Why Applovin Fell Double-Digits This Week

Shares of mobile game advertising engine Applovin (NASDAQ: APP) plunged this week, falling 14.9% this week through Friday as of 3:15 p.m. EDT, according to data from S&P Global Market Intelligence.Applovin's stock fell on generalized fear over two new innovations in the mobile game world. Late last week, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) unveiled Project Genie, an AI-powered tool that allows users to create virtual worlds. Second, a new AI-based digital advertising start-up, CloudX, became generally available, posing a potential competitive threat to Applovin's mobile game advertising engine.The weakness in gaming-related stocks began last Friday, the day after Google rolled out Project Genie to Google AI Ultra subscribers. Virtually all video gaming-related stocks fell in unison after the unveiling, and Applovin got caught up in the sell-off. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool