What happened
Shares of C3.ai (AI 0.21%) were gaining this week as a number of factors seemed to drive shares of the Enterprise AI platform higher.
Those included tailwinds after last week's better-than-expected preliminary earnings report and the conclusion of its investigation into a short-seller report. The company also launched its new generative AI product suite, and the stock got a boost after Nvidia gave blowout guidance in its earnings report on Wednesday.
As of Thursday at 3:16 p.m. ET, the stock was up 11.2% for the week, according to data provided by S&P Global Market Intelligence.
NYSE: AI
Key Data Points
So what
Coming into this week, C3.ai stock was riding high after the company posted better-than-expected preliminary results for its fiscal fourth quarter last week and said it concluded an investigation into short-seller claims, finding no wrongdoing.
The big news out of the company this week was that its generative AI product suite is now available as a public offer on Alphabet's Google Cloud Marketplace.
The company had announced the product suite earlier in the year, which features enterprise search, allowing businesses to search across their database to locate and retrieve relevant information.
C3.ai CEO Thomas Siebel said, "Since we announced C3 Generative AI, we've had intense interest from current customers and prospects to get these capabilities deployed and in use across their systems."
Additionally, C3.ai got a boost from a strong report from Nvidia after the chipmaker posted blowout guidance for the second quarter, showing strong demand for AI chips.
Now what
Thus far this year, C3.ai has been something of a barometer for broader investor interest in AI, and the stock has more than doubled as interest in AI tech from both businesses and investors has boomed following the launch of ChatGPT.
However, the company still has a lot to prove, as revenue growth is flat and it is operating at a substantial loss.
We should learn more when the AI stock releases its full fourth-quarter earnings report on May 31.
