There is no doubt that Microsoft is one of the biggest players and beneficiaries of the AI race. Amid all this, Microsoft has reported a record high close of $2.59 trillion capitalisation, making the tech giant rise even higher in the technology market. 

Microsoft’s stock experienced a notable 3.2 percent surge on Thursday, closing at $348.10 per share. This year has seen significant growth for the company’s shares, with an impressive increase of over 45 percent. It’s worth mentioning that Microsoft’s previous highest closing price was $343.11 on November 19, 2021, and its all-time intraday peak occurred on November 22, 2021, reaching $349.67.

Since the company’s investment in OpenAI, Microsoft Azure cloud services have been soaring with profits and customers using OpenAI’s API. This was to challenge Alphabet’s position, which touts itself as the leader of AI.

Today the company has also announced the addition of Copilot in its Dynamics 365 enterprise resource planning (ERP) solutions for operations, finance, and supply chain management. In the last four quarters, Microsoft has generated around $208 billion in total revenue. The executives of the company predict that it would record a $10 billion revenue this year.

JPMorgan analysts have raised their price target for Microsoft’s stock due to the growing demand for the company’s products fueled by AI technology. Among the 53 analysts covering Microsoft, 44 have recommended purchasing the shares, with a median price target of $340.

On the same day, Apple Inc reached a significant milestone with its shares achieving a record-high closing price of $186.01. Likewise, graphics chipmaker NVIDIA also participated in the rally, hitting a new intraday record of $432.89. NVIDIA is also one of the most recent companies to join the $1 trillion valuation club.