Following the release of pricing information for its new Microsoft 365 artificial intelligence subscription service, Microsoft shares reached a record closing price on Tuesday.

The stock rose 4%, ending the day at $359,49. It has now increased by roughly 50% for the year. The stock’s closing price of $348.10 on June 15 set the previous record.

Microsoft’s Copilot subscription service enhances the company’s well-known Office programmes like Word, Excel, and Teams with artificial intelligence. It will cost an additional $30 per month and may result in a monthly price increase of up to 83% for business clients, generating more money from recurring subscriptions.

The release demonstrates how Microsoft is continuously improving its Office product, making it more appealing for companies looking to integrate AI into their operations.

Microsoft has been heavily investing in generative AI, most notably by funding OpenAI, the company that developed ChatGPT, with a multibillion dollar investment.

The first version of Microsoft Copilot, released in March, has the ability to create presentations, provide writing suggestions, record meetings, and rank incoming emails. 600 clients, including Goodyear and General Motors, are already testing it, but Microsoft has not specified when it will be made accessible to the general public.

(Adapted from Forbes.com)