C3.ai Shares Are Surging: What's Going On?

C3.Ai Inc AI shares are rallying Tuesday. The stock appears to be moving in anticipation of the company's quarterly results, which are due after the close Wednesday.

What To Know: C3.ai is set to report its fiscal fourth-quarter results on Wednesday. The company is expected to report a loss of 17 cents per share on revenue of $71.32 million, according to estimates from Benzinga Pro.

C3.ai reported preliminary results last week showing the company expects to turn in a strong quarter. C3.ai and other AI-related stocks surged toward the end of last week in sympathy with Nvidia Corp NVDA, which issued a strong forecast, driven by outsized demand for the company's AI chips.

The chipmaker guided for second-quarter revenue of $11 billion, plus or minus 2%, which was well above even the highest analyst forecasts.

"A trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process," said Jensen Huang, founder and CEO of Nvidia.

C3.ai is focused on the AI opportunity. The enterprise AI application software company's offerings include an end-to-end platform for developing, deploying and operating enterprise AI applications, a portfolio of industry-specific SaaS enterprise AI applications and a suite of large AI transformer models for the enterprise.

See Also: Nasdaq Futures Soar On High Hopes For Budget Deal: Why This Analyst Sees More Gains For Rest Of Year

AI Price Action: C3.ai shares were up 12.2% at $36.96 at the time of publication, per Benzinga Pro.

Photo: Alexandra_Koch from Pixabay.