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C3.ai (NYSE:AI) rose nearly 28% on Tuesday after Nvidia (NVDA) made several AI-related announcements and ahead of the company’s own fourth-quarter results.
In total, the Santa Clara, California-based Nvidia (NVDA) put out seven press releases, including partnerships related to advertising, factories, data centers and more.
More than 91M shares of C3.ai (AI) changed hands on Tuesday, more than four times the average daily volume of the enterprise software maker.
The Thomas Siebel-led company reported preliminary results earlier this month that topped estimates. At the time, C3.ai (AI) said it generated revenue between $72.1M and $72.4M for the period ending April 30, exceeding Wall Street’s and the company’s own guidance.
In addition, the company said it generated between $28.1M and $29.5M in net cash from operating activities, while free cash flow for the period was between $18M and $19.4M.
On an adjusted basis, it lost between $23.7M and $23.9M from operations, exceeding its guidance.
In a statement, C3.ai (AI) said enterprise AI activity is more than the company has seen since its inception and “seems to be accelerating,” as it closed 43 deals during the quarter, including 19 pilots.
C3.ai (AI) is slated to report fiscal fourth-quarter results on May 31 after the close of trading.
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