Microsoft's value has reached a record high, nearly $2.6 trillion.

According to Livemint , Microsoft shares traded up 3.3% at $349.15 per share at the close of trading on June 15. The company's stock is also up more than 45% year-to-date, with its previous closing high of $343.11 per share set on November 19, 2021. The company's previous intraday high was $349.67, set on November 22, 2021.

Microsoft is challenging Apple for the title of the world's most valuable company.

According to the report, Microsoft's stock value has increased by approximately $770 billion since the beginning of the year. This brings Microsoft's market capitalization to around $2.57 trillion, just 13.6% less than Apple's. Thanks to its significant efforts in AI technology, Microsoft could challenge Apple for the title of the world's most valuable company.

Microsoft's stock growth has occurred in recent months as the company competes with peers like Google to introduce general AI features across its product and service suite. The software giant is overhauling its entire Office suite, including Excel, PowerPoint, Outlook, and Word, with AI technology from OpenAI – a company that has received billions of dollars in investment from Microsoft. OpenAI made a big splash late last year after launching an AI chatbot called ChatGPT. In a recent presentation, Microsoft's CFO Amy Hood said general AI would be "the fastest-growing $10 billion business in our history."

On June 15, Reuters reported that JP Morgan analysts had also raised their price target for Microsoft shares, citing AI as a driver of demand for the company's products. Analyst Mark Murphy said he sees Microsoft on a rapid growth trajectory to reach a valuation of $10 billion in its AI business alone.

Microsoft's investment efforts in OpenAI have given the company an advantage in the AI ​​field.

According to Refinitiv data, among 53 analysts surveying Microsoft, 44 recommended buying the company's stock, with an average price target of $340. JP Morgan analysts stated: "We reaffirm our more optimistic view on AI in general and continue to see it driving renewed confidence in key software brands."

Microsoft's earnings reportedly increased 10.4% year-over-year to $2.27 per share, far exceeding Wall Street's forecast of $2.23 per share. The company's net income rose 9% to $18.3 billion.

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