Ah, Mister Softee, we meet again.
The stock closed at $503.51 after earlier setting the ATH at $506.78. Currently trading down sixty cents in early after-hours action.
From Investor's Business Daily, July 9:
Microsoft (MSFT) stock on Wednesday rose to a record high after a Wall Street analyst turned positive on the software giant based on its artificial intelligence business.
Oppenheimer analyst Brian Schwartz upgraded Microsoft stock to outperform, or buy, from perform, or neutral. He also set a price target of 600 on the stock.
In afternoon trades on the stock market today, Microsoft stock advanced nearly 1% to 501.27. Earlier in the session, it hit an all-time high of 506.78.
Investor attention to Microsoft's AI revenue stream is increasing as its Azure cloud infrastructure business remains strong, Schwartz said in a client note.
Microsoft is positioned as "one of the long-term AI winners in software," he said. In addition to Azure, Microsoft offers Copilot AI assistants for its software applications.
"In our view, investors are underestimating the potential for Microsoft's AI business to drive durable consumption growth for Azure and scale fast in the agentic AI era," Schwartz said....
....MORE
Getting a bit of that 1999 vibe:
"I was dreaming when I wrote this, forgive me if it goes astray..."On Friday March 10,2000 the Nasdaq closed at 5048.62, it's all-time high.
On the following Monday the Naz was down 141 points. Tuesday, 200.
The index had begun a 30-month decline to it's September 24, 2002 intra-day low of 1,169.04,
down 77%.
This became one of my favorite songs:
A long, long week ago
I can still remember how the market used to make me smile
What I'd do when I had the chance
Is get myself a cash advance
And add another tech stock to the pile.
With every speech that he delivered
Bad news on the rate front
Still I'd take one more punt
When I heard about the CPI
I lost my fortune and my pride
The day the NASDAQ died
I poured my paycheck into Datek
Now my cash account's dry
It's just two weeks from a new all-time high
And now we're right back where we were in July
We're right back where we were in July
Q COM at 150 or above?
'Cos your plumber told you so
Now do you believe in Home Depot?
Can Wal-Mart save your portfolio?
And can you teach me what's a P/E ratio?
So you can't just take a long-term view
Your broker shut you down
No more margin could be found
Buying dot coms from the back of a pickup truck
But Friday I ran out of luck
It was the day the NAAAASDAQ died
Bye-bye to my piece of the pie
I poured my paycheck into Datek
Now my cash account's dry
It's just two weeks from a new all-time high
And now we're right back where we were in July
Yeah we're right back where we were in July
And E-trade won't pick up the phone
But that's not how it used to be
When investors snapped up EMC
With cash they borrowed easily
And a quote that flashed up permanently green
Joel Klein slapped Mister Softee down
The courtroom was adjourned
A guilty verdict was returned
And while Gilder read a book on quarks
Buffet smirked and Greenspan barked
The bulls were eaten by the sharks
The day, the NASDAQ died
Unsinkable and now under the Atlantic
We're at four thou and falling fast
All at once the bottom-fishers pounced
But that just caused a dead-cat bounce
'Cos Mister Softee, from the sidelines, preannounced
While the margin calls were coming fast
We all were forced to sell
Our Apple, E-Bay and Intel
Then the bear funds moved to take the field
And the long bond shed a point of yield
Was Glass-Steagall ever really repealed?
The day, the NASDAQ day
Millionaires all hot and bothered
With no cash left to buy again
So come on, Fed be anxious, com-pen-sate
By lowering the discount rate
'Cause easy money is a bubble's only friend
I received the dreaded margin call
No broker born in hell
Could make me want to sell
But as my gains fell fast into the crash
E-Trade began demanding cash
The talking heads were talking trash
The day, the NASDAQ died
I asked him for their earnings news
But he just smiled and turned away
I logged on to the trading floor
Where I made my fortune weeks before
But they demanded to see cash before I played
Kudlow cried and Barton dreamed
Not a bullish word was spoken
The daytraders were choking
AMAT, Dell and Infocast
Couldn't catch a bid and faded fast
The day, the NASDAQ died
Bye-bye to my piece of the pie
I poured my paycheck into Datek
Now my cash account's dry
It's just two weeks from a new all-time high
And now we're right back where we were in July
Yeah we're right back where we were in July
