C3.ai is up 86% year-to-date as an artificial intelligence investor frenzy builds.
The increase 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 are up 85% year-to-date as an investor frenzy for stocks with exposure to artificial intelligence develops.
The stock rose amid the growing success of OpenAI, a company unrelated to C3.ai that has taken the internet by storm in recent weeks with the release of its ChatGPT product.
ChatGPT has proven to be a useful showcase for both investors and consumers of what artificial intelligence can do today and what it could be capable of over time.
ChatGPT is a natural language chatbot that allows users to have human-like conversations on a variety of topics. Just two months after release, ChatGPT users are using the platform to help write emails, develop code, and answer questions on a variety of topics including investing.
ChatGPT’s success led Microsoft to invest another $10 billion in OpenAI, which is valued at approximately $29 billion. Microsoft previously invested $1 billion in OpenAI in 2019. While C3.ai doesn’t own a piece of OpenAI, it does have a contract with Microsoft’s cloud platform.
C3.ai surged as much as 28% on Tuesday after the company announced it would be adding ChatGPT to its suite of artificial intelligence tools.
“The C3 Generative AI Product Suite integrates the latest AI capabilities from organizations like Open AI, Google, and academia, as well as the most advanced models like ChatGPT and GPT-3 into C3 AI’s enterprise AI products,” C3.ai said 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,” said Thomas Siebel, CEO of C3.ai.
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 December 2020 record high of $183.90 per share.
Read the original article on Business Insider
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