MSFT Stock: The Case for Microsoft Hitting $350 by 2024

InvestorPlace2023-03-03

Microsoft (MSFT) is easily outpacingAlphabet (GOOG,GOOGL) in the artificial intelligence (AI) arms race.Bringing AI to the Bing and Edge mobile apps, as well as to Skype, is a smart move for Microsoft...

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BKT
2023-03-03
BKT
Pls like thanks
Desmond669
2023-03-03
Desmond669
Never hit claim from The author
w00ters
2023-03-03
w00ters
Ok

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As Microsoft threatens Alphabet’s(NASDAQ:GOOG, NASDAQ:GOOGL) search-engine dominance, MSFT stock will likely head higher throughout the year.In the 2020s, Microsoft can’t count on its Windows operating system to keep the company relevant. Machine learning is all the rage nowadays, and Microsoft is reinventing itself as a leader in the generative AI space.The company’s primary mega-cap competitor in this regard is Alphabet. Yet, Microsoft is making all the right moves and keeping Alphabet in second place. Consequently, Microsoft’s loyal shareholders should enjoy substantial returns on their investment by 2024.What’s Happening With MSFT Stock?$350 was a stubborn resistance level for MSFT stock in late 2021. Recently, the stock hovered near $250. However, Microsoft has been in the headlines lately due to its powerful push into generative AI. As a result, we should expect more investors to become interested in Microsoft during the coming months.As you’re probably aware, the rising popularity of OpenAI’s ChatGPT chatbot has kept machine learning top-of-mind among many traders this year. Microsoft cemented its lead in the generative AI arms race when itinvested $10 billionin OpenAI.Meanwhile, Alphabet clearly rushed out its response to ChatGPT way too soon; some of the company’s employeeshave acknowledged this. Google’s AI chatbot, known as Bard,botched an answerto a query about the James Webb Space Telescope. The incident was embarrassing for Bard and Alphabet, and it only made Microsoft look superior in comparison.Microsoft Is Making the Most of Its AI TechnologyThe buzz surrounding machine learning in 2023 has been a boon for Microsoft and its stakeholders. It’s a catalyst that can move MSFT stock higher — possibly, even back to its all-time high set in 2021.Microsoft has alreadyembeddedChatGPT’s generative AI technology into its Bing search engine. This development could make Bing a serious threat to Alphabet’s Google. Bing isstill a distant secondto Google in terms of search engine market share. However, AI-powered Bing could catch up to Google at some point.And now, Microsoft is bringing its AI technologyto the mobile appsfor Bing and the Edge browser. Microsoft is also introducing Bing to Skype, so Skype is getting an AI infusion as well.In other words, Microsoft is practically powering its entire tech ecosystem with best-in-class machine learning. As the company makes the most of AI in its various product offerings, Microsoft could leave Alphabet in the dust this year.Can MSFT Stock Really Hit $350 by 2024?As Microsoft continues to ambitiously advance AI technology, Alphabet looks destined to stay in second place. The early investment in OpenAI is, without a doubt, enhancing Microsoft’s value to the company’s shareholders.Since $350 provided a stubborn resistance level in 2021, it’s an appropriate target for MSFT stock investors. After all, resistance levels are meant to be broken, and Microsoft’s push into machine learning should bring many more investors into the fold. 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