Microsoft reaches $4 trillion valuation! - Investments in AI and collaboration with OpenAI fueled growth
Microsoft reached a market value of $4 trillion, becoming the second publicly traded company after Nvidia to achieve this historic milestone.
Strong results from Microsoft and Meta Platforms also fueled Amazon's revenue growth, as well as sending chipmaker Nvidia to a record high, with the four artificial intelligence giants gaining over half a trillion dollars in market value.
Microsoft forecast a record $30 billion in capital spending for the first quarter of its current fiscal year to meet growing demand for innovative technology. The company reported a surge in sales at its Azure cloud computing business and announced that its Copilot artificial intelligence tool had surpassed 100 million monthly active users. Microsoft shares recently rose 4.5%, after rising as much as 8%.
Meta Platforms also doubled down on its artificial intelligence ambitions, forecasting quarterly revenue that topped Wall Street estimates, while the new technology gave a boost to its advertising business.
Microsoft reached a stock market value of $1 trillion for the first time in 2019. The climb to $3 trillion was more measured compared to Nvidia, as the latter tripled in value in about a year and reached the $4 trillion mark on July 9.
Microsoft's multi-billion dollar partnership with OpenAI is proving to be a huge success. The partnership powered the Office Suite and Azure services with advanced artificial intelligence and doubled the stock's value since ChatGPT debuted in late 2022.
Meanwhile, chip supplier Nvidia rose 0.8% in the latest session, pushing its market capitalization to a record $4.4 trillion.
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