Microsoft Hits Record High After NVIDIA and Apple. Who's Next?

Chatterbox Moo wrote a column · Jun 16, 2023 16:11

On Thursday, $Microsoft (MSFT.US)$'s stock price rose 3.19% to $348.10, reaching a historical high and becoming the third big tech this year to hit the historical high after $NVIDIA (NVDA.US)$ and $Apple (AAPL.US)$, with a total market value of approximately $2.6 trillion.

Microsoft Hits Record High After NVIDIA and Apple. Who's Next?

Microsoft's stocks rose on Thursday as Mizuho and JP Morgan raised their price targets on the stock. Mizuho raised its target from $340 to $360, expressing increased conviction in Microsoft's ability to monetize generative AI, while JPMorgan raised its target from $315 to $350 and drew attention to an accelerated path to $10 billion in the company's AI business.

As NVIDIA hit its historical high after announcing its earnings results in May, Apple and Microsoft followed suit this week. Currently, $Alphabet-A (GOOGL.US)$ is closest to its peak among FAAMNG, with a potential increase of 17.5% to surpass the previous high. Meanwhile, $Tesla (TSLA.US)$, which had been on a 13-day streak of gains, still has a 38.3% gap to fill.