Following the emergence of OpenAI’s ChatGPT program, all eyes have been focused on artificial intelligence (AI) companies. That, in turn, has led to increased attention on C3.ai (NYSE:AI), which provides enterprise AI applications to improve cost and efficiency.
This morning, C3.ai announced the launch of its C3 Generative AI Product Suite. The first product to be released from the suite will be the C3 Generative AI for Enterprise Search. As the name suggests, enterprise search will allow users to retrieve and locate across an enterprise’s entire dataset using a natural language interface. In addition, enterprise search will integrate “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.” The connection with ChatGPT may be a factor driving up the price of AI stock today.
CEO Thomas Siebel added the following about the news:
“C3 Generative AI fundamentally changes the human computer interaction model of enterprise application software […] Combining the full potential of natural language, generative pre-trained transformers, enterprise AI, and predictive analytics will change everything about enterprise computing.”
C3.ai has slated a general release for C3 Generative AI in March. The product suite can be used for a variety of functions and industries, such as supply chain, customer relationship management, healthcare and oil and gas.
5 Investors Betting Big on AI Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the third quarter, 217 13F filers disclosed ownership of AI stock, an increase of nine filers from the prior quarter. Meanwhile, the institutional put/call ratio sits at 1.24, up from 0.96. That’s equivalent to 3.5 million puts and 2.83 million calls, implying a bearish options stance. In total, institutions own 43.26% of all shares while insiders own 13.22%.
With that in mind, let’s take a look at the top shareholders of C3.ai:
- Vanguard: 9.04 million shares. Vanguard purchased 2.03 million shares during Q3.
- Baker Hughes Holdings: 8.65 million shares. Baker Hughes’ position remained unchanged during Q3.
- Thomas Siebel, CEO: 6.79 million shares. Siebel’s position is accurate as of Nov. 2.
- Renaissance Technologies: 2.96 million shares. Renaissance purchased 241,300 shares during Q3.
- State Street (NYSE:STT): 1.59 million shares. State Street purchased 94,689 shares during Q3.
On the date of publication, Eddie Pan did not hold (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.