USA: Microsoft has enjoyed success as a result of artificial intelligence (AI). One of the leaders in the AI race is the company. It appears that Microsoft's AI wagers are paying off in the market as well.
The stock price of the multinational tech company reached a new high on Thursday. The market capitalization increased thanks to the rally to an astounding $2.59 trillion.
Over the past few months, there has been a noticeable rise in interest in AI. AI is frequently cited as the next technological revolution. The market has taken note of AI's rising popularity.
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Microsoft is not the first business to profit from the rising confidence in AI. The market cap of NVIDIA, the industry leader in GPUs, surpassed $1 trillion for the first time earlier this year.
Microsoft's shares closed Thursday's trading session at $348.10, an increase of 3.2%. The previous high point for the business was $343.11, which was attained on November 19, 2021. Yesterday, Microsoft's stock rose as high as $349.40 during intraday trading. On November 22, 2021, $349.67 was the intraday high. Microsoft's stock has increased by almost 45% so far this year.
Since March 2023, Microsoft's market value has been steadily increasing. The company's wounds from a difficult 2022, when tech companies struggled more than ever before, were healed by the AI wave. The company has previously experienced high valuations, but never $2.59 trillion. $2.57 trillion was the previous high, reached in December 2021. After Apple, Microsoft is currently the most valuable company in the world.
The market's increasing fondness for Microsoft is evidence of the success of its AI initiatives. The business has made over $10 billion in OpenAI, the company that created ChatGPT. The Redmond-based company's investment has yielded impressive returns. Microsoft has made it a goal to incorporate AI into every one of its products, and it has been succeeding in this endeavour.
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These days, it is difficult to find a Microsoft product without AI integration, from Azure to Windows to Office. For the first time, the company's new GPT-4-powered Bing made it a serious competitor to Google in the search market. Due to AI, Microsoft's products are in greater demand. Analysts are optimistic about the tech giant
