Microsoft’s Market Valuation Reaches Record USD 2.59 Trillion on AI Optimism – News18

Microsoft Corp shares rose to a brand new file excessive shut on Thursday as market optimism concerning the prospects of synthetic intelligence (AI) has helped buoy the know-how big to a file market capitalization of $2.59 trillion.

Microsoft is seen as a pacesetter within the adoption of AI know-how within the software program trade owing to its large funding in OpenAI, the San Francisco-based startup that owns the extensively in style chatbot ChatGPT.

Last month, Microsoft started rolling out a number of AI upgrades, together with ChatGPT, to Azure cloud providers in addition to its search engine Bing – in a transfer that seeks to problem the dominance of Alphabet Inc’s Google.

Microsoft’s shares closed up 3.2% at $348.10 per share on Thursday. The inventory, which has gained greater than 45% within the yr to this point, reached its prior file shut of $343.11 on Nov. 19, 2021. The inventory’s intraday file excessive was $349.67 on Nov. 22, 2021.

In addition, Apple Inc shares additionally achieved a file excessive shut of $186.01 on Thursday, whereas shares of graphics chipmaker Nvidia set a recent intraday file of $432.89.

Earlier Thursday, JPMorgan analysts raised their worth goal on Microsoft’s inventory, citing AI driving demand for the corporate’s merchandise. Of the 53 analysts protecting Microsoft, 44 really useful shopping for the shares and the median worth goal is $340, in keeping with Refinitiv information.

“We reaffirm our bullish-outlier viewpoint on generative AI and proceed to see it driving a resurgence of confidence in key software program franchises,” JPMorgan analysts wrote in a note to clients.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)