Microsoft (MSFT) stock on Friday set a new all-time high as the company prepares to announce its latest advancements in artificial intelligence at a conference next week.
In intraday trading on the stock market today, Microsoft stock reached a record high of 370.09. With the move, MSFT stock broke out of a cup base at a buy point of 366.78, according to IBD MarketSmith charts. It ended the regular session up 2.5% to 369.67.
Microsoft stock has been on a tear lately. It had risen nine straight days until Thursday, when it dipped 0.7% to end the regular session at 360.69. That winning streak was its longest since November 2019, when it also rose for nine straight trading days.
Microsoft is still riding high from its beat-and-raise earnings report on Oct. 24. The Redmond, Wash.-based company credited its cloud computing businesses for the better-than-expected fiscal first-quarter results.
On a conference call with analysts, Microsoft Chief Executive Satya Nadella touted the company’s AI initiatives, including its Copilot products.
Microsoft Stock Is On Four IBD Lists
Microsoft will discuss its latest AI initiatives on Wednesday in a keynote presentation at its Ignite conference in Seattle. That could be the next catalyst for MSFT stock.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
YOU MAY ALSO LIKE: