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Shares of C3 AI (AI) gained over 7% Tuesday as the enterprise artificial intelligence (AI) software maker expanded its strategic collaboration agreement (SCA) with Amazon's (AMZN) Amazon Web Services (AWS).

The two companies struck the original deal in 2016, which involves AWS using C3 AI products to deliver AI solutions "designed to solve customers' critical business challenges across a variety of industries." Together they provide services "in multiple verticals," including manufacturing, power and utilities, and consumer packaged goods, as well as federal, state, and local governments.

C3 AI indicated that the updated SCA will have the firms focus on "continuing to offer advanced generative AI solutions for enterprises." CEO Thomas Siebel explained that C3 AI and Amazon teams are working to help organizations "increase efficiency through faster data retrieval and analysis and accelerate value creation by getting many users onboarded quickly."

Shares of C3 AI jumped following the news and have gained nearly 170% this year, boosted by booming demand for AI products. Amazon shares were also up more than 2% on the day of the announcement, and they've added about 70% of their value in 2023.

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C3 AI Shares Jump as Firm Expands Artificial Intelligence ... - Investopedia