(NASDAQ: MSFT) investors had a great 2023. Shares of the software giant soared nearly 60% compared to the 24% increase in the S 500 and the 43% rally in the Nasdaq Composite. That's a fantastic return for a stock that had already been valued at nearly $2 trillion at the start of the year.
Microsoft's market capitalization is now approaching $3 trillion, which will necessarily limit the growth that investors will see from the stock going forward. Yet Wall Street is right to be optimistic about the company's opportunities to expand its sales footprint with the help of artificial intelligence (AI) and growing demand in the cloud services industry.
Let's look at why you might want to keep this rallying stock on your watch list for 2024.
Source Fool.com