After a solid uptrend in 2023, Microsoft (MSFT) could push even higher in 2024.

Since 2023 began, the tech giant rocketed from a low of about $220 to a recent high of $375.60. From here, it could test $500 in 2024, we believe.  All thanks to the artificial intelligence boom that’s just getting underway. 

Wedbush analyst Dan Ives just raised his price target to $450 for 2024, noting: “We believe the stock still has yet to price in what we view as the next wave of cloud and AI growth coming to the Redmond story [Redmond is the location of Microsoft Corporate Head Office] with FY24 with a strong competitive cloud edge vs. Amazon and Google,” as quoted by Barron’s.

After all, when it comes to AI, we’re just in the initial stages of wild growth.

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In fact, according to Next Move Strategy Consulting, the AI market – currently valued at about $100 billion – could grow twenty-fold by 2030 to more than $2 trillion. 

All while AI massively disrupts everything about everything. 

On top of that, generative AI could add between $2.6 trillion and $4.4 trillion a year to the global economy. That’s according to a new McKinsey report, which also said it could have a significant impact across all industry sectors. 

All could drive tech giants, like MSFT to higher highs.

Sincerely,

Ian Cooper