C3 AI (AI) shares surged Tuesday as the company expanded its partnership with Microsoft (MSFT) in an effort to accelerate the adoption of its artificial intelligence (AI) software on Microsoft Azure.
The companies said the partnership "positions Microsoft as the preferred cloud provider" for C3 AI’s enterprise AI software, which will be available through the Microsoft Commercial Cloud Portal.
Shares of C3 AI jumped 24% to close at $32.96 Tuesday following the news, bringing the stock into positive territory for the year. The stock had taken a hit after the company in September projected a larger loss than expected for its fiscal second quarter, which ran through the end of October.
C3 AI is scheduled to report results from the second quarter after the market closes on Dec. 9.
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