Microsoft Corp. ended at a record-high close on Thursday, becoming the third mega-cap technology firm after Nvidia Corp. and Apple Inc. to scale new heights this year as the software giant races to introduce generative artificial intelligence features into its suite of products and services.
(Bloomberg) — Microsoft Corp. ended at a record-high close on Thursday, becoming the third mega-cap technology firm after Nvidia Corp. and Apple Inc. to scale new heights this year as the software giant races to introduce generative artificial intelligence features into its suite of products and services.
The Windows software maker rose 3.2% to $348.10, taking out a closing high that had held since November 19, 2021. The gain extends Microsoft’s year-to-date rally to 45%, a move that has added about $800.6 billion to its market value.
Microsoft is looking to overhaul its entire lineup of Office apps, including Excel, PowerPoint, Outlook and Word, with OpenAI technology. OpenAI, backed by Microsoft, has fueled much of the frenzy with its ChatGPT tool, which went viral in recent months and demonstrated the power of chatbot technology. The software maker is OpenAI’s largest shareholder and in January announced that it would be investing another $10 billion into the firm.
Fellow technology stocks, namely Nvidia, have also befitted from this AI trade. The chip company’s stock has surged 192% this year as its touted to be the biggest beneficiary as companies rush to incorporate AI in their product.Â
–With assistance from Ryan Vlastelica and Philip Sanders.
(Updates to market close.)
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