Microsoft Stock Surges to Near Record High on Strong Cloud Growth

Microsoft's stock surged by 4.7% on Monday to nearly $487, nearing its record high of $553.72.

The company's cloud revenue grew 43% year over year in its fiscal fourth-quarter earnings, surpassing analyst estimates.

Amy Hood, Chief Financial Officer, noted that Microsoft's biggest problem is not finding customers but meeting their demand for AI services.

The commercial backlog jumped sharply to $678 billion, an 84% increase from the previous year.