Microsoft shares rise past Nvidia as Ignite conference looms

Microsoft shares rose over 1% on Thursday, surpassing Nvidia to become the world's second-most valuable publicly traded company, with a market capitalization of $3.89 trillion versus Nvidia's $3.88 trillion. The shift follows Nvidia CEO Jensen Huang's resignation, prompting investors to reassess AI stock prospects. Microsoft's stock gained 1.33% to $528.05, though it remains over 5% below its November 4 record close of $555.80. Wall Street analysts view Microsoft's upcoming Ignite conference, scheduled for November 17-20, as a potential catalyst. They expect the event to highlight Azure and Copilot developments, with Citi and Morgan Stanley maintaining buy ratings and price targets of $680 and $650 respectively.