Microsoft CEO Satya Nadella speaks at the CES conference in Las Vegas on Jan. 9, 2024.
David Paul Morris | Bloomberg | Getty Images
Microsoft’s market cap surpassed $3 trillion in intraday trading Wednesday after the stock climbed more than 1% to around $404 per share.
The milestone comes two weeks after Microsoft eclipsed Apple as the world’s most valuable public company on Jan. 12. Apple has reclaimed the No. 1 spot, and its market cap reached $3.03 trillion on Wednesday.
Shares of Microsoft are up more than 7% year-to-date as investors remain bullish about the company’s investments in artificial intelligence.
Analysts at Citi said they expect Microsoft to deliver a “solid beat” for its next earnings, partially because of its leadership position around generative AI. The analysts raised their estimates and target price and reiterated their buy rating on the stock in a note Wednesday.
–CNBC’s Michael Bloom contributed to this report.
This is breaking news. Please check back for updates.
