John Riccitiello, CEO of Unity Technologies, delivered a speech at the TechCrunch Disrupt 2018 summit in San Francisco on September 5, 2018.
David Paul Morris | Bloomberg | Getty Images
Unity witnessed a 12% surge in its shares on Tuesday following the announcement of its marketplace for artificial intelligence software, positioning itself as a leading platform in the booming technology industry. This marketplace allows Unity’s customers, who utilize the company’s game engine software to develop games for various platforms, to choose from a wide range of AI-based software developed by independent companies like Inworld AI and Polyhive. The software can perform tasks such as generating game dialogue, textures, and graphics. AI companies can distribute their software through Unity’s Asset Store and charge for it accordingly.
Unity’s stock price soared as company officials expressed their optimism about the potential of AI in recent weeks. Unity CEO John Riccitiello believes that AI will revolutionize gaming by making game development faster, more affordable, and higher in quality. He stated in an interview with the Associated Press, “It’s already happening.”
The surge in Unity’s stock price coincided with Wells Fargo analyst Brian Fitzgerald giving the company an overweight rating and setting a target price of $48. Fitzgerald sees Unity’s current share price as an attractive buying opportunity and believes that the company has the potential to expand its business beyond gaming into areas like “digital twins” and other simulation products for enterprises. The analyst’s note also mentioned that the hype around the “metaverse” is fading, presenting another buying opportunity for investors.
Prior to its focus on AI, Unity was closely associated with virtual reality efforts, such as Meta‘s. Unity’s software is used to develop virtual reality apps, and it was recently announced that VR apps made with Unity will be supported on Apple’s Vision Pro, a headset expected to launch early next year.
Despite the increasing adoption of the term “metaverse,” Unity CEO John Riccitiello dislikes it and thinks it is a loaded and foolish word, as mentioned in the AP interview.
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