Microsoft is partying like it's 1999. The software giant took out its previous tech-bubble levels, hitting a new all-time high after the company reported better-than expected quarterly earnings Thursday.
Results were driven by strength in the tech giant's cloud business, with revenue in Microsoft's Azure cloud-computing services rocketing higher, growing at 116 percent in the most recent quarter.
Microsoft has emerged as a bellwether for all of tech, with its cloud, PC and mobile businesses. And history shows gains by the company's stock precedes advances by the rest of the tech sector.