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Shares of C3.ai (NYSE: AI) are trading higher on Wednesday. The firm's stock is up 5.1% as of 1:20 p.m. ET, gaining as much as 8.7% earlier in the day. The leg up came as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.7% and 1.3%, respectively.
Amidst a flurry of executive orders benefiting the artificial intelligence (AI) industry at large, C3.ai announced a new strategic alliance with McKinsey & Company, the major global management consulting firm.
The new venture aims to create major value
C3.ai's core business is helping enterprise clients adapt their AI technology to boost efficiency, drive growth, and help solve seemingly intractable problems. In this way, it provides a service not unlike what management consultants have long provided. The marriage of C3.ai's technology with McKinsey's experience and long-standing relationships could do wonders for C3.ai's bottom line, delivering "rapid transformative value," as the announcement states.
Trump's executive orders are boosting AI stocks
C3.ai is also riding a wave of optimism in AI after two key actions from the incoming Trump administration were announced. The first rolls back certain rules governing practices created under the Biden administration designed to boost AI safety. While there is an obvious benefit to considering the safety of AI's development and deployment, the loosening of regulations tends to boost investor sentiment.
The second is the announcement of Project Stargate, a new initiative to bring $500 billion in private investment to the AI industry. Although the project focuses on infrastructure, the influx of cash is a boon for AI companies across the board.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool recommends C3.ai. The Motley Fool has a disclosure policy.
Why C3.ai Stock Is Soaring Today was originally published by The Motley Fool