INDI - Why BigBear.ai C3.ai and Other Artificial Intelligence (AI) Stocks Rallied on Tuesday
2024-05-14 14:47:29 ET
Developments in the field of artificial intelligence (AI) have been among the biggest drivers of the market's growth over the past year or so. The abilities of these algorithms have taken significant leaps forward, allowing people and organizations to automate time-consuming tasks and generate original content. The results are time savings and increased productivity, so businesses are naturally eager to find more ways to deploy AI. As a result, companies in the field have experienced surges in demand, though there have been inevitable ebbs and flows.
With that as a backdrop, on Tuesday, shares of several players in the AI space popped: As of 2:15 p.m. ET, data mining and analytics provider BigBear.ai (NYSE: BBAI) was up 6.5%, AI solutions provider C3.ai (NYSE: AI) had climbed 4.1%, and Indie Semiconductor (NASDAQ: INDI) had gained 6%.
A review of all the usual potential drivers of share price moves -- financial reports, regulatory filings, and changes to analysts' opinions -- turned up nothing in the way of company-specific news about any of these AI stocks. This suggests that most of the investors bidding them up might have been focused on a news report published this week suggesting that world governments are spending big on AI and that the spending spree is expected to continue.
For further details see:
Why BigBear.ai, C3.ai, and Other Artificial Intelligence (AI) Stocks Rallied on Tuesday