2024-04-02 08:00:00 ET
Summary
- A maturing transition to a consumption-based business model is leading to improved growth and margins.
- C3.ai's share price increased significantly in 2023 on the back of AI hype and investors will expect more than a modest uptick in growth in 2024.
- Pilot growth is positive but fairly modest given the size of the opportunity and the surge in demand witnessed by some companies.
- C3.ai's valuation isn't overly high, but investor focus will ultimately shift back to efficiency and competitive positioning if AI-led growth doesn't materialize, leading the stock to rerate lower.
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C3.ai: Maturing Transformation Shouldn't Be Mistaken For Strength