VSAT - Why Microsoft Stock Popped on Wednesday
SpaceX wants to bring satellite internet to the world. So do Amazon and OneWeb -- and even they are not the only ones. Microsoft (NASDAQ: MSFT) , too, wants a seat at the satellite internet table, and this morning, it announced a new partnership with satellite communications company ViaSat (NASDAQ: VSAT) .
Microsoft stock is up 2.2% on the news, and ViaSat stock is up 2.5%, as of 11:50 a.m. ET.
For the past five years, Microsoft has been quietly rolling out its Microsoft Airband Initiative to "close the digital divide and bring high-speed internet connectivity to unconnected communities around the world." It's not 100% clear how successful the program has been. Microsoft claims that it has "helped more than 51 million people globally" to get access to broadband internet services -- but if I ask those who've heard of it to raise their hands, I doubt I'll see a lot of raised hands.
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Why Microsoft Stock Popped on Wednesday