Markets
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Luke Kawa

Microsoft is lagging behind the Nasdaq 100 since the launch of ChatGPT

Microsoft has seemingly gone all in on the AI boom, with billions upon billions of investment to bolster its capabilities in this new frontier, more than Meta, Alphabet, or Amazon’s AWS division.

What does it have to show for that in the stock market?

The tech giant has a partnership with OpenAI, creator of ChatGPT. But since the public launch of ChatGPT at the end of November 2022, Microsoft is lagging the Nasdaq 100 by more than 10 percentage points.

Shares are getting hit on Thursday after Microsoft’s cloud business posted underwhelming results.

Now, a more than 70% gain is nothing to sneeze at — and Nvidia’s more than 600% gain to lift the tech-heavy benchmark over this period is something that must be kept in mind — but it’s still noteworthy that the company most eager to implement this new technology hasn’t kept pace with the Nasdaq 100 since the product that aggressively accelerated interest in AI hit the scene.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

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