09:26 AM EDT, 04/26/2024 (MT Newswires) -- Estee Lauder ( EL ) and Microsoft ( MSFT ) are expanding their global strategic collaboration with the creation of an artificial intelligence innovation lab, the companies said Friday.

Under the terms of the partnership, the companies will provide services by leveraging Microsoft's ( MSFT ) Azure OpenAI for Estee Lauder's ( EL ) beauty brands.

Financial terms weren't disclosed.

Estee Lauder's ( EL ) shares rose 1.4% in recent Friday premarket activity, while Microsoft's ( MSFT ) stock was up 3.6%.

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