After selling off 11% on Tuesday, shares of artificial intelligence stock C3.ai (NYSE: AI) roared back this morning, gaining 8.9% through 10:30 a.m. ET. It wasn't anything that C3.ai said or did, however, that sparked this rally.
It's what everyone else is doing.
Building on the enthusiasm for ChatGPT , just this morning, multiple news outlets reported that Chinese e-commerce giant Alibaba (NYSE: BABA) is developing a "ChatGPT-style tool" of its own. This announcement comes on the heels of news that Chinese search giant Baidu (NASDAQ: BIDU) is building a ChatGPT analog as well -- and that Microsoft (NASDAQ: MSFT) is integrating ChatGPT into its Bing search engine.
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Why C3.ai Stock Roared 9% Higher This Morning