Although 2023 and the new year so far have been nothing but bullish for the stock of the American technology behemoth Microsoft (NASDAQ: MSFT), artificial intelligence (AI) algorithms are slightly bearish regarding its future price action during 2024.
As it happens, the advanced AI price forecasting algorithms deployed by the cryptocurrency and stock market analytics and predicting platform CoinCodex have set the price of Microsoft shares at $374.93 for December 31, 2024 at $374.93, according to the data retrieved on January 25.
Should these projections by the algorithm, which relies on the historical MSFT price dataset, as well as other chart patterns and technical analysis (TA) indicators for the technology company, come true, it means that the price will decline by 6.86% compared to its current state.
Microsoft stock price analysis
Indeed, the Microsoft stock was at press time changing hands at the price of $402.56, recording an increase of 0.92% on the day, adding up to the 3.36% advance on its weekly chart and the positive price change of 7.47% across the past month, as per the latest data.
As for its price gains in the last year, it owes them to the positive developments that include the general AI hype, strong growth and increasing earnings of its cloud platform, and the consistent work on its AI products alongside other household names such as Meta Platforms (NASDAQ: META).
Despite the AI’s bearish outlook, MSFT is demonstrating steady results and bullish short and long-term trends, outperforming 92% of all other stocks in the market, as well as doing better than 77% of 280 other stocks in the software industry and making a new 52-week high.
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Source: https://finbold.com/ai-predicts-microsoft-stock-price-for-end-of-2024/