Microsoft is rising after announcing that it's partnering with Xiaomi to make AI and cloud computing devices (MSFT)

Microsoft stock price

Markets Insider

• Shares of Microsoft jumped 2.39% after announcing that the Washington-based company has joined forces with Chinese tech giant Xiaomi in a close collaboration on cloud computing, artificial intelligence, and hardware.

• The two companies signed a memorandum of understanding under which Microsoft will allow Xiaomi to leverage Microsoft's cloud computing products, including Azure, for Xiaomi's phones, laptops, and smart devices. The partnership will give Microsoft more access to the Chinese market.

• There are also discussions about a possible integration between Microsoft Cortana, the company's artificial intelligence assistant, and Xiaomi's Mi AI speaker.

• The pair have also talked about integration of Microsoft's conversational AI and speech software for services like Bing, Edge, and Skype.

• The memorandum is not legally binding, according to The Verge. 

• Microsoft was trading at $93.87 per share, and was up 9.28% for the year.

• Follow Microsoft's stock price live here.

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