The Windows operating system maker is now considered a leader in the race to apply AI technology, based on its huge investment in OpenAI - the startup that owns the popular chatbot ChatGPT.
Last month, Microsoft began rolling out a series of AI upgrades to its software and services, from its Azure cloud to its Bing search engine, in a bid to challenge Google's dominance.
The company’s stock rose 3.2% to $348.10 per share on June 15. The US software giant’s stock has risen more than 45% year-to-date, surpassing its record high of $343.11 per share on November 19, 2021.
On the same day, other major US technology companies such as Apple and Nvidia also set new stock price records, at $186.01 and $432.89, respectively.
Earlier, JPMorgan analysts raised their price targets on Microsoft shares, citing growing demand for AI in the company’s products. Of the 53 analysts covering the company, 44 recommend buying at an average price of $340 per share, according to Refinitiv data.
“We reaffirm our bullish outlook for generative AI and see it as a driver of the resurgence of key software brands,” JPMorgan analysts wrote in a note to clients.
(According to Reuters)
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