C3 AI (NYSE:AI) stock is on the rise Tuesday after announcing a partnership with Shell (NYSE:RDS), Baker Hughes (NYSE:BKR), and Microsoft (NASDAQ:MSFT).
These companies are comping together to create the Open AI Energy Initiative. This is an ecosystem for the energy and processing industries that relies on artificial intelligence (AI)-based solutions.
The Open AI Energy Initiative has these companies working to accelerate the transformation of the energy sector into the digital age. This is possible through the BHC3 AI Suite and Microsoft Azure.
C3 AI’s part in the Open AI Energy Initiative has it working with Baker Hughes to offer several AI solutions to companies. That includes BHC3 Reliability, BHC3 Production Optimization, BHC3 Inventory Optimization, and C3 AI CRM.
Yuri Sebregts, CTO for Shell, said this about the partnership boosting AI stock up today.
“Over the last few years, we have been working with C3 AI to scale our AI-based predictive maintenance solutions to reduce costs and improve the productivity, reliability, and performance of our assets. We are monitoring more than 5,200 pieces of equipment using machine learning across upstream and downstream manufacturing as well as integrated gas assets.”
C3 AI’s position in the Open AI Energy Initiative lines up with the company’s focus. Its main goal is to use enterprise AI software to accelerate digital transformation. This has it offering up a suite of services to companies looking to go digital.
AI stock was up 11.4% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
