U.S. firm's shares soar 355% after contract win

Read more from QuickTake: ChatGPT — Eloquent Robot or Misinformation Machine?

BigBear.ai’s shares tumbled 88% last year amid a broader selloff in risky assets with high-growth potential — like technology companies. The onslaught of criticism over artificial intelligence after the release of OpenAI’s viral chatbot, ChatGPT, late last year hasn’t helped the stock. ChatGPT faces scrutiny over fears it can be misused by malicious players, like scammers and hackers.

Still, Fortune 500 companies — like Microsoft Corp. — and the US government are embracing AI. The technology giant is mulling an as much as $10 billion investment in ChatGPT, Bloomberg has reported. The State Department has kicked off a series of initiatives to support AI development and incorporate it into their systems.

BigBear.ai was up 261% to $3.06 at 12:10 p.m. in New York.

Meanwhile, heading in the opposite direction, Americanas SA, the Brazilian retailer that counts billionaire Jorge Paulo Lemann among its main backers sank 76% after its new chief executive officer departed after finding billions of dollars of accounting “inconsistencies.”

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