A new record market value for Microsoft Corporation was attained because of rising optimism regarding the company’s focus on artificial intelligence (AI). The US technological behemoth’s shares rose to a record high of $348.10, reflecting a 3.20 percent increase, bringing the market capitalization to $2.59 trillion.
The price of Microsoft’s stock has been rising steadily, more than 7% in the last five trading days and more than 11% in the previous month. Microsoft shares have significantly increased since the start of the year, rising by more than 45%.
JP Morgan analysts have increased their price target for Microsoft’s stock, noting the high demand for AI-driven products. Refinitiv data shows that of the 53 analysts who follow Microsoft, 44 have suggested purchasing the shares, with a median target price of $340.
The enthusiastic response demonstrates the market’s faith in Microsoft’s AI-focused strategy and its capacity to profit from the escalating demand for AI-driven solutions. Microsoft has continued reaffirming its position as the dominating player in the technology sector with a strong performance and a confident outlook.