Why iQiyi rises today

What happened

Chinese technology stocks iQiyi (NASDAQ: IQ) it was a rocket Wednesday. Shares rose nearly 11% more in mid-afternoon trading on the back of news of a new piece of hardware.

And what

After hours in the U.S. market on Tuesday, iQiyi unveiled its latest virtual reality (VR) headphones, the QIYU 3, at a live broadcast event.

Image source: Getty Images.

The new device has a large set of bells and whistles to attract players and spectators who want to boost the tech wrap. Among other features, iQiyi promotes the set’s iQUT feature film, which it says provides a 2,000-inch screen that matches the collective viewing of 20 80-inch TVs.

More synergistically, QIYU 3 can run cutting-edge video standards such as 4K, 3D, and 8K at 60 frames per second. The company claims that this provides the device with “industry-leading image quality,” better than the dissemination of King iQiyi’s content library, which is Chinese streaming video.

Now that

iQiyi wastes no time with the QIYU 3; in the press release announcing its launch, the company said it will be available starting this Friday, September 3 on Chinese e-commerce sites Tmall.com and JD.com. It did not specify a suggested retail price. The first buyers of the device will receive 30 free premium video games, iQiyi said, though it did not provide any details.

We can expect many more VR products and content from the company. In the press release, iQiyi also said it intends to “invest even more in content, platforms and hardware, as it asserts its position as an industry leader in offering premium multisensory experiences to users.”

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a premium Motley Fool advisory service. We are motley! Questioning an investment thesis (even one’s own) helps us reflect critically on investment and make decisions that help us be smarter, happier, and richer.

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