage, analysis, management and simulation testing of autonomous driving data.”
What It Means
The two companies are working together in preparation for the mass adoption of self-driving vehicles in China. This means that both of them will be ready to commercialize their services to automakers selling autonomous vehicles in the country.
Xuesong Song, chairman and CEO of Luokung Technology, said this about the deal.
“As the demand for flexible computing continues to expand, China’s autonomous driving data service market shows significant room for growth. We believe EMG’s core competencies in LBS and HD Maps are an ideal fit with Microsoft’s considerable advantages in areas of cutting-edge technology such as cloud computing, artificial intelligence, elastic computing, and mixed reality. “
What’s Next for LKCO Stock?
A deal with Microsoft is nothing to take lightly. It shows that Luokung Technology’s services have value, which could turn into value for investors when autonomous vehicles take off in China. Keeping that in mind, traders will want to keep an eye on LKCO stock as self-driving vehicles gain traction.
LKCO stock was up 15.1% as of Thursday afternoon.
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