So yesterday, we discovered that tech giant Microsoft (MSFT) is planning to put a lot behind development of artificial intelligence (AI) technology over the next several months. And almost immediately thereafter, some of Microsoft’s plans in that vein have been revealed. Microsoft is joining a coalition effort to put a lot of investment into Singaporean AI development. Investors did not take the news well and sent shares slipping fractionally in Wednesday afternoon’s trading.
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Microsoft will be teaming up with Enterprise Singapore and the National University of Singapore’s NUS Enterprise arm to offer access to the Startup SG Tech grant over the next three years. This access should bring with it easier and more convenient access to funding, and 150 “…qualified AI startups” will get access to the program, reports note.
Microsoft has worked with NUS Enterprise before as well. The new program will be an offshoot of BLOCK71, reports note, a “…global network of physical accelerators across 11 cities,” which was jointly run by the duo as well. Microsoft ASEAN President Mayank Wadhwa noted, “With support from NUS Enterprise and Enterprise Singapore, combined with Microsoft’s platforms, expertise, and unmatched sales and distribution ecosystem, entrepreneurs will have the tools and resources they need to build their ideas, reach customers, and scale beyond borders.”
A Second Showcase?
For gamers, this time of year can get a little light in the news department. Normally, after Gamescom is done, things go a bit quiet until the Game Awards in December. But Microsoft may be about to change that by preparing a second showcase event.
Yesterday, Microsoft rolled out a special ID@ Xbox event, which showed off some of the independent game development currently in progress. And, sometime in November, Microsoft is also poised to bring out a new Xbox Partner Preview event that was only recently finalized. This will focus on third-party developer titles, and will apparently have a focus on Xbox Play Anywhere titles. In fact, reports suggest, the show could be entirely made up of such titles.
Is Microsoft a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 33 Buys assigned in the past three months, as indicated by the graphic below. After a 25.33% rally in its share price over the past year, the average MSFT price target of $629.43 per share implies 16.8% upside potential.
