- Microsoft shares continued their rally on Wednesday, pushing the company’s market capitalization past $2 trillion.
- Shares rose 4% on Tuesday after the company announced that its search engine Bing would integrate AI from ChatGPT’s parent company OpenAI.
- Meanwhile, Alphabet fell after ChatGPT rival Bard’s ads showed chatbots giving inaccurate answers.
A rally in Microsoft shares on Wednesday pushed the company’s market capitalization above $2 trillion, rejoining tech peers Apple.
The stock rose 1% to $270.12, giving the tech giant a $2.01 trillion valuation. He followed a 4% rise on Tuesday after Microsoft announced that its search engine Bing would integrate the artificial intelligence of his ChatGPT parent company, OpenAI. We also plan to add his AI capabilities to the Microsoft Edge browser system.
Microsoft will join the club as the second publicly traded company in the United States to reach $2 trillion in market capitalization for the first time in June 2021.
But last year’s bear market, amid aggressive rate hikes by the Federal Reserve, hit the tech sector particularly hard.
The slow pace of central bank tightening has fueled the recent rally in the stock market. Rise of ChatGPT fueled investor excitement about the future of artificial intelligence, boosting AI stocks.
Microsoft in particular is poised to be the biggest beneficiary of ChatGPT. Last month, the tech giant reportedly invested his $10 billion in parent company OpenAI.
Meanwhile, Google has seen the opposite situation since it unveiled an artificial intelligence chatbox titled Bard AI.
Shares of parent company Alphabet Inc. fell as much as 8% on Wednesday. Bard ad showed chatbot giving inaccurate answers.