C3.ai Sees Baker Hughes Further Cut Position Following AI Rally

Baker Hughes Co. cut its stake in software maker C3.ai at a time short sellers alleged there was a deteriorating relationship between the companies.

Baker Hughes, one of the world’s biggest oil field contractors and C3.ai’s most important customer, sold more than 2.2 million shares, or about one-third its stake, in the second quarter, according to a security filing released Friday. This followed another major stock sale in the first three months of the year, leaving Baker Hughes as the fourth-largest shareholder with a 4.15% stake in C3.ai as of June 30, according to data compiled by Bloomberg.

The energy ...