Microsoft's market cap briefly surpassed $3 trillion in intraday trading Wednesday after the stock climbed more than 1% and hit around $404 per share.
The milestone comes nearly 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 around $3.02 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 upcoming fiscal second-quarter earnings report, 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.
Similarly, analysts at Morgan Stanley said they believe Microsoft's positioning and contributions related to generative AI are "getting even stronger," according to a note Tuesday. They moved their price target to $450 from $415, and said they "remain confident in upside to our above consensus estimates."
Microsoft is scheduled to report fiscal second-quarter earnings on Jan. 30.
— CNBC's Michael Bloom contributed to this report.
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January 24, 2024 at 10:45PM
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Microsoft briefly crosses $3 trillion in market cap - CNBC
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