C3.ai (NYSE: AI) might just be the best artificial intelligence (AI) company most investors had never heard of. Until last month, at least.
On Dec. 8, C3.ai stock debuted on the New York Stock Exchange with a monster first-day pop, closing 120% above its $42 IPO price. As of Jan. 5, it was trading at around $119 a share — almost three times its IPO price. For context, Airbnb and Palantir — among last year’s hottest market debutantes — were up about 103% and 220%, respectively, from their IPO prices.
Energy company Baker Hughes (NYSE: BKR) and tech giant Microsoft (NASDAQ: MSFT) are both backing C3.ai, betting its AI technologies will transform enterprise software in much the same way that previous AI innovations have given consumers such things as Alphabet‘s Google’s highly effective search engine, Netflix‘s algorithms, and digital assistants like Apple‘s Siri.