Shares of Microsoft (NASDAQ:MSFT) increased by more than 1% in pre-market trading on Tuesday as Wedbush Securities reported that the rise of artificial intelligence (AI) is taking hold and the company’s integration of ChatGPT technology changes the game. Analyst Dan Ives wrote in an investor note published late on Monday, We strongly believe the first step for MSFT was Azure/Office 365 with the next step ChatGPT/AI monetization on both the consumer and enterprise fronts combined. Ives also stated that recent checks have shown that the company’s monetization opportunity is happening much sooner than Wall Street expected, and the company is in the driver’s seat when it comes to monetizing AI in the cloud. With the AI market expected to be worth $800 billion over the next 10 years, companies such as Microsoft, Google, Amazon, Oracle, Palantir and Salesforce are expected to benefit. Ives boosted his Microsoft (MSFT) per-share price target to $375.
Microsoft is a multinational technology company that develops, licenses, and sells computer software, consumer electronics, and personal computers. It is best known for its Windows operating system, Office Suite software, Xbox gaming console series, and Microsoft Surface. The company was founded by Bill Gates and Paul Allen on April 4, 1975.
Dan Ives is an analyst who currently works for Wedbush Securities. He is known for his coverage of the technology sector, particularly for his insights on big tech companies such as Apple, Tesla, and Microsoft. He has frequently appeared on various television programs such as CNBC and Bloomberg, commenting on technology and the stock market.
