The article further discusses the performance of UiPath and C3.AI, two public tech companies with a significant focus on AI. Despite the high demand for AI solutions, the growth projections of these companies seem modest. However, UiPath's shares are up by 7% following its earnings report and announcement of a $500 million share-buyback effort, while C3.AI's shares have dropped by around 16% due to its forecast of larger losses ahead.
Key takeaways:
- Many startups, particularly those in Y Combinator's Summer 2023 cohort, are exploring the use of AI in various sectors, particularly in the medical field.
- Modern AI tools, including LLMs and generative AI, have the potential to make workers more efficient and possibly replace labor in certain roles, which is attractive to companies looking to reduce costs while growing.
- Public tech companies are also working on the same issues, with UiPath and C3.AI reporting strong customer enthusiasm for their AI solutions.
- Despite the high demand, growth projections from tech companies with a strong AI focus seem modest. However, UiPath and C3.AI's recent public offerings provide some context, with UiPath's shares rising by 7% and C3.AI's falling by around 16% after their earnings reports.