NEW YORK — Shares of Microsoft Corp. rose more than 2% on Friday afternoon, extending a recovery that has brought the software giant within reach of its 52-week high as investors grow more confident in its artificial intelligence strategy.

Microsoft stock was up $12.01, or 2.30%, at $534.62 on the Nasdaq as of 2:30 p.m. EDT. There was no immediate company announcement tied to Friday's move.

The gain leaves the stock below its 52-week high of $553.72, but well above the levels where it traded for much of this year, when concerns about the cost of Microsoft's AI build-out weighed on shares.

A busy week for Microsoft

Friday's advance followed a week in which Microsoft put its hardware and AI ambitions on display.

On Wednesday, the company held a Windows and Surface event in San Francisco, its first major Windows-focused showcase in more than two years, featuring CEO Satya Nadella, Windows and Devices chief Pavan Davuluri and Nvidia CEO Jensen Huang. Microsoft used the occasion to announce pricing and pre-orders for the Surface Laptop Ultra, a $2,599 15-inch laptop built around Nvidia's Arm-based RTX Spark chip and aimed at creators, developers and AI users.

While hardware is a small part of Microsoft's business compared with cloud computing and software, the launch underscored the company's push........

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