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

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

Microsoft is seen as a frontrunner within the adoption of AI expertise within the software program trade owing to its big funding in OpenAI, the San Francisco-based startup that owns the extensively standard chatbot ChatGPT.

Last month, Microsoft started rolling out a bunch 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 12 months to this point, reached its prior document shut of $343.11 on Nov. 19, 2021. The inventory’s intraday document excessive was $349.67 on Nov. 22, 2021.

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

Earlier Thursday, JPMorgan analysts raised their value goal on Microsoft’s inventory, citing AI driving demand for the corporate’s merchandise. Of the 53 analysts overlaying Microsoft, 44 really helpful shopping for the shares and the median value 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)