Artificial intelligence-based product developers experienced a boom in premarket trade following the release of an intense calculation by C3.ai Inc, a retail investor favorite. Organization's predictions for surprisingly well revenue and profit for Q4 and fiscal year 2023 were driven by third-quarter results that exceeded Wall Street expectations.
"The revenue was driven by execution of its consumption-based pricing model, which provides clients with greater flexibility and improved demand for its solutions,"
Furthermore, a positive business outlook is expected to provide tailwinds for C3.ai's growth in the future. The shares of the company reached 16.14% to $24.73, making it one of the top five trending stocks on StockTwits platform. Steelcase Inc., BigBear.ai, SoundHound AI, and Guardforce AI, which are other major AI stocks, saw premarket gains ranging from 5.4% to 12%.
AI companies have been in the spotlight since Microsoft Corp's investment in OpenAI's ChatGPT. The launch of ChatGPT has also contributed to the euphoria in the market. As a result, AI companies are experiencing an increase in retail buying.
Overall, C3.ai's predictions came true and boom in premarket trade for AI makers was inevitable.