Microsoft stock rises to record high on AI optimism

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Microsoft stock rises to record high on AI optimism

US stocks extended gains on Tuesday, with the NASDAQ and S&P 500 notching their longest winning streak in two years. The biggest gainer-- Microsoft-- closed Tuesday's session at an all-time high, on fresh optimism about growth from its key partner in Artificial intelligence, Open-A-I. The tech giant's stock rose to a record high of $360.53. valuing the company at around $2.7 trillion. It comes after OpenAI announced a slew of updates, including price cuts-- and plans to allow people to make custom versions of the ChatGPT chatbot. Microsoft has invested a reported $13 billion in the AI developer, which has granted it an exclusive license on OpenAI's GPT-4 large language model that can generate human-like prose. Last week, Microsoft announced the release of an AI add-on for its Office subscriptions and an assistant in Windows 11, both of which rely on OpenAI models.