Why C3.ai Stock Is Soaring Today
Shares of C3.ai (NYSE: AI) are trading higher on Wednesday. The firm's stock is up 5.1% as of 1:20 p.m. ET, gaining as much as 8.7% earlier in the day. The leg up came as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.7% and 1.3%, respectively.
Amidst a flurry of executive orders benefiting the artificial intelligence (AI) industry at large, C3.ai announced a new strategic alliance with McKinsey Company, the major global management consulting firm.
C3.ai's core business is helping enterprise clients adapt their AI technology to boost efficiency, drive growth, and help solve seemingly intractable problems. In this way, it provides a service not unlike what management consultants have long provided. The marriage of C3.ai's technology with McKinsey's experience and long-standing relationships could do wonders for C3.ai's bottom line, delivering "rapid transformative value," as the announcement states.
Source Fool.com
