Longtime tech investor Paul Meeks said artificial intelligence pure play C3.ai could be a potential winner as the firm might be a acquisition target for megacap tech companies. “One pure play AI company, C3.ai, probably at some point successfully sells itself to one of the mega tech cap companies,” Meeks said on CNBC Pro Talks Wednesday. The portfolio manager at Independent Solutions Wealth Management said his prediction stems from the CEO Tom Siebel’s track record. Siebel sold his prior software company, Siebel Systems, to Oracle for nearly $6 billion in 2006. Three years later, he started C3.ai , a provider of AI solutions to businesses. “Because that company is being run by Tom Siebel, who at one time in his career worked in Oracle, left Oracle, created a company, sold it back to Oracle and became a billionaire. So he’s done it before,” Meeks said. AI YTD mountain C3.ao The 70-year-old Siebel has a net worth of close to $4 billion, according to Forbes . C3.ai uses AI to predict a host of issues ranging from fraud detection to helping companies optimize their operations. Over the years, it’s attracted prominent customers, including the U.S. Department of Defense as well as oil and gas giants like Shell and Baker Hughes . Shares of C3.ai have rallied more than 260% this year alone.
