C3.ai Jumps 7%, UiPath Climbs 8%, and SoundHound AI Gains 5% as Software Rally Lifts Beaten-Down AI Names
Shares of C3.ai, UiPath, and SoundHound AI rose significantly on Monday, with C3.ai up 7% to $11.30, UiPath up 8% to $14.89, and SoundHound AI up 5% to $6.60. The rally occurred without any company-specific news from these firms. The iShares Expanded Tech-Software Sector ETF (IGV) gained 5% while the Invesco QQQ Trust (QQQ) fell 0.5%, signaling a rotation of funds from large-cap tech into software stocks. This shift follows calls from senior AI lab leaders over the weekend to slow the development of frontier models, leading investors to buy software vendors and sell hardware stocks, as a slower advance in model capability is perceived to postpone the displacement of software products.
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