The artificial intelligence (AI) hype train has given C3.ai (NYSE: AI) a massive boost on the stock market in 2023. Shares of this pure-play enterprise AI software provider have more than doubled this year already despite a red flag that derailed its terrific momentum last month, and it now looks like this high-flying company is all set to head higher.

C3.ai stock surged over 23% on May 15 after the company released preliminary results for the fourth quarter of fiscal 2023 (which ended on April 30, 2023). Shares of the company are now up a whopping 140% so far this year, but that also means that the stock has become expensive. So, does this mean it is too late for investors to buy this hot AI stock? Let's find out.

Although investors are cheering C3.ai's preliminary results as they are better than what the company was originally expecting, they shouldn't forget that the company is set to close the fiscal year with tepid growth.

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Source Fool.com