Microsoft CEO Satya Nadella speaks at the CES conference in Las Vegas on Jan. 9, 2024.
David Paul Morris | Bloomberg | Getty Images
Microsoft’s market cap briefly surpassed $3 trillion in intraday trading Wednesday after the stock climbed more than 1% and hit around $404 per share.
The milestone comes two weeks after Microsoft eclipsed Apple as the world’s most valuable public company on Jan. 12. Apple has reclaimed the No. 1 spot, and its market cap reached around $3.02 trillion on Wednesday.
Shares of Microsoft are up more than 7% year-to-date as investors remain bullish about the company’s investments in artificial intelligence.
Analysts at Citi said they expect Microsoft to deliver a “solid beat” for its upcoming second quarter earnings report, partially because of its leadership position around generative AI. The analysts raised their estimates and target price and reiterated their buy rating on the stock in a note Wednesday.
Similarly, analysts at Morgan Stanley said they believe Microsoft’s positioning and contributions related to generative AI are “getting even stronger,” according to a note Tuesday. They moved their price target to $450 from $415, and said they “remain confident in upside to our above consensus estimates.”
Microsoft will report second quarter fiscal year 2024 earnings on Jan. 30.
–CNBC’s Michael Bloom contributed to this report.
