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AI Stock Up 92% Surges Again

AI Stock Up 92% Surges Again

Today is Friday, March 3, 2023.

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AI Stock Up 92% Surges Again

C3.ai (NYSE: AI), an artificial intelligence software company, saw its stock rise by 18.02% in after-hours trading on Thursday after posting good financial results.

Financials: C3.ai reported a loss of six cents per share in the past quarter and revenue of $66.7 million; both were better than expected.

Details: The company’s accomplishments in the past quarter include expanding its partner ecosystem and business pipeline.

Outlook: In the current quarter, C3.ai expects revenue to be between $70 million to $72 million, which is better than expected.

Quote: “As we enter Q4 FY 23, we are seeing tailwinds from improved business optimism and increased interest in applying C3 AI solutions to address an increasing range of applications across a broad range of industries. The overall business sentiment appears to be improving. This is a dramatic change from what we experienced in mid-2022.” - Thomas M. Siebel, C3 AI CEO.

Stock Price: Last year, C3.ai’s stock dropped more than 60%. So far in 2023, the stock is up 92%.

Final Thoughts: C3.ai is currently benefiting from all the AI buzz in the market. If those AI trends continue, then this is a good stock. But if the AI market crashes, it could be bad for the company.

Notables

Notable Earnings Today: inTest (NYSEAMERICAN: INTT), Hibbett (Nasdaq: HIBB), Oncolytics Biotech (Nasdaq: ONCY), Rapid Micro Biosystems (Nasdaq: RPID), Stereotaxis (NYSEAMERICAN: STXS).

Notable IPOs Today: Ultimax Digital, Inc. (Nasdaq: NFTU).

Notable Equity Crowdfunding Campaigns Ending Today: WiGL (StartEngine), Doroni Aerospace (StartEngine), Coastal Roots (Mainvest).

Notable Economic Events Today: S&P Global Composite PMI (9:45 a.m. ET), Services PMI (9:45 a.m. ET), ISM Non-Manufacturing PMI (10:00 a.m. ET).

ChargePoint Misses and Tumbles

Photo by Michael Marais / Unsplash

Shares of ChargePoint Holdings (NYSE: CHPT) fell by 13.14% in after-hours trading on Thursday after the electric vehicle infrastructure company posted bad financial results.

Financials: ChargePoint reported a loss of 23 cents per share in the past quarter and revenue of $152.8 million; both were below estimates.

Details: Revenue increased 94% year-over-year, but the gross margin decreased and the loss is deeper.

Outlook: To make matters worse, ChargePoint expects revenue to be between $122 million to $132 million in the current quarter, which was below estimates.

Final Thoughts: It is a tough time to be in the EV market, especially ChargePoint, which is down nearly 25% in the last 12 months.

Dell’s Bad 2023 Outlook

Dell Technologies (NYSE: DELL) dropped by 2.94% in after-hours trading on Thursday after the company reported a more cautious outlook for 2023.

Final Thoughts: Dell, down 23% in the last 12 months, will also have to find a new chief financial officer. Current CFO Tom Sweet is leaving later this year.