REUTERS/Dario Cantatore/NYSE Euronext
- C3.ai has soared 86% year-to-date as an investor frenzy builds for artificial intelligence.
- The surge higher has happened 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 builds for stocks with exposure to artificial intelligence.
The stock has soared amid the growing success of OpenAI, a company unrelated to C3.ai which has taken the internet by storm in recent weeks via the release of its ChatGPT product.
ChatGPT has proven to be a useful showcase to both investors and consumers as to what artificial intelligence can do today, and what it may 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, users of ChatGPT are using the platform to assist with writing emails, developing code, and answering questions on a myriad of topics, like investing.
The success of ChatGPT led to Microsoft investing an additional $10 billion in OpenAI at a valuation of about $29 billion. Microsoft had previously invested $1 billion into OpenAI in 2019. While C3.ai does not own a piece of OpenAI, it does have a contract with Microsoft’s cloud platform.
C3.ai soared as much as 28% on Tuesday after the company said it would integrate ChatGPT into its product suite of artificial intelligence tools.
“The C3 Generative AI Product Suite integrates the latest AI capabilities from organizations such as Open AI, Google, and academia, and the most advanced models, such as ChatGPT and GPT-3 into C3 AI’s enterprise AI products,” C3.ai said in a Tuesday press release.
“Combining the full potential of natural language, generative pre-trained transformers, enterprise AI, and predictive analytics will change everything about enterprise computing,” C3.ai CEO Thomas Siebel said.
The recent surge in C3.ai’s stock price has helped it reach levels not seen since August. Despite the year-to-date surge, C3.ai is down 89% from its record December 2020 high of $183.90 per share.