Shares of social-messaging app (NYSE: SNAP) were up 16.1% in June, according to data provided by S&P Global Market Intelligence. Investors are increasingly excited about developments in the field of artificial intelligence (AI), and Snap is seen as a beneficiary of the trend. Moreover, the company gave an encouraging update regarding its subscription product.

Generative AI image creation has captured the imaginations of investors. Using simple text prompts, users can have AI create images quickly and easily. On June 19, Snap announced its own contribution to the field. Through its research division, the company developed a model called SnapFusion, allowing images to be created in under two seconds, which is incredibly fast.

On June 29, Snap celebrated the one-year anniversary of Snapchat+, its subscription product that includes premium features. In just one year, the company has amassed 4 million subscribers, which is impressive growth. After all, management said it had just over 3 million subscribers at the end of April, so it almost seems as though the subscription service is picking up steam.

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Source Fool.com