Microsoft rejoins Apple in $2 trillion club as rally accelerates

Microsoft Corp’s market worth is expected to surpass $2 trillion for the first time in almost six months thanks to a rally in its stock and a recovery in technology equities.

Early on Wednesday, Microsoft increased as much as 3.4% to $276.76, becoming one of just two equities with a market capitalization of more than $2 trillion, along with Apple Inc. It has now risen 29% from a November low, the first time it has done so since August. The market value of Apple is roughly $2.44 trillion.

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Recent increases in the stock have coincided with a surge in investor interest in all things AI-related. Microsoft said last month that it is increasing its investment in OpenAI, the company behind a hugely popular conversation bot. The business revealed a ChatGPT-powered version of its Bing internet search engine at an event on February 7.

The stock has gained 15% so far this year, while the Nasdaq 100 Index has gained 16%. The stock of chipmaker Nvidia Corp., which has profited from the interest in AI, has increased by 55%. This year, Apple has increased by 19%.

Microsoft released mixed quarterly results in January, and the company also issued a warning about a downturn in the sales of commercial and cloud products.

Separately, the Britain’s antitrust authority made a preliminary determination that Activision Blizzard Inc.’s $69 billion acquisition by Microsoft will reduce competition in the UK gaming industry.