The artificial intelligence (AI) "boom" is certainly the technology story for 2023, resulting in both new and old companies trumpeting why buying their stock is a path to new fortunes. We were the first to warn about C3.ai and why anchoring an investment to its gimmicky ticker "AI" could lead to disappointment. In addition to an abrupt CFO resignation, C3.ai has revised its customer count twice, and recently retracted its profitability targets while its stock price has languished. There are many other gimmicky companies looking to get a piece of the AI buzz, and tomorrow we will expose an older technology company that is also talking up its AI capabilities. However, after conducting multiple Freedom of Information Act requests to obtain customer contracts, we learned that it actually gives away its AI capabilities for free. As such, we believe investors will be disappointed to learn that AI is a cost center, not a profit center that could lead to any material upside.
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