Generative AI has taken the world by storm and the U.S. government is looking at potential regulations for the space. The U.S. Commerce Department’s National Telecommunications and Information Administration has sought public comments on accountability for AI tools over the next two months.
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Tech giant Microsoft (NASDAQ:MSFT) has made a sizable chunk of investments in the AI space including in OpenAI, the maker of ChatGPT. The company is slated to announce third-quarter numbers on April 27 and analysts expect it to post an EPS of $2.24 on revenue of $51.12 billion.
In the meantime, Wedbush’s Daniel Ives has upped the price target of Microsoft to $315 from $290 while maintaining a Buy rating. The analyst cited positive cloud deal momentum and expects the company to score enterprise gains over the next 12-18 month period. Moreover, Ives noted that ChatGPT has added a new area of growth for the company as well.
Overall, the Street has a $298.14 consensus price target on MSFT pointing to a 5.4% potential upside in the stock. That’s after a nearly 18% runup in MSFT shares so far this year.
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