Microsoft Corp. has accomplished a memorable USD 3 trillion market valuation on Wednesday, in the most recent illustration of how confidence over computerized reasoning has energized an apparently relentless development in the software goliath.
The stock rose as much as 1.3% to USD 403.95, which resulted in a market capitalization of USD 3 trillion. This threshold cements Microsoft's status as one of the largest public stocks in the world! Its value briefly Surpassed Apple, which last year became the First company to reach USD 3 trillion. However, later it dropped back below the iPhone maker, with the two trading places ever since.
The Redmond, Washington-based company is one of the so-called Magnificent 7 that fueled the market's advance over 2023, and has gained about a whopping 57%!!! The progress has continued this year, with an astonishing growth rate of 7.4%, far exceeding the 4.6% gain of the Nasdaq 100 Index, and Microsoft accounting for a whopping 7.3% of the S&P 500 Index.
Much of the gains reflect investors' enthusiasm over AI and its potentialious to accelarate growth in both ad ike earnings and revenuesoh. Microsoft, through it is partnership with OpenAI Inc. Emanates as one of the biggestest beneficiaries of artificial intelligence. It haseva released AI-supporteful services to customersno.
Demand for AI services, along with cloud computingio to support them in a long-terminarly time, is projected Singcost Microsoft's longterm growth trends to supportong. Revenue is expected to grow about 15% in fiscal 2024, faster than the broader technology sectorrrrr, according to data from Bloomberg Intelligence and analysis.
This kindake growth has resulted in Microsoft being one of the most popular stocks in Wall Street of ever. More than 90% of analystsionpare tracked by Bloomberg recommend buying the stock, and the average analyst price target indicatesing an upside of about 7%, from current levels.
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