The rise to prominence of ChatGPT has made artificial intelligence one of the key themes for companies in 2023, and numerous players are set to reap its benefits during the coming months.
But while AI had the potential to make a “meme stock” earlier in the year, helping to take shares of BuzzFeed Inc. BZFD on a wild winter ride after the publisher announced plans to integrate technology from ChatGPT creator OpenAI into its content, Wall Street’s fascination with the theme has become more targeted. BuzzFeed shares, which rallied about 300% during one January stretch, are now trading below they were before that big run-up.
For Microsoft, the immediate benefit is from the share gains in Bing, according to Luria. “For every point of share they take they will get an incremental $0.10 a share of earnings,” he said, noting that Microsoft’s Azure cloud business is also a winner. “We believe the Azure business will gain share this year as practically all OpenAI and related volumes will happen on Azure.”
“We believe their new generative AI product will drive an acceleration of growth by the end of the year,” Luria told MarketWatch. “C3 has been cultivating AI-based relationships with corporate customers for years and we believe generative AI will be the killer app that capitalized on these relationships.”
Beyond C3.ai, other presumptive AI beneficiaries are prominent enough that they don’t need to stick the theme in their names for investors to understand their potential with the technology.
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