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Shares soared shortly after Microsoft reported third-quarter revenue rose 7% to $52.9 billion, beating analysts’ expectations, according to the company’s financial report. The gain was primarily due to the Redmond, Wash.-based company’s efforts to integrate AI technology into its cloud computing business, the statement said. Microsoft ramps up its AI efforts in early 2023 with a $10 billion multi-year investment in Sam Altman’s OpenAI, the startup behind ChatGPT, the world-shaking tech disruptor. announced.
Apple was the first U.S. company to reach a market capitalization of $3 trillion in 2022, but weak sales of its iPhone, which accounts for most of its profits, hurt its stock price, which has since fallen below the milestone. . . The company is one of the latest big tech companies to enter the hot AI market, but it hasn’t benefited from the AI-driven stock price boom seen by Microsoft and others.
Several big tech companies, including Google, Amazon, and Meta, are increasing the value of their stock by announcing plans to develop their own AI-powered chatbots or integrate the technology into their products and operations. The Motley Fool reported that. According to stock research platform Wall Street Zen, the average stock price of companies that mentioned AI rose 4.6%, while companies that did not mention it rose only 2.4%.
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