BigBear.ai stock surges on $165M Army contract: CEO

BigBear.ai (BBAI) shares surge after the intelligence solution provider powered by artificial intelligence (AI) secured a $165 million five-year contract with the US Army. BigBear.ai CEO Mandy Long sits down with Julie Hyman and Josh Lipton on Market Domination Overtime to discuss the deal and the company’s position in the AI market. “The basis of GFIM,” which stands for Global Force Information Management, “is really about empowering senior leaders and combatant commanders to make data-driven force structure decisions. The intent here being that we can make decisions with greater confidence and we can ensure that the Army is properly manned, equipped, trained and resourced,” Long tells Yahoo Finance. The CEO says the company “is continuing to move upstream in these competitive bids,” explaining that with the GFIM contract, “We went up against, you know, a lot of the big boys that are out there, and this is a formidable achievement for us because it's a sole source, prime award, which for a company like BigBear.ai is a huge milestone moment because it means that we are now in the game right at scale as a prime.” Taking a look at the AI space as a whole, Long explains her view that AI will broaden beyond current applications. “I believe we're going to see a huge amount of AI adopted across industries in a lot of those environments where patterns exist because that's where AI excels today… Then over time, I think we'll move upstream into some of these more esoteric use cases.” To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
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