Microsoft shares closed at a record on Tuesday after the company announced pricing for its new Microsoft 365 artificial intelligence subscription service.
The stock jumped 4% closing at $359.49. It’s now up about 50% for the year. The prior record came on June 15, when the stock closed at $348.10.
Microsoft’s Copilot subscription service adds AI to the company’s popular Office products like Word, Excel and Teams. It will cost an additional $30 per month and could increase monthly prices for enterprise customers by as much as 83%, bringing in additional revenue through recurring subscriptions.
The announcement shows how Microsoft is continuing to build on its suite of Office software, making it more attractive for businesses that are seeking to add AI into their workflows. Microsoft has been pouring money into generative artificial intelligence, largely through a multibillion-dollar investment in OpenAI, the creator of ChatGPT.
Microsoft Copilot, first announced in March, can design presentations, offer writing prompts, summarize meetings and rank incoming emails. It’s already being tested by 600 customers like Goodyear and General Motors, although Microsoft hasn’t said when it will be available to the wider public.
— CNBC’s Hayden Field contributed to this report.