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  "docSlug": "72469199073c",
  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-02-16 00:00:00",
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  "notes": "Uses CEO quotes to frame the contradiction against the quantitative market share data.",
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      "kind": "callout",
      "text": "C3's prospectus claims \"Recognized AI-Industry Leadership\" and that its business is all about gobbling up market share. If in fact true, why is its market share just 0.12%? Our market share estimate even uses C3's market size figure. We will later show how C3 is using fragile related-party revenue. Absent this revenue, its market share would be lower.",
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      "kind": "callout",
      "text": "C3's prospectus claims \"Recognized AI-Industry Leadership\" and that its business is all about gobbling up market share. If in fact true, why is its market share just 0.12%?",
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      "text": "Market Share: 0.12%",
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      "kind": "quote",
      "text": "I mean, our goal is to establish, Mike, a global leadership position in enterprise AI.",
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      "kind": "quote",
      "text": "So this is a -- clearly, this is a market share game... we want to go out and gobble up as much market share as we possibly can.",
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      "kind": "quote",
      "text": "We've established a substantial leadership position in the nascent stage of the enterprise AI market. The addressable market opportunity in enterprise AI is staggering, promising to exceed a $300 billion software market by 2025.",
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      "kind": "quote",
      "text": "\"I mean, our goal is to establish, Mike, a global leadership position in enterprise AI.\" — CEO Siebel, Needham Conf, Jan 11, 2022; \"So this is a -- clearly, this is a market share game... we want to go out and gobble up as much market share as we possibly can.\" — CEO Siebel, Annual Virtual Wells Fargo TMT Summit, Dec 2, 2021; \"We've established a substantial leadership position in the nascent stage of the enterprise AI market.\" — CEO Siebel, Q2 2022 Conference Call",
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      "kind": "table",
      "text": "C3 Estimated Market Share table showing 2020 and 2021E market size, sales, and share.",
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      "kind": "title",
      "text": "C3's Miniscule Market Share Supports Our View That It Is A Tiny Player",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document presents a detailed critique of C3.ai's financials, business dealings, and corporate governance.",
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