Thomas Siebel, C3.ai’s (NYSE: AI) Inc. chief executive officer, expects the federal business of the company to grow “exceptionally rapidly” with Elon as the advisor for the president.
Donald Trump, the President-elect has chosen the billionaire as co-leader of a new project titled the Department of Government Efficiency.
Doge’s mission is for government to be more efficient, reduce wasteful spending, and decrease bureaucracy.
Elon Musk’s quest to cut costs will not harm C3 Business, says CEO Siebel. The company’s AI-driven innovative solutions are an investment in optimising government process.
In Q2, C3.ai is boosted by government contracts
C3.ai has expanded and signed new contracts with the US Department of Defense in the second quarter of its financial year.
In an interview with CNBC last night, he said: “I believe we will see fundamental changes to the way AI technologies are purchased.”
Thomas Siebel, the CEO of Thomas Siebel Inc. is convinced that the demand for AI enterprise applications in particular the federal sector will continue to increase dramatically with Elon Musk as the Department of Government Efficiency’s leader.
He added that we were “very well-positioned” to service this market with Microsoft and our other partners.
The C3.ai share price is up by 10% today in the premarket after it reported market-beating results for fiscal Q2.
What the MSFT partnership will mean for C3.
Thomas Siebel, CEO of Microsoft Corp., said that Microsoft Corp.’s partnership with the company was a major factor in its success during the recently completed quarter.
It’s hard to underestimate the power of the Microsoft C3.ai alliance. It makes it easier for companies to deploy C3.ai apps.
In a Monday press release, he said that this is an important inflection for the enterprise AI.
Last month, the New York-listed firm extended this alliance to include its enterprise AI software integration on Azure.
C3 has a wide range of partners, including Google Cloud, Amazon Web Services and Booz Allen.
Stock of C3.ai has risen by over 100 percent since September
Stock C3.ai may struggle to continue to rise
The second quarter of C3.ai’s financial year saw “everything go right”.
Analysts had predicted $383,000,000 for the entire year. The enterprise artificial intelligence specialist is now predicting revenue between $378 and $398 millions.
C3’s guidance for the current quarter was also in line with what consensus expected.
The good news may be baked in the share price of C3.ai, given that Wall Street has set a price target for this AI company at $42, and the stock is already well above the level.
It’s also not as if C3 stocks pay a high dividend yield, making them more appealing to income investors.
As new information becomes available, this post C3.ai will see an ‘exceptional growth’ of federal business with Musk’s Doge could be updated.
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