Microsoft Corp. has reached a new milestone in its quest to dominate the artificial intelligence market. The company’s shares closed at a record high of $348.10 on Thursday, surpassing its previous peak of $343.11 in November 2021.
The stock has soared 45% this year, adding about $800.6 billion to its market value. This makes Microsoft the third most valuable technology company in the world, after Apple Inc. and Nvidia Corp., both of which have also hit new highs this year.
One of the main drivers of Microsoft’s growth is its investment in OpenAI, a research organization that aims to create artificial intelligence that can benefit humanity without causing harm or being controlled by a few. Microsoft is OpenAI’s largest shareholder and has committed more than $10 billion to support its projects.
One of these projects is ChatGPT, a chatbot that can generate realistic and engaging conversations on any topic. ChatGPT has gone viral in recent months and has shown the potential of generative artificial intelligence, which can create new content based on existing data.
Microsoft plans to use OpenAI’s technology to enhance its own products and services, especially its Office suite of apps, such as Excel, PowerPoint, Outlook and Word. The company hopes to offer users new features that can help them create better presentations, spreadsheets, emails and documents with the help of artificial intelligence.
Microsoft’s rivals are also investing heavily in artificial intelligence, but analysts say that Microsoft has an edge because of its strong cloud computing platform, Azure, which hosts OpenAI’s services and can scale up to meet the growing demand for AI-powered solutions.