Shares of C3.ai, Inc. (AI) soared 5.03% during intraday trading on Thursday, outperforming the broader market as investors piled into artificial intelligence (AI) stocks on the back of growing demand and investments in the sector.
The surge in C3.ai's stock price was part of a broader rally in AI-related companies, fueled by the increasing adoption of AI solutions across various industries. SoundHound AI Inc (SOUN), a provider of conversational AI and voice recognition technology, saw its shares surge over 16%, while BigBear.ai Holdings (BBAI) climbed 12%.
The AI revolution is forecast to add $15.7 trillion to the global economy by the end of the decade, prompting major tech companies to invest heavily in the space. Semiconductor giant Nvidia, which dominates the AI-GPU market, has witnessed a staggering $3 trillion surge in market value since the start of 2023, driven by the overwhelming demand for its AI chips. Meta Platforms, Alphabet, and Apple are also betting big on AI, with investments ranging from custom AI chips to generative AI solutions.
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