Microsoft, welcome to the $3 trillion club.
The Redmond tech giant reached a milestone Wednesday as its market capitalization reached $3 trillion for the first time ever, reflecting investor confidence in the company as it takes a leading position in the AI race.
Microsoft stock was up 1.5% on Wednesday, hitting more than $404 per share, a record high. Shares are up more than 7% this year and more than 66% over the past 12 months.
Microsoft briefly passed Apple earlier this month as the world’s most valuable company. Apple hit the $3 trillion mark in June of last year.
Analysts with Morgan Stanley raised their price target for Microsoft earlier this week, citing the company’s generative AI portfolio. The company will report its latest fiscal quarterly earnings next week.
Microsoft this month rolled out a new $20/month AI chatbot subscription, Copilot Pro, which promises to give individual users priority access to the latest AI models, starting with OpenAI’s GPT-4 Turbo, along with AI integrations in Microsoft’s productivity suite that were previously reserved for business users.
The company reached a $2 trillion market cap in June 2021.
