AI

Technology Sector Update for 01/31/2023: AI,SYM,ALGM

Technology stocks were advancing on Tuesday, with the Technology Select Sector SPDR Fund (XLK) rising 0.8% and the Philadelphia Semiconductor Index gaining 1.3% this afternoon.

In company news, C3 AI (AI) surged nearly 24% after the artificial intelligence software company announced the launch Tuesday of its C3 Generative AI for Enterprise Search.1 platform providing business customers to search through all of their information systems to locate, retrieve and present relevant data using a natural language interface. The C3 platform is scheduled for general release in March and will be featured at the company's user group conference on March 7.

Symbotic (SYM) added more than 13% after the supply-chain robotics company reported a 168% year-over-year increase in its fiscal Q1 revenue, rising to $206.3 million to top the Capital IQ consensus expecting $193.7 million in revenue for the three months ended Dec. 24. The company also is projecting between $205 million to $230 million in Q2 revenue, more than doubling the year-ago period's total and straddling the $226.7 million analyst mean.

Allegro MicroSystems (ALGM) climbed over 10% after the analog chipmaker reported fiscal Q3 net income of $0.35 per share, excluding one-time items, improving on a $0.19 per share adjusted profit during the same quarter in 2021 and beating the Capital IQ consensus call by $0.03 per share. Revenue for the three months ended Dec. 23 also exceeded analyst estimates and the company is projecting Q4 earnings and revenue topping analyst estimates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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