Artificial intelligence boom boosts Microsoft's recurring annual revenues to $10bn

Microsoft is one of the main beneficiaries amid a surge in the popularity of artificial intelligence. In particular, ChatGPT. The technology will allow the Redmond-based company to increase its revenue significantly.

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Artificial intelligence will boost Microsoft's recurring annual revenue. The prediction was supported by analysts at JPMorgan Chase. The company's shares have since risen to $348.10 apiece (3.2%) and have renewed their all-time high, which has held since November 2021.

Microsoft provided cloud infrastructure resources to the startup OpenAI. In return, the company, founded by Bill Gates, received an exclusive licence for OpenAI's artificial intelligence models, including GPT-4.

Microsoft's share price has soared nearly one and a half times (46%) since the start of this year. Last week, CFO Amy Hood said the Azure division would improve its performance in its latest financial quarter, with recurring annual revenues reaching $10 billion.

Source: CNBC