Microsoft's 'Game Changing' AI Products Should Power The Stock

Key Points To Note
1. Microsoft's "game changing" AI products are seeing solid traction with its Azure customers, according to Wedbush.

2. Wedbush increased its Microsoft price target to $425 a share, representing potential upside of 15%.

3. "We estimate for every $100 of cloud Azure spend with Microsoft the last few years there is an incremental $35 to $40 of AI spend," Wedbush said.

Microsoft's suite of "game changing" artificial intelligence products are starting to see solid traction with its Azure customers.

It has seen "incrementally positive" signs for AI demand after it conducted channel checks among Microsoft's customers, adding that 2024 will represent a banner year for the roll-out of Microsoft's Co-Pilot offerings.

Price Momentum
MSFT is trading near the top of its 52-week range and above its 200-day simple moving average.

What does this mean?
Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.