Microsoft Surpasses $3 Trillion Market Cap Amid AI Boom
Investor enthusiasm for Microsoft's AI advancements, including its partnership with OpenAI, drives stock rally and briefly makes it the world's most valuable company.
- Microsoft's market capitalization briefly surpassed $3 trillion for the first time, making it the second company to reach this milestone after Apple.
- Microsoft's stock has been rallying due to investor enthusiasm over the company's advancements in artificial intelligence (AI), particularly its partnership with OpenAI and the launch of its AI-supported services.
- Microsoft's shares have gained about 67% since the launch of ChatGPT in early November 2022, outperforming the S&P 500's roughly 20% rise and the tech-heavy Nasdaq's nearly 40% jump during the period.
- Microsoft's $3 trillion market cap milestone comes ahead of its quarterly earnings reports next week, with revenue expected to rise 15% in its 2024 fiscal year, faster than the overall tech sector.
- Microsoft and Apple have been vying for the top spot as the most valuable company on Wall Street since the start of the year, with Microsoft briefly overtaking Apple earlier this month.
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