C3.ai (NYSE:AI) stock is getting a boost on Monday after ARK Invest CEO Cathie Wood singles out artificial intelligence (AI) as the next big move in investing.
Here’s what Wood had to say on the matter at the Milken Institute conference in October, as reported by MoneyWise
“We were assuming that in the next 10 years, artificial intelligence would deliver, in the enterprise software space, a market cap opportunity of $30 trillion. Our new number is $80 trillion. We think that is the big new frontier.”
With Wood taking such a strong stance on AI, investors are flocking to companies in the space. That includes C3.ai, which has seen some 2.5 million shares change hands as of this writing. That’s just shy of its daily average trading volume of 2.7 million shares.
Now that you know why AI stock is rising today, let’s jump into the details about the company.
- C3.ai is an enterprise AI software provider.
- The company’s focus is on assisting companies with speeding up their digital transformation.
- It does so through its C3 AI Suite of software.
- These allow for the creation of enterprise-scale AI applications.
- C3.ai says that it does this more efficiently and cost-effectively than others in the space.
- Leading the company is chairman and CEO Thomas Siebel.
- Siebel was previously the chairman and CEO of Siebel Systems.
- His company merged with Oracle Corporation in 2006.
- C3.ai has a market capitalization of $5.067 billion.
AI stock was up 3.3% as of Monday morning but is down 59.3% since the start of the year.
There’s more of the most recent stock market news below!
We’ve got all the latest stock news for Monday that traders need to know about. That includes the news that has shares of Gores Guggenheim (NASDAQ:GGPI), Akerna (NASDAQ:KERN), and Oatly (NASDAQ:OTLY) on the move. You can find more of this info at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.