Shares of BigBear.ai Holdings (NYSE:BBAI) are flying higher on Wednesday. The company's stock gained 11.6% as of 12:35 p.m. ET, but was up as much as 15.5% earlier in the day. The gain comes as the S&P 500 (SNPINDEX:$SPX) dropped 0.3% and the Nasdaq Composite (NASDAQINDEX:$NASX) was flat.
BigBear.ai is a technology company leveraging artificial intelligence (AI) to drive efficiency and improve decision-making for commercial and government clients. The company's stock saw a boost after Vice President JD Vance gave a keynote speech at the Paris AI Summit on its closing day.
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JD Vance speaks on U.S. commitment to artificial intelligence
Vice President Vance delivered a speech Tuesday to leaders from around the world and across Europe in which he promised that the U.S. would dominate AI, declaring, "The Trump administration will ensure that the most powerful AI systems are built in the U.S., with American design and manufactured chips."
The vice president was critical of European regulations, worrying they would strangle innovation and cause the U.S. and its allies to fall behind in its race with China. Vance said the focus should be on AI opportunities rather than AI safety.
A rising AI tide lifts BigBear.ai
The comments made clear that the Trump administration intended to take measures to favor American-based AI companies. The speech also made clear the administration saw great opportunity in using AI.
That's good news for BigBear.ai, which is based in Bethesda, Maryland. Any programs that specifically benefit American AI would more than likely benefit the company, which is also heavily focused on government contracts. If the Trump administration increases the federal government's use of AI, it could mean more substantial contracts for BigBear.ai, driving revenue growth.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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