Dear clients,
Microsoft Corp. stock rally led to their market value exceeding $2 trillion for the first time in almost six months, amid a recovery in technology stocks.
Shares of Microsoft rose 3.4% to $276.76 early Wednesday, joining Apple Inc. as the only assets with a market capitalization above $2 trillion. The level was exceeded for the first time since August after rising 29% from the November low.
The rise in shares came amid widespread investor interest in everything related to artificial intelligence. Microsoft announced last month that it is increasing its investment in OpenAI, the owner of the hugely popular chatbot. On February 7, the company introduced a ChatGPT-based version of its Internet search engine Bing.
Meanwhile, Alphabet Inc. lost a $100 billion market value on Wednesday after its new chatbot shared inaccurate information in a promotional video and the company’s event failed to impress. This added to fears that Google’s parent company is losing ground compared to Microsoft Corp. The Bard chatbot, which debuted on Monday, incorrectly identified which satellite first took pictures of a planet outside Earth’s solar system.
