Microsoft's (MSFT) shares reached a record high on Friday as the company prepared to announce its latest advances in artificial intelligence during a conference scheduled for next week.
Microsoft's stock hit a new record today in intraday trading. The stock price reached 368.09. According to IBD MarketSmith charts, the MSFT stock moved out of a base cup at a purchase point of 366.78. Recent trades showed it up 1.9% at 367.53.
Microsoft's stock is on fire lately. The stock had been rising for nine days straight until it dropped 0.7% on Thursday to finish the regular session at 360.69. This winning streak is the longest since November 2019 when it rose nine consecutive trading days.
Microsoft's beat-and-raise report from October 24 is still a big hit. Redmond-based Microsoft credited the company's cloud computing business for its better-than expected fiscal first-quarter result.
Microsoft's Chief Executive Satya Nandella praised the company’s AI initiatives in a call with analysts. This included its Copilot product.
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Microsoft will present its AI initiatives in Seattle on Wednesday during a keynote address at the Ignite conference. This could be the catalyst for MSFT's stock.
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