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C3.ai (NYSE:AI) share price is up over 130% since the start of the year as investors continue to bet on artificial intelligence-focused stocks after the incredible success of ChatGPT, a chatbot launched by OpenAI in November 2022. Some analysts projected that the generative AI market could be worth $1 trillion in a few years.
C3 stock price initially soared 77% in January before adding a further 30% in the first three days of February. The AI share price is now up a further 7% in pre-open Monday as investors continue to seek exposure to the AI sector.
Last week, C3.ai share price moved sharply higher after the company said it will launch a new AI-powered product that uses a natural language interface to locate and retrieve relevant data across an enterprise’s information systems.
The stock got another boost after D.A. Davidson analysts initiated research coverage with a Buy rating and a $30 per share price target on Friday. For them, C3.ai is a “truly scarce asset in a critical software arena.”
“The emergence of generative AI as a “killer app” for Artificial Intelligence provides C3.ai with the opportunity to monetize its considerable investment and track record in the field of Artificial Intelligence. C3.ai is due to introduce a generative AI product in March, which we see as a game changer for the company,” the analysts wrote in a client note.
C3.ai stock price lost 64% in 2022.
