C3.ai is up 30% to end a profitable week for many AI stocks and ETFs as the ChatGPT frenzy spreads through the market.

  • C3.ai stock rose on Friday and rose over the week along with other AI-related stocks and ETFs.
  • The ChatGPT hype has contributed to more than doubling the share of C3.ai in 2023.
  • Nvidia and Ambarella are also among this week’s top performers.

Shares of C3.ai surged to their highest level in a year on Friday, highlighting a surge in some AI stocks and funds this week as the popularity of the ChatGPT tool spurs investors to flee to AI.

C3.ai climbed 30% to $28.48 during Friday’s session, hitting a 52-week high for shares in the business AI software maker.

“The hype around artificial intelligence has spread to retail investment,” Vanda Research said in a note on Thursday.

Investors are investing in AI-related assets as the hype around OpenAI’s ChatGPT language bot has been building for weeks. A chatbot demonstrates the human ability to get the job done, such as solving investment issues or writing resignation emails.

C3.ai’s share price is up about 50% in the last five days. The share price has more than doubled in 2023, with the boost this week coming after C3.ai said it would integrate ChatGPT into its line of AI tools.

This week, Nvidia was also looking for growth, adding almost 5%. He also expected 46% year-to-date growth. Known for its graphics processing chips, the company’s technology is being used to integrate AI, including self-driving cars and robots.

Ambarella, the chip maker that caters to the AI ​​market, is also up about 5% this week, with its gain hovering around 15% in 2023.

Among exchange-traded funds, the Global X Robotics & Artificial Intelligence ETF and the iShares Robotics and Artificial Intelligence ETF are up about 3% and 4% this week. The AI ​​Powered Equity ETF has tracked a more modest 1% gain, but it is up 15% this year.

Vanda Research, which tracks activity among retail investors, said the surge in net capital inflows into C3.ai stock this week made it one of the top 10 most bought securities in US markets. But it also sounded like a warning.

“While strong momentum in Google search suggests there may be an appetite for additional purchases, we expect to see a slowdown in purchases in the coming weeks as interest in [AI] the topic will most likely start to disappear.”

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