Even among the pool of soaring growth stocks, (NASDAQ: MSFT) stands out as an outsized winner in this market. The software giant, which sports a $2.8 trillion market capitalization, has gained 60% so far in 2023, compared to a 17% boost for the S 500 and a 35% spike in the tech-heavy Nasdaq Composite Index. Who says it's impossible for huge businesses to deliver market-beating returns?
Yet investors are understandably concerned that Microsoft's biggest stock gains are in the past. And shares are priced at a higher premium today than they were even in early 2023. With those factors in mind, let's look at whether the tech giant is still a good place to park some cash for 2024 and beyond.
It's clear that artificial intelligence (AI) is a big catalyst driving the stock higher in 2023. CEO Satya Nadella has mentioned the emerging tech in each of the last few earnings updates, giving it top billing as a growth avenue over the next few years.
Source Fool.com