Microsoft’s (MSFT) stock has closed at a new all-time high as markets rally and excitement builds over the company’s role in artificial intelligence (A.I.).
Microsoft’s share price rose 1.1% on Nov. 7 to finish the trading session at $360.53 U.S., beating the previous record close of $359.49 U.S. reached on July 18 of this year.
Microsoft’s stock has now increased for eight consecutive trading days, its longest win streak since January 2021.
In addition to the hype surrounding A.I., Microsoft’s stock has been helped by the company’s strong third-quarter earnings. The company’s stock rose 3% on the day following its Q3 report.
Microsoft’s cloud-computing unit has been particularly strong for the company, and it is also benefitting from the $10 billion U.S. it invested in ChatGPT creator OpenAI earlier this year.
Microsoft’s stock has been outperforming other tech stocks in recent weeks, having gained 15% since the end of September, beating the performance of other companies such as Apple (AAPL) and Nvidia (NVDA).
Year-to-date, Microsoft’s stock has risen 50%, bringing its five-year gain to 230%.
