Microsoft Inc’s (NASDAQ:MSFT) stock traded lower Wednesday following reports of Apple (NASDAQ:AAPL) working on AI tools that could compete with those of OpenAI.
Microsoft’s stock could also be experiencing a healthy pullback after hitting all-time highs Tuesday following months of strength in the stock in a massive, AI-fueled rally. The company recently announced an aggressive pricing plan for its AI-powered Microsoft Office tools, charging companies more than $60 per user per month for the services.
Microsoft is seen as one of the leaders in the AI space through its investments in Chat GPT parent company Open AI as well as its own in-house AI suite.
Read Also: Microsoft Shares Rally To An All-Time-High As Software Giant Adds The AI Subscription
Technology was a laggard on Wednesday, with the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) in the red, while the S&P 500 and Dow Industrial remained in the green late into Wednesday’s session.
