Microsoft Corp.’s surge on cloud and GPT buzz
The Windows software maker rose as much as 8% Wednesday.
The stock soared after reporting strong quarterly results as corporate cloud-computing demand remained resilient, and the GPT market buzz
If the gains hold, the company will add $151 billion in market value, the most in the company’s history, according to data compiled by Bloomberg.
Tweet on Microsoft stock
@Microsoft surge sets the software giant up for its biggest single-day market value gain ever.#Microsoft #stock #tech #GPT4 pic.twitter.com/onEDm8yW0d
— The_Journalbiz (@the_journalbiz) April 26, 2023
Bloomberg chart on Microsoft
With tech companies rapidly growing in market value, even relatively small rallies have led to huge gains. Last year, both Apple Inc. and Amazon.com Inc. added more than $190 billion in market value in single sessions, according to data compiled by Bloomberg.
The software giant is poised to scale to a market capitalization of $2.2 trillion, helping it reclaim the title of the world’s second most valuable public company.
Microsoft would catapult over oil giant Saudi Aramco’s $2.1 trillion value. Apple remains the largest company with a value of $2.6 trillion through Tuesday’s close.
Microsoft results, along with Alphabet Inc. earnings, that beat expectations helped ease concerns that this year’s rally in technology stocks could be overdone. Microsoft’s Azure cloud-computing business saw revenue expand 31% excluding the impact of currency fluctuations, matching the average analyst projection.
