Why C3.ai Stock Skyrocketed Today
Shares of C3.ai (NYSE: AI) have skyrocketed today, up by 16% as of 2:30 p.m. EDT, after the company announced that Shell has renewed a strategic agreement for another five years. The companies will accelerate the deployment of enterprise artificial intelligence (AI) and machine learning (ML) applications within Shell's operations.
C3.ai and Shell had initially formed a partnership back in 2018, with Shell selecting C3.ai's platform to improve its operating performance by using a suite of AI applications. The renewal represents an expansion of the existing relationship, with an emphasis on reliability, asset integrity, and process optimization. The news comes as part of C3.ai's Open AI Energy Initiative, an open AI ecosystem announced earlier this year that is catered to the energy industry.
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Source Fool.com
