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On Thursday, Microsoft Corp witnessed a surge in its stock prices, reaching an unprecedented closing high. The market’s positive outlook on artificial intelligence (AI) prospects played a significant role in boosting the technology giant’s market capitalization to a remarkable $2.59 trillion.
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Renowned for its substantial investment in OpenAI, a prominent San Francisco-based startup known for ChatGPT, Microsoft is widely regarded as a frontrunner in integrating AI technology within the software industry.
Microsoft recently introduced a range of AI enhancements, including ChatGPT, to its Azure cloud services and Bing search engine. This strategic move aims to rival the dominant position of Google, owned by Alphabet Inc. On Thursday, Microsoft’s shares concluded with a 3.2% increase, closing at $348.10 per share. Notably, the stock has experienced significant growth, surging over 45% since the beginning of the year. It surpassed previous record highs, reaching $343.11 on November 19, 2021, and achieving an intraday peak of $349.67 on November 22, 2021.
Furthermore, on Thursday, Apple Inc witnessed a historic closing high with its shares reaching $186.01. Simultaneously, graphics chipmaker Nvidia achieved a new intraday record of $432.89.
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Earlier on Thursday, JPMorgan analysts increased their price target for Microsoft’s stock, attributing it to the growing demand for the company’s products driven by artificial intelligence (AI). Taling about the data by Refinitiv, out of the 53 analysts covering Microsoft, 44 recommended buying the shares, with a median price target of $340.
In a note to clients, the JPMorgan analysts expressed their optimistic stance on generative AI, emphasizing its potential to boost confidence in essential software franchises.
