The artificial intelligence (AI) hype has sent shares of C3.ai (NYSE: AI) soaring in 2023 with outstanding gains of 153% as of this writing. But the wheels have come off in recent months as it is becoming clear that the company is failing to capitalize on the massive opportunity in the AI software market.

C3.ai stock plunged nearly 11% earlier this month after the company released its fiscal 2024 second-quarter results (for the three months ended Oct. 31, 2023). Shares are now down 39% from their 52-week high in mid-June.

Let's take a closer look at the company's latest quarterly report and see what's going wrong for this AI stock that surged big time in the first half of 2023 before falling out of favor on Wall Street.

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Source Fool.com