Why Artificial Intelligence (AI) Stock C3.ai Leaped Higher Today
C3.ai (NYSE: AI) was the beneficiary of some good news on the government front Tuesday. On the back of the latest Biden administration attempt at tightening restrictions on advanced computer chip exports from the U.S. to China, the company's share price saw a more than 6% lift skyward. That compared very favorably to the marginal decline of the S&P 500 index that day.
The president plans to shut off exports of such chips entirely to the sprawling Asian nation for fear of them being used in artificial intelligence (AI) functionalities harnessed by that country's military.
The ban, which expands a current set of restrictions limiting shipments of such products to China, would go into effect in 30 days. It would cover a wider range of next-generation chips and the goods to manufacture them. Among the businesses affected would be leading chip maker Nvidia (NASDAQ: NVDA), among others.
Source Fool.com
