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Microsoft rallies as Sam Altman to lead AI research, Wall Street optimistic on easing inflation

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U.S. – Microsoft Corporation (NASDAQ:MSFT) saw its shares climb after CEO Satya Nadella announced that tech entrepreneur Sam Altman will lead the company’s artificial intelligence (AI) research initiatives. The news came amid broader market gains on Monday, with Wall Street buoyed by easing inflation concerns that could signal a slowdown in Federal Reserve rate hikes or even potential cuts.

Investor confidence was further bolstered by the successful outcome of Monday’s off-the-run 20-year Treasury auction, which indicated stronger market sentiment compared to disruptions experienced earlier in November after a cyberattack on the Industrial and Commercial Bank of China (ICBC). This positive shift aligns with previous Bank of America (BofA) survey predictions, suggesting that softer macroeconomic indicators may lead to lower bond yields.

In commodities news, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) reaffirmed their commitment to production cuts extending into 2024. Saudi Arabia has also decided to continue its reduced oil output until mid-2024, planning a gradual increase thereafter. These developments, coupled with anticipated economic stimulus measures from China and a reduced likelihood of aggressive U.S. monetary policy tightening, have injected momentum into commodity markets.

InvestingPro Insights

Microsoft Corporation (NASDAQ:MSFT) has been a consistent performer in the market, with a high return on invested capital and a strong track record of raising its dividend for 18 consecutive years (InvestingPro Tips). The company has also been a steady player in the software industry, offering its stockholders high returns on book equity.

InvestingPro’s real-time data reveals that Microsoft has a market cap of 2810.0B USD and a P/E ratio of 36.5. Over the last twelve months as of Q1 2024, the company has achieved a revenue growth of 7.5% and an EBITDA growth of 9.8%. It’s also worth noting that Microsoft’s stock price has seen a strong return over the last month, three months, and year (InvestingPro Tips).

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