Saturday, July 20, 2024

Microsoft Expected to Hit $2.6 Trillion Valuation After AI Boost

Microsoft Corporation achieved a new record market value on Thursday, driven by optimism about the company’s focus on artificial intelligence (AI). The total value of the US technology giant reached $2.59 trillion as its shares reached a new high of $348.10, marking a 3.20% increase.

Microsoft’s stock has been performing well, showing a significant upward trend. It has gained over 7% in the past five trading sessions and more than 11% in the last month. Since the start of the year, Microsoft shares have risen impressively by over 45%.

Analysts from JP Morgan have increased their target price for Microsoft’s stock, citing strong demand for the company’s AI-driven products. Out of the 53 analysts covering Microsoft, 44 have recommended buying the shares, with a median target price of $340, according to Refinitiv data.

The positive market response reflects the market’s confidence in Microsoft’s strategy focusing on AI and its ability to meet the increasing demand for AI-powered solutions.

With a strong performance and positive outlook, Microsoft continues to establish itself as a leading player in the technology industry.

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