Microsoft Corp. (NASDAQ: MSFT) saw an increase in its sales as 2023 came to a close, driven by growing demand for its artificial intelligence (“AI”) tools. In a recent statement, the tech giant revealed that in the last quarter of 2023, revenues increased by 18% to surpass $60 billion. Overall, the company’s profits increased by 33% to hit $21.9 billion.
The value of the multinational corporation has significantly grown these past couple of years, with the company recently claiming the top spot as the number one valuable publicly listed company. The news comes as companies in the tech space work to gain returns from the expected next wave of growth, brought about by advancements in artificial intelligence.
Prior to this, Apple held top spot with a value that exceeded $3 trillion.
Microsoft chief executive Satya Nadella revealed that the company was applying artificial intelligence at scale. For a while now, Microsoft has been including artificial intelligence-assisted tools for various uses, among them coding, into its business offerings. Late last year, the company launched Microsoft Copilot, a program that leverages the power of AI to compile a summary of any Teams meetings for an individual who wasn’t in attendance. Copilot can also create PowerPoint presentations and word documents, draft emails and spreadsheet graphs.
These developments, Nadella noted, were bringing in more customers for the company.
Currently, Microsoft owns a huge stake in Open AI, an AI-research organization based in the United States. This organization is responsible for the creation of ChatGPT, which was released in 2022. The release and subsequent use of ChatGPT by individuals and organizations worldwide has fueled optimism on the technological potential of artificial intelligence while also significantly increasing its overall use in different fields.
However, this expansion has also led to some issues. For instance, the New York Times sued OpenAI over copyright infringement. In its lawsuit, the news organization claims that its copyright was breached to teach the system. In the suit, NYT names Microsoft and asks that both companies be mandated by the courts to pay billions in damages. Large language models such as ChatGPT are trained by analyzing huge amounts of data, most of which is found online.
Microsoft isn’t the only company making moves in the AI space. Alphabet Inc., the owner of YouTube and Google, has also made strategic investments in the sector. In its latest statement, the company’s CEO revealed that cloud computing, search and YouTube were benefitting from AI investments.
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