Microsoft(MSFT) Azure business will provide cloud computing services to artificial intelligence software maker C3.ai (AI) as part of an expanded partnership announced Tuesday. AI stocks appeared on the news.
The companies announced partnership targeting corporate clients at Microsoft’s Ignite Cloud Computing conference.
“This strategic alliance accelerates the adoption of enterprise AI, benefiting customers with widely available enterprise AI application software to achieve rapid time-to-value in supply chain optimization, production optimization, predictive maintenance, government efficiency, achieving ESG goals and energy management. ” said Thomas Siebel, CEO of C3.ai, in a statement.
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Market shows bullish action with Nvidia available; TradeWeb and Heico also in the spotlight
On the stock market todayAI stock jumped nearly 25% to 32.48. With this gain, AI stock is up 9% in 2024. C3.ai is lagging behind Palantir (PLTR), which jumped 256% in 2024.
AI Stock: Profits expected on December 9
Third-quarter results for C3.ai stock are due on December 9.
C3.ai told analysts that it expects revenue growth to accelerate as more AI pilot projects enter commercial production.
Earlier this year, C3.ai abandoned its goal of becoming profitable on an adjusted basis amid growing investments in artificial intelligence. Additionally, C3.ai is transitioning to consumer-priced services, which is weighing on profit margins in the short term.
Additionally, C3.ai stock had a Relative Strength Rating of 34 out of the best possible 99 ahead of the earnings report, according to Checking ITN stocks.
Meanwhile, C3.ai stock is one of many AI Names to Watch.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
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