Microsoft rivals Apple, touching $3 trillion valuation thanks to soaring AI demand
4:56 AM EST, January 25, 2024
Microsoft's shares hit a high of 405.63 USD during Wednesday's session, marking a new record for the company. However, the value dropped slightly by closing time, ending the day with a valuation of 2.99 trillion.
Microsoft's shares touch 3 trillion dollars
Apple's shares fell by 0.35 percent to 194.50 USD at the close of trading on Wednesday. Despite this, the company's value remains above the 3 trillion dollar mark.
"There's enormous pressure on generative AI, and Microsoft delivers", emphasized Ted Mortonson, a technology sector strategist at investment firm Baird, as quoted by Bloomberg.
“It's clear that companies like Apple, Google, and Meta are striving to profit from generative artificial intelligence. That said, we must acknowledge that at present, only Microsoft offers a practical functioning model where you can subscribe to collaborate with chatGPT," mentioned Brian Mulberry from Zacks Investment Management.
According to analysts quoted by Bloomberg, the demand for artificial intelligence services will continue to bolster Microsoft's long-term growth trends.
