C3.ai (NYSE: AI ) Stocks enjoyed another day of big gains on Friday. The software and consulting specialist’s share price closed the session up 8.1% and was up 8.4% in early day trading. Meanwhile, the S&P 500 The index ended the daily session up 0.25%, and Nasdaq Composite The index closed the day up 0.8%.
C3.ai gained ground today thanks to a promising political development and news that one of its competitors has formed an important new defense partnership. With just a few weeks left in the year, the stock is now up nearly 41% in this year’s trade.
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President-elect Donald Trump published a message on social media today announcing that he plans to name venture capitalist David Sachs an artificial intelligence.A.I) and the crypto czar in his administration. Some investors are interpreting the announcement as a sign that the incoming Trump administration will help create a favorable demand and regulatory backdrop and drive business for AI players. While it’s too early to say what the net political implications will look like for AI companies under the new administration, there are good reasons to think that demand in key AI category verticals will remain strong.
Palantir and Booz Allen Hamilton announced a new partnership that will see them collaborate on innovations for the defense industry. Plantir also announced that it is partnering with Shield AI to improve the capabilities of autonomous, unmanned vehicles. Again, the partnership has a defense-industry focus, and Shield AI will use Palantir’s Warp Speed manufacturing operating system for scalable AI solutions.
While Palantir competes with C3.ai in some places, evidence of increased demand in the defense industry is a broadly bullish sign. C3.ai has also won significant deals and partnerships with the US government and related defense contractors, and its recent partnership Microsoft Highlighting opportunities in the private sector as well to expand adoption of enterprise AI points.
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