Site icon Forex trading portal #1

C3 AI shares jump as company expands artificial intelligence collaboration with Amazon

Takeaways

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.

TradingView

Do you have a news tip for journalists from Investopedia? Please email us at tips@investopedia.com

Source: investopedia.com

Exit mobile version