C3.ai (NYSE: AI) stock enjoyed another day of big gains Friday. The software and consulting specialist’s share price closed out the session up 8.1% and had been up as much as 8.4% earlier in the day’s trading. Meanwhile, the S&P 500 index ended the daily session up 0.25%, and the Nasdaq Composite index closed out the day up 0.8%.
C3.ai gained ground today thanks to a promising political development and news that one of its competitors had forged a significant new defense partnership. With just a few weeks in the year remaining, the stock is now up roughly 41% across this year’s trading.
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President-elect Donald Trump published a message on social media today announcing that he plans to name venture capitalist David Sacks as artificial intelligence (AI) and crypto czar in his administration. Some investors are interpreting the announcement as a signal that the incoming Trump administration will help to create favorable demand and regulatory backdrops and drive business for AI players. While it’s too early to say what the net political effects for AI companies will look like under the new administration, there are good reasons to think that demand in key AI category verticals will remain very strong.
Palantir and Booz Allen Hamilton announced a new partnership that will see them collaborating on innovations for the defense industry. Palantir also announced that it was partnering with Shield AI to improve the capabilities of autonomous, unmanned vehicles. Again, the partnership has a defense-industry focus, and Shield AI will be using Palantir’s Warp Speed manufacturing operating system for scalable AI solutions.
While Palantir competes with C3.ai in some spaces, evidence of ramping demand in the defense industry is a broadly bullish sign. C3.ai has also won substantial deals and partnerships with the U.S. government and related defense contractors, and its recent partnership with Microsoft to expand the adoption of enterprise AI points to unfolding opportunities in the private sector as well.
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