What happened
The artificial intelligence (AI) craze sweeping the market since the successful debut of OpenAI's ChatGPT chatbox swept up shares of C3.ai (AI +1.50%), which are running 49.6% higher this week compared to where they closed last Friday, according to data from S&P Global Market Intelligence.
Beginning in early January C3.ai's stock has rocketed 155% higher, but earlier this week it announced it was launching a set of tools for generative AI applications that will incorporate ChatGPT as well as software from Alphabet's Google.
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So what
Called C3 Generative AI for Enterprise Search, the suite of new products will enable users to deploy a natural language interface to quickly locate, retrieve, and display relevant data across a company's information systems.
The company maintains it will have a breathtaking, transformative impact on the economy as it "will accelerate transformation efforts across business functions and industries, including supply chain, sustainability, reliability, CRM, ESG, aerospace, oil and gas, utilities, CPG, healthcare, financial services, and defense and intelligence."
Try not to undersell it, C3.
NYSE: AI
Key Data Points
The AI specialist was already present in the energy industry, as some the biggest companies there are also C3's biggest customers. It previously partnered with oil and gas services giant Baker Hughes to sell its technology into the oil and gas industry on a co-branded basis. In December, C3 partnered with Booz Allen Hamilton to target sales to the government, including at the state and local levels.
That same month it also received the first three orders from the Defense Department in its five-year, $500 million contract for AI-powered modeling and simulation products.
Now what
Beyond enterprise customers and the federal government, C3.ai has also branched out to tailor its technology to businesses of all sizes. Because smaller companies tend to be more agile than their larger counterparts, the AI firm sees them as being able to benefit more readily from insights gleaned from AI-supported data.
The first product in its new suite, however, seems targeted to its bigger customers first, with future iterations likely making their way down to small to medium-sized businesses.
Already a leading company in the AI space, C3.ai was perfectly positioned to get swept up in the market's frenzy over ChatGPT and all things artificial intelligence.
