A portion of Wall Street’s recent excitement around firms with AI connections was dampened when shares of C3.ai Inc (AI.N) plummeted over 20% in premarket trading on Thursday after the AI software maker’s quarterly sales projection missed forecasts.

After the negative outlook, the majority of other small-cap artificial intelligence (AI) equities decreased. BigBear.ai (BBAI.N), an AI analytics company, SoundHound AI (SOUN.O), a conversation intelligence company, and Guardforce AI (GFAI.O), a security company in Thailand, all had declines of 0.5% to 7.5%.

The market valuation of C3.ai, one of the leading benefactors of the AI boom brought on by ChatGPT’s viral popularity, has more than tripled in 2023.

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