OpenAI's first developer conference ignites optimism, Microsoft achieves eight consecutive gains, reaching a new all-time high.
Due to investors' optimistic outlook on the growth brought by Microsoft's key AI partner, OpenAI, Microsoft's stock price rose 1.12% on Tuesday to a new all-time high of $360.53.
According to the Zhongtong Finance APP, due to investors' optimism about the growth brought by Microsoft's (MSFT.US) artificial intelligence key partner OpenAI, Microsoft's stock price rose 1.12% on Tuesday to $360.53, reaching a new historical high and pushing the software manufacturer's market value to about $2.68 trillion.
On Tuesday, the three major US stock indexes all closed higher, with the S&P 500 index rising for the seventh consecutive trading day and Microsoft rising for the eighth consecutive trading day. This is the first time the stock has achieved eight consecutive gains since January 2021.
At an event held in San Francisco on Monday, Microsoft's artificial intelligence strategic partner OpenAI announced a series of updates, including price reductions and plans to allow users to build custom versions of ChatGPT. Microsoft CEO Satya Nadella attended the event and emphasized that developers who use OpenAI tools to build applications can quickly enter the market by deploying their software on Microsoft's Azure cloud infrastructure.
It is reported that Microsoft has invested $13 billion in OpenAI, and OpenAI has granted Microsoft exclusive authorization for the OpenAI GPT-4 large-scale language model. Last week, Microsoft announced the release of an artificial intelligence plugin for its Office productivity suite and an artificial intelligence assistant in Windows 11, both of which rely on OpenAI models.
In a report to clients on Monday, led by UBS analyst Karl Keirstead, he wrote, "In our view, what is good for OpenAI is also good for Azure. If OpenAI is now actively attracting software developers to use ChatGPT/GPT-4 to build applications, lowering prices and improving model performance, this may drive greater consumption of OpenAI on Azure and have a positive impact on Microsoft." The analyst gave Microsoft a "buy" rating.
Oppenheimer analysts also gave Microsoft a "buy" rating and stated that the price updates from OpenAI confirm OpenAI's position as a leader in the field.
Oppenheimer stated that when OpenAI succeeds, it is "mutually synergistic" for Microsoft. Microsoft stated in a regulatory filing in October that OpenAI is its "strategic partner" in the field of artificial intelligence.