SPACs Jump on Artificial Intelligence Bandwagon as Time Runs Out

Blank-check companies are hoping the market craze surrounding artificial intelligence can revive the fortunes of an industry plagued by fleeing investors.

Three special-purpose acquisition companies have lined up deals with firms touting their AI credentials in the past three weeks, while the sponsor of a new SPAC has said it plans to look to merge with a company that preferably uses AI algorithms in the transportation field.

“AI is the topic du jour,” said Julian Klymochko, the chief executive officer of Accelerate Financial Technologies. “To get a deal closed and keep investors from redeeming, it needs to be attractive ...