MDB - Why MongoDB Shares Rallied Today
2023-07-18 17:18:39 ET
Shares of new-age database software provider MongoDB (NASDAQ: MDB) rallied 4.1% today, as the up-and-coming disruptor announced an expansion of its partnership with cloud giant Microsoft (NASDAQ: MSFT) .
Microsoft had its own rally today, jumping more than 5% at one point to a new all-time high on the back of exciting artificial intelligence (AI) product introductions at its Inspire conference, so it appears the announcement of this tie-up on the same day fueled a piggyback rally for MongoDB as well.
Today, MongoDB announced it would significantly expand its current partnership with Azure parent Microsoft, making it easier for customers to access Atlas, MongoDB's cloud-based database-as-a-service offering, through the Azure commercial marketplace.
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Why MongoDB Shares Rallied Today