Shares of C3.ai Inc, BigBear.ai, and SoundHound AI have risen with the rise of artificial intelligence on Wall Street following the viral success of the ChatGPT chatbot.
According to Matthew Unterman, director at analytics platform S3 Partners in New York, the price increase was due to long buying as investors moved into AI stocks rather than any significant short covering.
C3.ai gained 11 per cent, BigBear.ai gained nearly 21 per cent and SoundHound gained 40 per cent. This year, the value of C3.ai and SoundHound has more than doubled, while BigBear.ai has increased by more than 700 per cent.
Ironically, BigBear.ai received a non-compliance notice from the New York Stock Exchange (NYSE) on December 22, 2022, for failing to maintain a $1.00 price for 30 consecutive days. While the stock has increased by 610 per cent in 2023, from $0.69 to a high of $5.92, its 52-week high was $16.12.
The stock has risen in response to the growing success of OpenAI, a separate company from C3.ai that has taken the internet by storm in recent weeks with the release of its ChatGPT product.
ChatGPT has proven to be a valuable showcase for both investors and consumers of what artificial intelligence is capable of today and what it may be capable of in the future.
The sources for this piece include an article in Reuters.
