Microsoft's value hits record high, nearly $2,600 billion

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

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

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

Microsoft's stock surge comes in recent months as it competes with peers like Google to introduce general AI features across its suite of products and services. 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 splash late last year after launching an AI chatbot called ChatGPT. In a recent presentation, Microsoft CFO Amy Hood said general AI would be "the fastest-growing $10 billion business in our history."

JP Morgan analysts also raised their price target on Microsoft's stock on June 15, Reuters reported, citing AI as driving demand for the company's products. Analyst Mark Murphy said he sees Microsoft on a fast track to achieving a $10 billion valuation in the AI ​​business alone.

Microsoft's investments in OpenAI have given the company an edge in the AI ​​space.

Of the 53 analysts covering Microsoft, 44 recommend buying the company's stock, with an average price target of $340, according to Refinitiv data. "We reiterate our more bullish view on general AI and continue to see it driving renewed confidence in key software brands," JP Morgan analysts said in a note.

Microsoft's earnings rose 10.4% year over year to $2.27 a share, beating Wall Street's forecast of $2.23 a share. Net income rose 9% to $18.3 billion.

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