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Wednesday 24 July, 2024
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Microsoft is anticipated to reach a record $2.6 trillion valuation following an AI boost

BY Shahzad Saeed Jun 17, 2023. 07:00 pm UPDATED: Jun 17, 2023. 07:00 pm

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On Thursday, Microsoft Corporation’s stock value reached a new high due to optimism regarding the company’s commitment to artificial intelligence (AI). The US technology behemoth saw its market value rise to $2.59 trillion as its shares hit a new high of $348.10, representing a 3.20 percent increase.

The performance of Microsoft’s stock has been strong, with a clear upward trend. In the last five trading sessions, it has increased by more than 7%, and over 11% over the past month. The share price of Microsoft has impressively increased by over 45% since the year’s beginning.

In light of the robust demand for Microsoft’s AI-driven products, analysts at JP Morgan have raised their price target for the company’s shares. According to Refinitiv data, 44 out of the 53 analysts who follow Microsoft have recommended buying the shares, with a median target price of $340.

The favorable market reaction demonstrates the market’s belief in Microsoft’s AI-focused strategy and its capacity to satisfy the rising demand for AI-powered solutions.

Microsoft has maintained its position as a major force in the technology sector with a strong performance and a promising future.

Read more: OGRA Announced Huge Drop in LPG Price

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