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Microsoft closed up 2% at $542.07, lifting its market value to $4.04 trillion and returning it to a small club that includes Nvidia—and briefly, on Tuesday, Apple. The gain followed OpenAI’s move to convert into a public benefit corporation after Delaware and California attorneys general said they would not oppose the plan. OpenAI also signed a new agreement granting longtime backer Microsoft roughly a 27% stake in its new for-profit corporation. The sky-high valuations highlight investor frenzy around artificial intelligence.

Prepared by Christopher Adams and reviewed by editorial team.