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Microsoft stock has recently experienced a price surge after an announcement that its search engine, Bing, was now powered by artificial intelligence (AI). This technology upgrade has analysts speculating that Microsoft is preparing to challenge Google’s dominance in the search engine market.
The AI-powered Bing features a number of capabilities to make it a more user-friendly search engine. These include a “deep search” which allows users to look up relevant information in any webpage as well as a “Featured Snippet” which selects the best answer to a query and displays it at the top of the search results.
The announcement has caused a notable jump in Microsoft’s stock price. Currently trading at just under $200 per share, Microsoft stock has risen around 5% in the past week. Analysts are projecting that these gains might continue in the near future as Microsoft prepares to challenge Google’s dominance in search engine market.
Google has long been the leader in search engine market share and currently holds a majority of the market with upwards of 90% of the market share in certain areas. If Microsoft can begin to chip away at this lead it could have a significant impact on its stock price.
Microsoft’s optimistic projections appear to be supported by recent developments. AI-powered Bing is said to provide a better user experience as well as more accurate results than Google. This could lead to an inflow of new customers who are willing to ditch their current search engine in favor of Microsoft’s offering.
All things considered, investors appear to be positive in the short-term outlook for Microsoft stock. If its AI-powered Bing is successful in challenging Google’s dominance in search engine market the stock could reach new highs in the coming months.