C3.ai Inc’s AI jumped higher Friday, trading up more than 15% in the afternoon. The move in shares possibly comes amid overall market strength, particularly in the tech space following cooler-than-expected inflation data.
Personal consumption expenditures (PCE) grew .3% in February, less than experts expected. This is a sign that inflation could be falling further. As a result, bond yields have dropped, driving the price of many growth stocks higher.
C3.ai is an early mover in the AI space and has seen a significant increase in volume following the rise of ChatGPT and other AI tools. The company provides AI software as well as turnkey solutions for companies that are looking to implement AI. Investors are now keenly aware of AI’s potential impact on virtually every industry.
Price Action: C3.ai’s stock opened Friday’s session trading at $27.74 a share. Throughout the session, strong demand has pushed the stock higher nearly 17%, up to a high of $32.82 Friday afternoon.
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