The AI stock rally has come to a halt after weeks of market gains. Software maker C3.ai’s stock climbed 125% in May alone and more than 250% so far this year, but its earnings outlook fell short of expectations, leading to a decrease in its stock price. Nvidia, the poster child of the AI boom, also saw its value drop after temporarily hitting an intraday market capitalization of $1tn earlier this week. AI-focused stocks had been carrying markets for weeks, but their downfall leaves the major stock indexes exposed to more basic matters such as Friday’s jobs report and Federal Reserve expectations.
C3.ai is an AI software company that provides predictive maintenance, fraud detection, and manufacturing yield optimization solutions.
Cathie Wood is the founder and CEO of ARK Invest, which is a New York-based investment management firm that focuses on disruptive innovation. She is an outspoken advocate for disruptive technologies, including artificial intelligence.
