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Why the Livetiles Ltd share price just jumped to a record high

The Livetiles Ltd (ASX: LVT) share price has been a standout performer during morning trade on Tuesday.

At the time of writing the technology company’s shares have climbed 10% to equal its all-time high of 46 cents.

What happened?

Hot on the heels of a recent partnership with Microsoft in the artificial intelligence (AI) space, this morning LiveTiles announced an AI strategic partnership with the Clean Energy Smart Manufacturing Innovation Institute (CESMII).

According to the release, the partnership will focus on promoting efficiency, growth, and competitiveness in the US$2.2 trillion US manufacturing industry using LiveTiles’ AI technology.

This will see LiveTiles and CESMII working closely together to use LiveTile’s collaboration and bot technology to improve the industry’s current IT architecture.

The two parties main focus will be to reduce complexity and drive manufacturing efficiency. They aim to accomplish this by boosting collaboration and communication amongst teams and pairing workers with their individual machines using AI.

Should you invest?

I’ve been very impressed at the way LiveTiles has penetrated the AI market in recent months and wouldn’t expect this to be the last we hear on the matter.

After all, management has a lofty goal of developing a leadership position in the AI industry in the future. And if it succeeds with the agreements it has made with Microsoft and CESMII, it will be well on its way to doing so.

This could make it well worth considering as a long-term buy and hold investment today alongside other fast-growing tech shares such as Appen Ltd (ASX: APX) and Altium Limited (ASX: ALU).

Though it is worth noting that it is a reasonably high risk one with a lot of growth already baked into its share price. In light of this, it may only be suitable for investors with a high tolerance for risk.

But before you do consider buying LiveTiles...

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium and Appen Ltd. The Motley Fool Australia has recommended LIVETILES FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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