Takeaways
- C3 AI and Amazon have expanded their strategic collaboration agreement for C3 to provide artificial intelligence software to Amazon Web Services (AWS).
- The initial collaboration agreement was entered into in 2016 and aimed to provide AI solutions to various sectors.
- C3 AI shares saw gains on the news, and demand for AI products has helped push the stock up nearly 170% this year.
Shares of C3 AI (AI) gained more than 7% on Tuesday as the enterprise artificial intelligence (AI) software company expanded its strategic collaboration agreement ( SCA) with Amazon Web Services (AWS) from Amazon (AMZN).
The two companies entered into an initial agreement in 2016, which involves AWS using C3 AI products to provide AI solutions “designed to solve customer problems.” critical business challenges across a variety of industries." Together, they provide services “across multiple verticals.” including manufacturing, energy and utilities, and consumer packaged goods, as well as federal, state and local governments.
C3 AI indicated that the updated SCA will have the companies focus on “continuing to offer advanced generative AI solutions to businesses.” CEO Thomas Siebel explained that the C3 AI and Amazon teams work to help organizations “increase efficiency through faster data retrieval and analysis and accelerate value creation by rapidly integrating many users.
C3 AI shares have surged after the news and have gained nearly 170% this year, driven by booming demand for AI products. Amazon shares also rose more than 2% on the day of the announcement and added about 70% of their value in 2023.
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Source: investopedia.com
