The collaboration between C3 AI and Amazon has expanded to include the provision of artificial intelligence (AI) software by C3, building upon the initial agreement reached in 2016 to introduce AI solutions across various industries.
As a result of this development, C3 AI’s stock witnessed a notable increase, with the growing interest in AI products contributing to a substantial rise of nearly 170% in the stock value this year.
C3 AI, a leading enterprise AI software developer, broadened its Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS), leading to a 7% surge in C3 AI’s shares on Tuesday.
The original partnership, established in 2016, outlines the deployment of AI solutions aimed at addressing critical business challenges across diverse sectors by AWS utilizing C3 AI technologies. Their combined offerings span multiple industries, including manufacturing, utilities, consumer goods, as well as state and local governments.
According to C3 AI, the updated SCA emphasizes the delivery of advanced AI solutions to empower businesses. CEO Thomas Siebel highlighted the collaborative efforts of C3 AI and Amazon teams in enhancing operational efficiency through accelerated data processing and analysis, driving innovation by swiftly onboarding new users.
Following this announcement, C3 AI’s stock experienced a significant surge, marking a remarkable uptrend of close to 170% driven by the escalating demand for AI-related products. Concurrently, Amazon’s shares also saw a positive trajectory, rising over 2% on the day of the news release and projected to increase by approximately 70% by 2023.
