Artificial intelligence firms’ were reaping a stocks boom off the back of a strong forecast from pack-leading C3.ai Inc as the world’s tech firms scramble to make up ground on OpenAI’s ChatGPT.
Stocks of AI-based product makers jumped in premarket US trade on Friday, as a strong forecast by Silicon Valley outfit C3.ai Inc fuelled an already energetic interest in the sector.
The US company forecast a better-than-expected revenue and profit for both the fourth quarter and fiscal year 2023, after the AI software startup posted third-quarter results that topped Wall Street estimates.
Shares of C3.ai climbed 16.14% to $24.73 before the bell, and were among the top five stocks trending on StockTwits.
Other major AI stocks with strong premarket moves included business support supplier Steelcase Inc, BigBear.ai, conversation intelligence firm SoundHound AI and Thailand’s security firm Guardforce AI, jumping between 5.4% and 12%.
AI firms have been at the forefront of retail buying ever since Microsoft Corp’s investment in OpenAI’s ChatGPT.
- Reuters with additional editing by Sean O’Meara