The technology sector was moving lower Tuesday, taking with it a host of hot stocks that had been riding Wall Street\u2019s enthusiasm for the artificial-intelligence revolution. <\/p>\n
But one small name was standing out in a big way in a sea of mostly red: Shares of Airship AI Holdings Inc. The Redmond, Wash.-based company uses AI to help law-enforcement, defense, and public-sector customers harness data. Airship\u2019s \u201clarge\u201d contract with a DOJ agency is for the company\u2019s \u201cvideo and data-management platform supporting emerging public-safety and investigative requirements,\u201d according to a release.<\/p>\n Paul Allen, the company\u2019s president, said in the release that Airship AI has a \u201cstrong pipeline\u201d for the year. <\/p>\n Airship AI is still a tiny company, with a market capitalization of about $83 million if the current surge carries through to the close. The company went public in December through a merger with a special-purpose acquisition company.<\/p>\n A June 2023 presentation on Airship\u2019s investor-relations site says the company generated $14.5 million in revenue during 2022, with a 58% gross margin and \u201cpositive\u201d earnings before interest, taxes, depreciation and amortization, or Ebitda.<\/p>\n Airship\u2019s letter to shareholders this January highlighted a $10.9 million award from the U.S. Department of Homeland Security. At the time, the company said it had a roughly $11.8 million backlog \u201cthat will be delivered and invoiced\u201d across the first and second quarters of 2024.<\/p>\n Other relatively small AI plays have also generated investor attention lately. One is SoundHound AI Inc. SoundHound\u2019s stock was down 12% in Tuesday\u2019s session, while shares of C3.ai Inc.
\n AISP,
\n
\n were rocketing 85% in the afternoon, after the sensor and data-management company said it received a U.S. Department of Justice contract.<\/p>\n
\n SOUN,
\n
\n which now has a market cap worth $1.5 billion and started seeing stock momentum earlier this year after Nvidia Corp.
\n NVDA,
\n
\n listed a stake<\/a> on its own 13-F filing with the Securities and Exchange Commission. SoundHound generated roughly $17 million in revenue during its latest quarter<\/a> while racking up an $18 million net loss. <\/p>\n
\n AI,
\n
\n which is worth $3.9. billion in market cap, were down about 6%.<\/p>\n<\/p><\/div>\n<\/div>\n