-
C3.ai has soared 86% year-to-date as an investor frenzy builds for artificial intelligence.
-
The surge came amid the growing success of OpenAI’s ChatGPT product.
-
C3.ai announced on Tuesday that it would integrate ChatGPT into its product suite.
Shares of C3.ai have soared 85% year-to-date as an investor frenzy develops for stocks exposed to artificial intelligence.
The stock soared amid the growing success of OpenAI, an independent C3.ai company that has taken the internet by storm in recent weeks via the release of its ChatGPT product.
ChatGPT has proven to be a useful showcase for investors and consumers as to what artificial intelligence can do today and what it might be capable of over time.
ChatGPT is a natural language chatbot that allows users to have human-like conversations on a myriad of topics. Just two months after its release, ChatGPT users are using the platform to help write emails, develop code, and answer questions on a myriad of topics, like investing.
The success of ChatGPT led Microsoft to invest an additional $10 billion in OpenAI at a valuation of around $29 billion. Microsoft previously invested $1 billion in OpenAI in 2019. Although C3.ai does not own any part of OpenAI, it does have a contract with Microsoft’s cloud platform.
C3.ai soared as much as 28% on Tuesday after the company announced it would integrate ChatGPT into its suite of artificial intelligence tools products.
“The C3 generative AI product suite integrates the latest AI capabilities from organizations such as Open AI, Google, and universities, as well as the most advanced models, such as ChatGPT and GPT-3, into the products of ‘Enterprise AI from C3 AI,’ C3.ai said in a press release on Tuesday.
“Combining the full potential of natural language, pre-trained generative transformers, enterprise AI and predictive analytics will change everything in enterprise computing,” said C3.ai CEO, Thomas Siebel.
The recent surge in C3.ai’s stock price helped it to levels not seen since August. Despite rising year-to-date, C3.ai is down 89% from its December 2020 high of $183.90 per share.
Read the original article on Business Insider