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Microsoft Corp. MSFTwas headed for a $2 trillion market capitalization Wednesday, which would make it only the second U.S. equity at that level, along with Apple Inc. AAPLMicrosoft last ended a trading session worth more than $2 trillion on Aug. 25, 2022, according to Dow Jones Market Data, but a rapid downfall for tech stocks in the second half of last year brought it out of that stratosphere. Microsoft has gained in six of the past nine trading sessions to near the mark again, as excitement builds around the company's use of OpenAI's technology in its products, especially the Bing search engine, as it could beef up Microsoft's rival to Alphabet Inc.'sGOOGLGOOGdominant search engine, Google. After displaying updates to Bing on Tuesday, Google held its own AI event Wednesday, but Google shares declined strongly after the event as Microsoft's increased. Microsoft and Apple are the only two publicly-traded U.S. equities to close a session with a $2 trillion valuation — Alphabet has hit the level in intraday trading, but never made it to the end of a session. Microsoft needs to close with a share price of $268.68 or above to hit the $2 trillion mark; after hitting a high of $276.76, shares were trading for $268.58 as of 2 p.m. Eastern time.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The company is adding a lot of new customers during a challenging time.
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Bing's app sees a 10x jump in downloads after Microsoft's AI news TechCrunchMicrosoft, ChatGPT won't save Bing from Google - but there is one thing that could TechRadarCan Bing and OpenAI Challenge Google? Microsoft's Satya Nadella Weighs In (Exclusive) | WSJ Wall Street JournalCan Microsoft make Bing cool with ChatGPT? There's so much upside that it may not have to. MarketWatchMicrosoft announces new Bing and Edge browser powered by upgraded ChatGPT AI
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Here's everything you need to know ahead of the biggest U.S. sporting event of the year.
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During the State of the Union speech Tuesday, President Biden spoke about the historic progress the country has made in bringing the economy back from the pandemic. While the economy remains a work in progress, it is worth pausing to reflect on how far we've come and how we got here.
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An earlier version of this report misstated Uber's adjusted Ebitda guidance. It has been corrected.Shares of Uber Technologies Inc. UBER were heading 7% higher in premarket trading Wednesday after the ride-hailing company delivered an upbeat outlook for the current quarter. The company generated fourth-quarter net income of $595 million, or 29 cents a share, whereas it posted net income of $892 million, or 44 cents a share, in the year-earlier quarter. The FactSet consensus was for a 15-cent loss per share on a GAAP basis. Uber's net income figure included a $756 million net pre-tax benefit largely due to unrealized gains from the revaluation of equity investments. Uber also reported adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $665 million, whereas analysts were expecting $624 million. Revenue increased to $8.6 billion from $5.8 billion, while analysts had been modeling $8.5 billion. Gross bookings rose $19% to $30.7 billion, matching the FactSet consensus. "We ended 2022 with our strongest quarter ever, with robust demand and record margins," Chief Executive Dara Khosrowshahi said in a release. For the first quarter, Uber executives anticipate gross bookings of $31.0 billion to $32.0 billion, along with $660 million to $700 million in adjusted Ebitda. Analysts were looking for $31.3 billion in gross bookings and $612 million of adjusted Ebitda.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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