According to Livemint , Microsoft shares were trading up 3.3% at $349.15 per share at the close of trading on June 15. The company's shares have also increased by more than 45% year-to-date and the previous closing record of $343.11 per share was set on November 19, 2021. The company's intraday record high of $349.67 was set on November 22, 2021.

Microsoft's stock value has also increased by about $770 billion since the beginning of the year, according to the report. This brings Microsoft's market value to about $2.57 trillion, just 13.6% less than Apple. Thanks to its major efforts in AI technology, Microsoft could challenge Apple for the position of the world's most valuable company.

Microsoft's stock surge comes in recent months as it competes with peers like Google to introduce generalized AI features across its suite of products and services. The software giant is overhauling its entire Office suite of apps, including Excel, PowerPoint, Outlook, and Word, with AI technology from OpenAI, a company that has received billions of dollars in investment from Microsoft. OpenAI made a splash late last year after launching an AI chatbot called ChatGPT. In a recent presentation, Microsoft CFO Amy Hood said generalized AI would be "the fastest-growing $10 billion business in our history."

JP Morgan analysts also raised their price target on Microsoft’s stock on June 15, Reuters reported, citing AI as driving demand for the company’s products. Analyst Mark Murphy said he sees Microsoft on a fast track to becoming a $10 billion business in AI alone.

Of the 53 analysts covering Microsoft, 44 recommend buying the company’s stock, with an average price target of $340, according to Refinitiv data. “We reiterate our more bullish view on general AI and continue to see it driving renewed confidence in key software brands,” JP Morgan analysts said in a note.

Microsoft's earnings rose 10.4% year over year to $2.27 a share, beating Wall Street's forecast of $2.23 a share. The company's net income rose 9% to $18.3 billion.