C3.ai (NYSE:AI) gained 20% today on the launch of a new product suite. The enterprise artificial intelligence (AI) platform innovator is enjoying an excellent start to 2023, rising 80% since the year began. But today it reported some excellent news that sent AI stock shooting up as markets opened. The company launched its new C3 Generative AI Product Suite, beginning with the release of the C3 Generative AI for Enterprise Search. It stated:
“C3 Generative AI for Enterprise Search provides enterprise users with a transformative user experience using a natural language interface to rapidly locate, retrieve, and present all relevant data across the entire corpus of an enterprise’s information systems.”
That’s just where the advanced product suite begins, though. What does this release mean for the future of AI stock and for others like it? Let’s take a closer look at what investors can expect.
What’s Happening With AI Stock
Last week ended on a positive note for C3.ai. A historic agreement between the White House and the European Commission on the launch of a new AI initiative sent AI stock up 15%. As InvestorPlace contributor Josh Enomoto reported, this news turned the company into one of Wall Street’s biggest stories. And with today’s product launch, C3.ai is likely destined for even better days ahead. The complete suite is scheduled for release in March 2023. On March 7, it will be featured as part of the C3 Transform international users’ group conference in Boca Raton, Florida.
Since the launch of ChatGPT cast a powerful new light on AI technology, Wall Street has been watching companies in the space closely. OpenAI, the company behind the chatbot, is privately held, but plenty of public tech companies have similar products. This list includes International Business Machines (NYSE:IBM) and Microsoft (NASDAQ:MSFT), which has already partnered with OpenAI. Now C3.ai is poised to join the ranks of companies working hard to cover ground in the AI race, already becoming a dominant market trend of 2023. Its CEO Thomas M. Siebel issued the following statement as part of the launch:
“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.”
What Comes Next
The company’s statement notes that its new product suite will have applications across many industries. This includes supply chain, energy and healthcare, as well as aerospace and defense.
This product launch isn’t for over a month, but AI stock is likely to continue rising as it does. The company benefits from the general positive momentum toward AI that has been pushing the sector up since before the year began. Once the full launch takes place, C3.ai is likely to see shares soar as it takes its place among tech stock winners. Investors should be watching AI stock carefully in the weeks leading up to it.
On the date of publication, Samuel O’Brient 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.