Microsoft Corp. (MSFT) shares have surged 1.4% in Tuesday morning trading, reaching a recent price of $361.50. This marks the first time the stock has achieved a record close since July 18, 2023, according to Dow Jones Market Data. To establish a new closing high, shares would need to surpass the price of $359.49.
Longest Winning Streak Since 2021
The current bullish trend for Microsoft shares is notable, as the company is currently experiencing its longest winning streak since January 28, 2021. With a continuous upward performance for eight consecutive trading days, Microsoft shares are on track to match the duration of their impressive streak from 2021.
OpenAI Partnership and Positive Outlook
Microsoft's investment in ChatGPT creator OpenAI has been a contributing factor to the company's recent success. UBS analyst Karl Keirstead expressed a positive outlook on Microsoft following an OpenAI developer conference. He stated, "Bottom line, what is good for OpenAI is good for Azure in our view. If OpenAI is now actively courting software developers to build apps using ChatGPT/GPT-4, lowering price points and improving model performance, it could drive greater OpenAI consumption of Azure and serve as a modest positive for Microsoft."
Azure's Role in the Future
As Keirstead highlighted, Microsoft's Azure cloud-computing service stands to benefit from OpenAI's efforts to attract software developers and enhance their offerings. By enabling developers to build applications using ChatGPT/GPT-4 and improving both pricing and model performance, OpenAI's consumption of Azure is projected to increase significantly. This development serves as an optimistic factor for Microsoft's future prospects.
In conclusion, Microsoft Corp. continues to achieve new milestones, with its shares reaching a record high. The company's strategic investment in OpenAI and positive analyst outlook reflect the potential for further growth and success in the near future.