APPN - This Artificial Intelligence (AI) Stock Just Plunged. Should You Buy the Dip?
2024-05-10 08:45:00 ET
There's been no shortage of hype around artificial intelligence (AI) among investors. Ever since the launch of ChatGPT in late 2022, tech companies have been plowing billions of dollars into AI technologies, and investors have bid those stocks higher in the hopes of a new opportunity that could be as transformative as the internet, according to a number of tech CEOs and others in the know. However, outside of Nvidia , few companies have seen meaningful jumps in revenue from AI.
One software company that's been busy trying to capitalize on the opportunity in AI is Appian (NASDAQ: APPN) . Appian has traditionally been a low-code software provider, but in recent years, its product suite has evolved to include process mining, data fabric, and, increasingly, artificial intelligence capabilities. Appian's customers count on its software to help deploy applications, automate workflows, and facilitate day-to-day tasks like claims processing.
The company has consistently delivered solid growth in its cloud-software segment, but investors were underwhelmed by Appian's latest earnings report. Shares fell 15.5% last Friday and were hovering around five-year lows following the news.
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This Artificial Intelligence (AI) Stock Just Plunged. Should You Buy the Dip?