AI Leader Adds to 2023 Gain

Congress held a hearing about regulating artificial intelligence (AI) yesterday

Laura McCandless

Deputy Editor

May 17, 2023 at 2:49 PM

C3.ai Inc (NYSE:AI) is surging today, up 9.5% at $25.79 at last glance. It's shaping up to be a strong week for the artificial intelligence (AI) name, as the stock jumped 23.4% on Monday after its upbeat fiscal fourth-quarter preliminary results.

Today's pop comes a day after a congressional hearing in which Sam Altman, CEO of OpenAI -- developer of ChatGPT -- testified before members of a Senate subcommittee. Altman largely agreed with lawmakers on increasing regulations on AI technology within his company and others, though it's unclear how that will happen just yet. AI is now trading at its highest levels since its early-April surge that resulted in a one-year peak. Since the start of 2023, the equity is up 129.7%.

AI May17

So far in the options pits today, 124,000 calls and 66,000 puts have crossed the tape, which is three times the intraday. The May 25 call (expiring at the end of this week) is the most popular, with new positions opening there.

Short sellers have been running toward the equity, up 16.7% during the last two reporting periods. This accounts for nearly 30% of the stock's total available float, or less than two days of pent-up buying energy.

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