Shares of Microsoft (NASDAQ: MSFT) were rallying above the market today, reaching gains as high as 2.5% before reverting to a 2.2% gain as of 1:28 p.m. EST.
The software and cloud behemoth received encouraging remarks from Wedbush analyst Dan Ives today, who maintained a $290 price target on the stock, while calling a large rumored investment in AI chatbot ChatGPT a "potential game-changer." Meanwhile, a CIO survey conducted by Morgan Stanley also shed a positive light on Microsoft's competitive position with IT departments.
It has only been a little more than a month since OpenAI's ChatGPT chatbot was unveiled to the public. But since then, it's taken the tech world by storm. After investing $1 billion in the OpenAI back in 2019, in recent days, Microsoft has been rumored to be pursuing a much larger deal with the ChatGPT parent.
Source Fool.com