Microsoft added $450 billion to its market value on Thursday, setting the largest single-day gain in market capitalization for any company as its shares surged 15.51 percent. The rally came after the company reported that its Azure cloud business topped $100 billion in revenue for the first time and that investment in data centers is beginning to pay off.
The broader market rebounded following a prior sell-off driven by Federal Reserve policy. The S&P 500 rose 1.7 percent, the Nasdaq Composite climbed 2.8 percent, and the Dow Jones Industrial Average advanced roughly 1.2 percent. Semiconductor stocks rallied sharply, with Micron Technology, Intel, and Advanced Micro Devices posting strong double-digit gains.
Meta Platforms fell about 8 percent after reporting a 91 percent collapse in free cash flow during the second quarter. Meanwhile, the 30-year Treasury yield reached a multidecade high near 5.24 percent, and June inflation data showed prices advancing at a slower pace than the previous month.