Salesforce (NYSE:CRM) stock is rising higher on Monday after the company announced a new “AI Cloud” service for its customers.

With this artificial intelligence (AI) cloud service, Salesforce is bundling several of its products together for enterprise customers, including its Einstein service and Slack. Customers will also benefit from large language models provided by other sources as well.

Marc Benioff, CEO of Salesforce, highlighted the importance of AI with the following statement to Barron’s:

“AI is reshaping our world and transforming business in ways we never imagined, and every company needs to become AI-first […] AI Cloud […] is the fastest and easiest way for our customers to unleash the incredible power of AI, with trust at the center driven by our new Einstein Trust Layer”

CRM Doubles AI Fund

To go along with today’s news, Salesforce has also increased its venture capital fund for generative AI startups. The company has doubled the amount available through this fund to $500 million. This opens the way for more companies to focus on AI that Salesforce can potentially use.

All of this AI-related news has CRM stock seeing some 2.8 million shares change hands as of Monday morning. For comparison, the company’s daily average trading volume is closer to 6.4 million shares. The stock is also up 2.2% as of this writing.

Investors can find out even more of the hottest stock market news today below!

We’re collecting all of the most important stock market stories that traders need to know about on Monday. Among our coverage is what’s happening with shares of GameStop (NYSE:GME) stock, as well as what has cruise stocks heading higher. You can find out more on these matters at the following links!

More Stock Market News For Monday

• GameStop (GME) Stock: Go Big or Go Home
• Insiders Are Buying Up GameStop (GME) Stock Now
• Why Are Cruise Stocks CCL, RCL, NCLH Up Today?

On the date of publication, William White 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.