As the results season for the March quarter drew to an end, investor interest in artificial intelligence (AI) increased, driving the CE 100 Index up 2.3%.
The Index’s year-to-date return improved to 14.2% as a result of its performance over the previous week. Shares of C3.ai increased 30%, outpacing the Enablers sector by 4.4%.
Early data from the company showed that revenues for the fourth quarter of the fiscal year, which ended in April, would be slightly more than $72 million, exceeding corporate forecasts.
The firm claims in the release that the “overall business environment for enterprise AI is more active than we have seen since the company’s inception and appears to be accelerating.”
Names in Communications Lead the Pack
The Communications pillar increased by 7.8%, led by Snap, which increased by 13%. Snap, of course, has been riding a tide of good AI sentiment. Last month, the business announced the free availability of Snapchat’s AI chatbot to consumers. My AI was first introduced in February as a premium service.
Zoom shares were up 8.9% inside that sector as well. Zoom is scheduled to disclose earnings on Monday, and financial media outlets such as Yahoo Finance anticipate that revenue growth in the constant currency will be approximately 3%. According to studies, demand for Zoom Video Webinars, Zoom Rooms, and Zoom Phones is likely to drive top-line growth.
Affirm’s stock rose after the company reported profits earlier this month that showed a decrease in discretionary spending. The company’s statistics revealed generally double-digit increases in gross merchandise value (GMV), but a fall in other categories, such as home/lifestyle, where GMV fell 10% year over year. In the fiscal second quarter, it had risen 2% year on year.