Microsoft Hits $3 Trillion Valuation Milestone on ChatGPT and Cloud Growth
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Microsoft reached a $3 trillion market valuation for the first time on Wednesday, becoming only the second company after Apple to achieve this milestone.
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Microsoft's rise has coincided with the growth in artificial intelligence and the popularity of ChatGPT, made by OpenAI which Microsoft backs.
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Microsoft shares have surged over 60% since ChatGPT's release in November, significantly outpacing the broader market and tech stocks.
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Microsoft has benefited from strong growth in its cloud computing business, with AI capabilities driving record revenues.
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Microsoft first reached a $1 billion valuation when it went public in 1986; it briefly surpassed Apple as the world's most valuable company earlier this month.