On Wednesday, Microsoft’s market cap briefly crossed the $3 trillion mark during intraday trading as the stock climbed by more than 1% and reached around $404 per share. The company’s market cap milestone comes just two weeks after it surpassed Apple to become the world’s most valuable public company on Jan. 12. However, Apple has since reclaimed the top spot with its market cap reaching around $3.02 trillion on the same day.Market analysts remain bullish on Microsoft, with shares up over 7% year-to-date, largely due to investor confidence in the company’s investments in artificial intelligence. Citi analysts have high expectations for Microsoft’s upcoming second quarter earnings report, citing the company’s leadership in generative AI. As a result, they have raised their estimates and target price, and maintained a buy rating on the stock.Likewise, analysts at Morgan Stanley have expressed confidence in Microsoft’s position and contributions in the field of generative AI, and have raised their price target to $450 from $415. They also indicated their belief in the potential for higher than consensus estimates.On January 30, Microsoft is scheduled to report its second quarter fiscal year 2024 earnings. CNBC’s Michael Bloom contributed to this report.
