Zoom to use more AI in product, stock up 8% after upbeat 2024 profit targets

Zoom Video Communications Inc said on Monday it will integrate more artificial intelligence into its products and forecast annual profit above Wall Street estimates, sending the company’s shares up 8% in extended trading.

Analysts predict the AI tech will be a major driver for future growth for the tech industry, which has been grappling with slowing demand amid recessionary fears.

The AI race picked up pace after Microsoft-backed OpenAI’s ChatGPT last year prompted heavyweights from Alphabet Inc to China’s Baidu Inc to announce their own offerings.