Microsoft joins Apple in the exclusive club of companies that have surpassed a $3 trillion market capitalization, as its stock price hit a new all-time high on Monday.
The tech giant briefly crossed the $3 trillion threshold, reaching $404.72 per share, before closing at $402.81. It also briefly overtook Apple as the most valuable company in the world, before the iPhone maker regained the lead with a market cap of $3.02 trillion.
The main catalyst for Microsoft’s surge is ChatGPT, the revolutionary conversational AI platform that powers its Bing chat mode and other products. ChatGPT uses deep learning to generate natural and engaging responses to user queries and requests.
ChatGPT was released in November 2022, and since then, Microsoft shares have soared more than 60%. The popular chatbot has been praised as a game-changer in search, communication, education, entertainment, and more.
Microsoft’s other businesses, including cloud computing, gaming, and productivity software, have also contributed to its growth, as demand for digital services increased amid the pandemic
Microsoft’s $3 trillion valuation is a remarkable achievement, considering that it was worth less than $1 trillion at the start of 2019.
