Since public enthusiasm over the potential of AI (artificial intelligence) has contributed to lifting the tech conglomerate to a peak market value of 2.59 trillion dollars, Microsoft Corp stocks went up to a new all-time high finish on Thursday.
Because of its substantial funding in OpenAI, which is based in San Francisco that created the hugely successful chatbot ChatGPT, Microsoft has been recognized as a leader in the implementation of artificial intelligence (AI) in the software industry.
To compete with Google, owned by Alphabet Inc., Microsoft started releasing several AI enhancements, such as ChatGPT, the company’s Bing search engine, and Azure cloud services within the past month.
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On Thursday, Microsoft’s prices increased 3.2 percent and closed at 348.10 dollars for each share. The price of the stock, which has increased by more than 45 percent so far this year, hit its previous record close of 343.11 USD on November 19, 2021. On November 22, 2021, the share’s intraday highest level ever was 349.67 USD.
Additionally, on Thursday, the stock of Apple Inc. closed at a record high of 186.01 USD, while those of the manufacturer of graphics chips Nvidia hit a brand-new intraday record of 432.89 USD.
The increasing demand for Microsoft’s items is being driven by AI, according to JPMorgan experts who increased their price objective on the business’s stock sooner on Thursday. Following data from Refinitiv, 44 of the 53 experts that follow Microsoft suggested purchasing the stock, with a consensus price objective of $340.
“We reaffirm our bullish-outlier viewpoint on generative AI and continue to see it driving a resurgence of confidence in key software franchises,” JPMorgan analysts wrote in a note to clients.
Source: economictimes.indiatimes.com
On June 5, the Microsoft 365 software suite, which includes Teams and Outlook, was unavailable for over two hours to over a thousand customers, with a brief reappearance the next morning. For Microsoft, it was their fourth of these events in a calendar year.
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Microsoft has claimed that cyberattacks were to blame for the outages that the firm had during some of the first days of this month, but it claimed that there was no proof that any information about clients had been obtained or compromised.
“Beginning in early June 2023, Microsoft identified surges in traffic against some services that temporarily impacted availability'” the company said in a blog post.
Source: economictimes.indiatimes.com
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