Can the ChatGPT Frenzy Attract Congress Interest in This AI Stock
ChatGPT, an artificial intelligence (AI) chatbot developed by Microsoft-backed OpenAI and launched in November 2022, is reportedly on its way to becoming the fastest-growing app in Internet history, ahead of TikTok.
In the past month, it came into account that as many as 100 million users had flocked to ChatGPT in less than two months post its launch.
“In 20 years following the internet space, we cannot recall a faster ramp in a consumer internet app,” Analysts from UBS Group AG mentioned in their note regarding the chatbot’s startling growth.
Given the strong consumer interest in AI chatbots, several companies - including Google, and China internet giant Baidu - revealed advanced plans to launch their own versions of ChatGPT. As a result, several AI-focused stocks have been on the surge in recent weeks.
One of these stocks is C3.ai Inc (AI:US), which develops enterprise AI applications. AI stock gained 33.6% on Friday to now trade almost 150% higher year-to-date (YTD).
While C3.ai stock was already trading higher into the last week, the rally accelerated after CEO Thomas Siebel said the company is seeing a “dramatic change” in business sentiment compared with mid-2022. His remarks were made during the company’s FQ3 earnings call on Friday.
“We are seeing tailwinds on from improved business optimism and increased interest in applying C3 AI solutions to address an increasing range of applications across a broadening set of industries,” he said.
It remains to be seen whether Congress and Senate members will increase their bets on the AI sector. Congress members Rep. Tomasz Malinowski, Rep. Pete Sessions, Rep. Fred Upton, and Rep. Tom Suozzi were all trading AI stock back in 2021.