Wedbush says Microsoft could reach $3 trillion in market capitalization by 2024
Per Barron's
Wedbush has given its expectations on Microsoft, saying that its stock could potentially reach $3 trillion in market capitalization by 2024. This comes as analyst Dan Ives believes that monetizatio of AI could drive the stock higher.
Ives: “In this ‘Game of Thrones’ battle for AI market share we view the enterprise as the golden-goose opportunity as we estimate the AI market opportunity is an $800 billion market over the next decade,"
In 2023 alone, Microsoft has already jumped by 40%, as more investors started buying up shares amid excitement around AI. The analyst also places a price target of $375 for the stock, rating it at Outperform.
So far, Microsoft has a market capitalization of $2.5 trillion, and to reach the $3 trillion market cap, its stock would need to reach $403.47. Ives specifically believes in ChatGPT being the driving factor for Microsoft stocks to jump further.
In June, it was reported that Microsoft would be adding ChatGPT access to Azure Government cloud services. This meant that the company would be integrating its AI models to make them more accessible to the government.
In February, Microsoft also said that they hope that the new Bing will make Google 'dance' as the company was adding OpenAI abilities to its browser. This comes as the company tries to compete with Google Search.
See flow at unusualwhales.com/flow.
Other News:
- Microsoft to add ChatGPT access to Azure Government cloud service
- Microsoft CEO says they hope the new Bing will make Google 'dance' as the company brings OpenAI abilities
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