C3 AI Shares Jump as Firm Expands Artificial Intelligence Collaboration With Amazon

C3.ai

SOPA Images / Contributor / Getty Images

Key Takeaways

  • C3 AI and Amazon expanded their strategic collaboration agreement to have C3 provide Amazon Web Services (AWS) with artificial intelligence software.
  • The initial collaboration deal was struck in 2016 and aimed to deliver AI solutions to a variety of industries.
  • C3 AI shares posted gains following the news, and demand for AI products has helped send the stock up close to 170% this year.

Shares of C3 AI (AI) gained over 7% Tuesday as the enterprise artificial intelligence (AI) software maker expanded its strategic collaboration agreement (SCA) with Amazon's (AMZN) Amazon Web Services (AWS).

The two companies struck the original deal in 2016, which involves AWS using C3 AI products to deliver AI solutions "designed to solve customers' critical business challenges across a variety of industries." Together they provide services "in multiple verticals," including manufacturing, power and utilities, and consumer packaged goods, as well as federal, state, and local governments.

C3 AI indicated that the updated SCA will have the firms focus on "continuing to offer advanced generative AI solutions for enterprises." CEO Thomas Siebel explained that C3 AI and Amazon teams are working to help organizations "increase efficiency through faster data retrieval and analysis and accelerate value creation by getting many users onboarded quickly."

Shares of C3 AI jumped following the news and have gained nearly 170% this year, boosted by booming demand for AI products. Amazon shares were also up more than 2% on the day of the announcement, and they've added about 70% of their value in 2023.

AI, AMZN

TradingView

Do you have a news tip for Investopedia reporters? Please email us at
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. C3 AI. "C3 AI Expands Strategic Collaboration Agreement With AWS."

Take the Next Step to Invest
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.