The artificial intelligence (AI) wave has supercharged Opera (NASDAQ: OPRA) stock this year, with shares of the web browser company soaring an impressive 111% so far in 2023. But there has been a sharp pullback in the company's stock price over the past couple of months.

On July 14, it emerged that Opera will be raising $300 million in capital by issuing new shares. While this move seems like a smart thing to do to fund the company's growth and avoid taking on debt in a high interest rate environment, it nevertheless spooked investors. Opera stock has been heading south ever since the announcement was made, losing 35% of its value.

The pullback looks like an opportunity to buy into a fast-growing company at an attractive valuation, especially one whose growth could be supercharged by the growing adoption of generative artificial intelligence (AI). Let's look at the reasons why.

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Source Fool.com