C3.ai (NYSE:IA) Stocks saw another day of big gains Friday. The software and consulting specialist's share price closed the session up 8.1% and had risen 8.4% earlier in the day. Meanwhile, the S&P500 the index ended the daily session up 0.25%, and the Nasdaq Composite the index closed the day up 0.8%.
C3.ai gained traction today thanks to a promising policy development and the announcement that one of its competitors has entered into a major new defense partnership. With just a few weeks until the end of the year, the stock is now up about 41% in all trading this year.
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President-elect Donald Trump posted a social media message today announcing that he is considering nominating venture capitalist David Sacks as artificial intelligence (AI) and crypto czar in his administration. Some investors interpret this announcement as a sign that the new Trump administration will help create a favorable demand and regulatory environment and stimulate the activities of AI players. While it is too early to tell what the net policy effects will be for AI companies under the new administration, there is good reason to believe that demand in key AI vertical categories will remain very strong.
Palantir and Booz Allen Hamilton have announced a new partnership that will see them collaborate on innovations for the defense industry. Palantir also announced its partnership with Shield AI to enhance the capabilities of autonomous and unmanned vehicles. Again, the partnership is focused on the defense industry, and Shield AI will use Palantir's Warp Speed manufacturing operating system for scalable AI solutions.
Although Palantir competes with C3.ai in some areas, evidence of growing demand in the defense industry is an optimistic sign overall. C3.ai has also won substantial contracts and partnerships with the US government and associated defense contractors, as well as its recent partnership with Microsoft Expanding AI adoption in business also suggests opportunities in the private sector.
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