The artificial intelligence industry is becoming less and less of a sci-fi pipe dream and more of a reality every day. Human minds are working day-in and day-out to develop faster and simpler ways to automate the monotonous, and AI is a way to do just that. At the forefront of AI is C3.ai (NYSE:AI), and today AI stock is seeing big gains. That is because the stock is seeing some positive press that is reinvigorating investors.
The big story cooking up high AI gains today is the company’s praise in The Financial Times. The Financial Times added C3.ai to its list of the fastest-growing companies of 2021. The esteemed list recognizes companies that have seen notable levels of revenue growth over the last few years, and AI was lucky enough to join the ranks this year. In response, C3’s CEO Thomas Siebel put out a thank you statement this morning. The news is making investors double-take before adding AI stock to their portfolios in anticipation of a boom.
In fact, many at InvestorPlace believe now is a great time for investors to be buying into AI stock. Along with other tech stocks, C3.ai dipped off its highs. However, as InvestorPlace analyst Matt McCall writes, this 67% dip off its highs creates the perfect buying opportunity for investors. Why?
The AI industry is turning white-hot, and as an industry leader, C3 looks like an appetizing option. Recent trading volume booms can likely be chalked up to investors coming to this realization. The award today only sweetens the story.
New Deals Also Boost the Bull Case for AI Stock
In addition to changing sentiment around AI stock is news of an exciting deal for the company. C3 has inked out a collaborative deal with Yokogawa Electrical Corporation. The deal will outfit Yokogawa with C3’s AI technology platform for the development of its applications. The contract will bolster Yokogawa’s existing small portfolio of AI-enhanced software. The news is one of the first major announcements since the AI stock IPO in late 2020.
AI stock is currently up by 12%, trading at $70.35.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.