C3.ai (AI)

Mar 14, 2023Trade Ideas

Keep an eye on C3.ai (AI) again.

After pulling back from $30 to $21.76, the AI stock found triple bottom support. We have to remember that C3.ai has a good deal of AI exposure.

For one, the company is making money by developing AI solutions and software for companies in several industries, including manufacturing, oil and gas, utilities, financial services, government, healthcare, retail, telecommunications, and transformation. Amazon and Alphabet, for example, partnered with C3.ai to boost cloud services.

Two, it’s solving what was once unsolvable for the U.S. military. For example, C3.ai was just awarded a $500 million contract with the Department of Defense (DoD) to help accelerate and strengthen its AI capabilities to counter current and future threats.

Even better, in its latest quarter, AI posted revenue of $66.7 million, which was ahead of the company’s guidance range of $63 million to $65 million, and above forecasts for $64.3 million. Adjusted, the company recorded a loss from operations of $15 million, narrower than the forecast range of a loss between $25 million and $29 million.

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