Microsoft Hits a $3 Trillion Market Cap

Microsoft has reached a $3 trillion market cap, the first time in its 48-year history. It’s the second company, after Apple, to reach the milestone valuation after stock in Microsoft climbed 1.5 percent in trading on the NASDAQ on Wednesday.

Apple first hit the $3 trillion market cap two years ago, more than a year after it surpassed the $2 trillion mark in 2020. Microsoft and Apple have been trading places for the world’s most valuable company in recent weeks, with Microsoft briefly overtaking Apple earlier this month.

Microsoft’s stock has been rallying in recent months, as the company continues to ride an AI hype train from investors. Microsoft announced the pricing for its Copilot for Microsoft 365 service last year, with investors responding with a noticeable stock price bump. In recent months, the company hasn’t slowed down on AI announcements, with new features and products on a near weekly basis.

Read the source article at The Verge