Microsoft’s stock is often “a safe place” for investors to be between earnings reports, analysts at Guggenheim Partners said in a client note on Thursday. And after its June-quarter results, the analysts said “future estimates no longer look challenging,” therefore making the “‘safe period’” likely to extend longer.

Wall Street's AI heavyweights added a combined half a trillion dollars in stock market value late on Wednesday after quarterly reports from Microsoft and Meta Platforms showed massive investments in the emerging technology were paying off.

The S&P 500 rose 0.5% and is just above the record high it set on Monday. The Dow Jones Industrial Average was mostly unchanged as of 12:01 p.m. Eastern.