C3.ai Declares Share Buyback Of Up To $100M; Shares Pop

Enterprise AI software company C3.ai's AI board authorized a stock repurchase program of up to $100 million over the next 18 months.
C3.ai held $1.1 billion in cash and equivalents as of October 31.
"We believe strongly in the opportunities ahead for C3.ai and our potential for creating significant long-term value for all our stakeholders as we execute on our strategic vision," said Thomas M. Siebel, CEO of C3.ai. "We see this as an attractive use of capital while still allowing us to invest in our growth."
Price Action: AI shares traded higher by 7.99% at $33.65 on the last check Wednesday.