OpenAi, which is backed by tech giant Microsoft (NASDAQ:MSFT), recently announced its new GPT-4 Turbo language model. This is likely to benefit Microsoft, according to Citi analyst Tyler Radke.
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The analyst believes that the new GPT-4 Turbo language model has the potential to drive Azure consumption, Microsoft’s cloud computing platform. The analyst added that the new GPT-4 model and other developments could make the OpenAI’s GPT platform more appealing for developers and businesses.
On the OpenAI DevDay event, the company’s CEO, Sam Altman, shared some impressive statistics. Indeed, the platform has 2 million developers building products and more than 100 million active users. In addition, the company is working with 92% of Fortune 500 companies.
Furthermore, Microsoft CEO Satya Nadella made a surprise appearance at the DevDay event. He emphasized the partnership between the two companies and discussed infrastructure expansion. Microsoft has a 49% stake in OpenAI.
Analyst Radke has a Buy rating on MSFT with a price target of $430, implying an upside potential of 18.8% at current levels.
What is the Price Target for MSFT?
Analysts are bullish about Microsoft with a Strong Buy consensus rating based on 31 Buys and one Hold. The average MSFT price target of $408.83 implies an upside potential of 14.7% at current levels.
