AppLovin Stock Surges on S&P 500 Inclusion Amid AI Optimism
AppLovin's stock soared 6.5% in extended trading following its inclusion in the S&P 500, capping a year-to-date rally of 51% and a staggering 456% over the past year. The AI-driven mobile ad-tech platform has captivated investors with its technology that enhances targeted advertising for mobile game users.
Wall Street maintains a Strong Buy rating, anticipating further upside. The S&P 500 reshuffle, effective September 22, will also see Robinhood Markets and Emcor Group join the index, replacing MarketAxess Holdings, Caesars Entertainment, and Enphase Energy.
Second-quarter revenue surged 77% year-over-year to $1.26 billion, defying short-seller allegations. Institutional interest is expected to climb, potentially propelling the stock higher.
