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The company with the ticker 'AI' doesn't appear to be benefitting from AI boom, Bank of America says

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The firm's price target implies shares can fall more than 40%.

C3.ai , artificial intelligence's namesake in the stock market, appears not to be getting a boost as the technology takes off, according to Bank of America's analysis of the company's Wednesday earnings. "Results do not suggest that C3 is benefiting from growing demand for AI," analyst Brad Sills said of the company, which trades under the ticker AI. "Metrics such as average total contract value ...

ai's Thursday sell-off Sills reiterated his underperform rating after the release. His $18 price target implies the stock will tumble 42.8% from Wednesday's close. C3 CEO Thomas Siebel said on the company's earnings call Wednesday night that it is benefitting from the trend. "Following the release of ChatGPT in November of 2022, we're seeing a dramatic increase in demand for enterprise AI adoption," he said on the call.

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