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Key Takeaways
- Microsoft shares gained during intraday trading Wednesday pushing the price over $400.
- This makes the tech giant the second company to ever reach a market capitalization of more than $3 trillion as optimism around artificial intelligence drives investor sentiment.
- Wedbush analysts said that Microsoft is “essentially the torch bearer of the global AI Revolution” through the company’s ongoing partnership with ChatGPT maker OpenAI.
Microsoft (MSFT) reached a market capitalization of more than $3 trillion Wednesday amid optimism surrounding artificial intelligence (AI) potential.
The stock gained around 1.3% to more than $405 in intraday trading Wednesday, making the tech giant the second company to reach the market capitalization milestone. Apple (AAPL) was the first company to reach a $3 trillion market cap in January 2022, but the iPhone maker has not closed at that level since June.
Earlier this year, Microsoft briefly surpassed Apple as the most valuable public company.
Microsoft has been leading the AI race through its ongoing partnership with ChatGPT maker OpenAI. Wedbush analysts said Microsoft is “essentially the torch bearer of the global AI Revolution,” adding that the firm “believe[s] the stock has yet to price in what we view as the next wave of cloud and AI growth coming.”