Microsoft Shares Go From Laggard to Leader as AI Growth Improves

After languishing for months, Microsoft Corp. shares are back within striking distance of a record high amid signs that performance in its Azure cloud-computing business is back on track.

The software giant’s shares are about 1.5% shy of the record reached last July, with their 16% advance in May putting them on track for the best month in more than three years. The rally has been fueled by the broader rebound in US equities, as well as better-than-expected results from Azure, which investors are betting will continue as artificial intelligence drives more business.