Microsoft share price hits record high, market cap touches $2.6 trillion!
What pushed Microsoft’s market cap higher?
Microsoft share price gained 4% on Jun 15, 2023 and has gained about 45% since the beginning of this year primarily on account of positive developments in the AI space.
Following recent share price gains, Microsoft’s market capitalization hit $2.6 trillion for the first time, adding to the robust growth recently seen in technology shares, especially the ones with higher focus on AI.
Throughout the year, the focus on AI has been prominent, particularly with the introduction of the ChatGPT. Tech companies have been eager to integrate this technology into their products and features, highlighting its potential for driving cost savings during uncertain economic times.
Microsoft has emerged as a significant beneficiary of the success of ChatGPT and related offerings. Apart from making a substantial investment in OpenAI, Microsoft also gained by integrating the AI enabled chatbot onto its search engine - Bing.
Microsoft share price: Historical Price Performance
| 1-day | 1-month | 1-year | 5-years |
| 4% | 12% | 42% | 247% |
(Data as on June 15, 2023)
Microsoft market cap: Top US stocks over $1 trillion market capitalization
| Company | Market Cap ($ trillion) | Latest Share Price (As on June 15, 2023) |
| Apple | $2.93 | $186.01 |
| Microsoft | $2.60 | $348.10 |
| Alphabet (Google) | $1.60 | $125.80 |
| Amazon | $1.30 | $127.10 |
| Nvidia | $1.10 | $426.50 |
Microsoft share price: Analyst View
- JPMorgan analysts raised their price target on Microsoft's stock to $350 from $315, citing AI driving demand for the company's products.
- Broker Mizuho raised its share price target on the stock to $360 from $340.
- Macquarie Research has an ‘outperform’ rating on the firm with a $325 share price target.
- Broker DA Davidson has a ‘buy’ rating on the stock with a share price target of $350.
This is not investment advice. Investments in the securities market are subject to market risk, read all the related documents carefully before investing. Past performance is not indicative of future returns.