What Happened?
Shares of video sharing platform Rumble (NASDAQGM:RUM) jumped 17.9% in the afternoon session after the company announced a partnership with Perplexity, an AI-powered answer engine.
The collaboration aimed to improve video discovery on Rumble by using Perplexity's AI tools. The agreement also included the launch of a new subscription bundle that combined Rumble Premium with Perplexity Pro. Additionally, the partnership involved the promotion of Perplexity's new product, Comet, across Rumble's platform. This news was met with enthusiasm from investors, who reacted positively to the potential for enhanced user experience and new revenue opportunities.
Is now the time to buy Rumble? Access our full analysis report here.
What Is The Market Telling Us
Rumble’s shares are extremely volatile and have had 51 moves greater than 5% over the last year. But moves this big are rare even for Rumble and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 1 day ago when the stock gained 2.9% on the news that its partner and major shareholder, Tether, announced plans to use the video platform to launch a new U.S. dollar-backed stablecoin, USAT, in the American market. The plan centered on Tether's partnership with Rumble, in which it held a 48% stake after a $775 million investment made in 2024. As part of the collaboration, Rumble planned to integrate a crypto wallet into its platform that would support USAT, with a launch expected by the end of the year. This initiative aimed to introduce the new stablecoin to Rumble's 51 million monthly active users, a move intended to accelerate the mass adoption of USAT in the United States.
Rumble is down 32.5% since the beginning of the year, and at $8.37 per share, it is trading 48.6% below its 52-week high of $16.27 from December 2024.
Do you want to know what moves the business you care about? Add them to your StockStory watchlist and every time a stock significantly moves, we provide you with a timely explanation straight to your inbox. It’s free for active Edge members and will only take you a second.
