Microsoft Hits $3 Trillion, Cementing Strength of AI Rally

Microsoft Corp. achieved a historic $3 trillion market valuation on Wednesday, in the latest example of how optimism over artificial intelligence has fueled a seemingly unstoppable advance in the software giant.

The stock rose as much as 1.6% to $405.13, resulting in a market capitalization of just over $3 trillion. The threshold cements Microsoft’s status as one of the largest public stocks. It briefly surpassed Apple Inc. — which last year became the first company to hit $3 trillion — but subsequently dropped back below the iPhone maker in value, with the two trading places ever since. Apple currently has a market valuation of $3.03 trillion.