Microsoft reaches three trillion market capitalization
Microsoft has become the world’s second company with a market capitalization of 3 trillion dollars. LinkedIn’s parent company recently closed above this market cap, after flirting with it in trading the day before. The milestone – reached only once before by Apple – reflects “investor enthusiasm about AI and its potential to accelerate growth in both revenue and earnings,” Bloomberg reports. Microsoft has invested in ChatGPT maker OpenAI and has been competitive in rolling out generative artificial intelligence. Its shares rose almost 57% last year and will rise by around 7% in 2024.
For the second time this month, Microsoft has overtaken Apple to become the most valuable listed company. Apple closed with a market valuation of three trillion dollars on Thursday.
Microsoft and the rest of the ‘Magnificent 7’ – comprising Apple, Nvidia, Amazon, Alphabet, Meta and Tesla – have helped send stock markets to record levels.
The Federal Trade Commission is taking an intense look at tech giants’ huge stakes in AI startups and sent subpoenas on Thursday to Microsoft, Google and Amazon.
Also on Thursday, Microsoft laid off about 8 percent of the staff in its gaming division, including employees from Activision Blizzard, which it acquired in a deal completed last fall for $68.7 billion.
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