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AI stock surges over 700% in 2024 after CEO’s suspicious trade

AI stock surges over 700% in 2024 after CEO's suspicious trade
Elmaz Sabovic

Insider trading presents a problem in the stock market, involving unethical and unfair practices. It occurs when individuals with access to confidential information about a company use that knowledge to make profitable trades.

A recent example involves Airship AI (NASDAQ: AISP). Its CEO, Victor Huang, bought $115,000 worth of the company’s stock because he was apparently aware of upcoming government contracts before the public announcement.

Following this, the stock of AISP has soared by over 740%, resulting in a significant return on investment for Huang and early investors.

AISP stock YTD price chart. Source: Google Finance
AISP stock YTD price chart. Source: Google Finance

Following gains of several hundred percent, Huang’s initial investment of $115,000 has now grown to approximately $700,000 in value.

DOJ contract that made AISP stock surge 700%

On March 5, Airship AI Holdings announced that a division of the Department of Justice had granted them a contract to supply an artificial intelligence-driven platform for managing video and sensor data.

Under the agreement, the agency will utilize the Acropolis Enterprise Sensor Management platform in a cloud-based configuration, meeting the security requirements of the Federal Risk and Authorization Management Program.

Airship AI mentioned that the agency will be able to monitor devices and sensors within its digital network either through the cloud or via the Outpost AI Edge Appliance using Acropolis.

After the contract was publicly announced, AISP shares surged from $1.65 to $10.07 in value.

New government contract, this time from Singapore

On March 15, Airship AI also secured a significant multi-year contract worth six figures from a Singapore Government agency. 

The contract is for their Acropolis Enterprise Sensor Management platform, which aids in managing video and data, supporting evolving public safety needs. This is the same technology that initially won Airship AI the contract with the US government.

Given the ongoing interest from various governments and Airship AI’s track record with government contracts, it’s probable that we’ll see more contracts from both domestic and international sources, however, whether this will continue to have a positive impact on AISP stock price or pull back is due remains to be seen.

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