The artificial intelligence trade is maturing.
After exuberance around the potential for AI sent tech stocks soaring into the summer and had some Wall Street strategists boosting their outlook for the stock market overall, investors have shifted back to a focus on the fundamentals.
The latest iteration played out on Wednesday night when C3.ai (AI), which had seen its stock rise more than 200% this year, announced earnings.
C3.ai, an artificial intelligence software company, said it expects 2024 revenues in a range of $295 to $320 million, roughly in line with Wall Street’s expectations for $308 million. But the company also now anticipates operating income losses in a range of $70 to $100 million. Previously the company had projected losses of $50 to $70 million. It also no longer expects to be profitable on a quarterly basis by the end of 2024.
“We have made the decision to invest in generative AI, to invest in lead generation, to invest in branding, to invest in market awareness,…
2023-09-07 12:30:09
Link from finance.yahoo.com
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