AI stock rose more than 20% in after-hours trading on December 9, 2021, after the company announced it won a $500 million contract from the Department of Defense.
Department of Defense Awards C3 AI $500 Million Agreement
REDWOOD CITY, Calif.–(BUSINESS WIRE)– C3.ai, Inc. (NYSE:AI), the leading Enterprise AI software company, has established a new five-year Production-Other Transaction Agreement with the U.S. Department of Defense (DoD).
The agreement allows for an accelerated timeline to acquire C3 AI’s suite of Enterprise AI products and allows any DoD agency to acquire C3 AI products and services for modeling and simulation.
Accelerating the DoD’s enterprise AI capabilities is vital to developing and deploying systems to counter increasingly capable threats. C3 AI’s software enables the DoD to rapidly address additional use cases and scale AI applications across all branches of the U.S. DoD.
“The new Agreement has a DoD-wide scope, accelerating research projects in simulation and modeling and production deployments for operations and sustainment,” said Thomas M. Siebel, CEO of C3 AI. “We are thrilled to have been selected for these important initiatives and look forward to expanding our work and finding new ways to better serve the U.S. federal government.”
This agreement accelerates the adoption of the C3 AI Suite and C3 AI defense and intelligence applications like those currently in use at the U.S. Air Force, Space Command, RSO, F35 JPO, DISA, and others. C3 AI defense and intelligence applications in use today include insider threat, security clearance adjudication, readiness, AI predictive maintenance, modeling and simulation, missile trajectory modeling, and data fusion. These enterprise capabilities are critical to DoD and intelligence agencies as they accelerate their transformation towards large-scale deployments of increasingly vital artificial intelligence capabilities.
C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company that accelerates digital transformation for organizations globally. C3 AI® delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development.
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AI Stock Technical Analysis
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