The shares of Microsoft climbed 2% on Friday after a major newswire reported that the software giant is on track to win unconditional EU antitrust approval for its $16 billion deal for artificial intelligence and speech technology company Nuance Communications.

Broader market gains, which came even as consumer inflation in the United States hit a 39-year high, fueled the stock's rise.

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According to a major newswire, the European Commission, the bloc's main decision-making body, is expected to approve the deal by December 21.

The pact has previously been approved by the United States and Australia.

Nuance claims to service nearly four out of every five hospitals in the United States, and is credited with pioneering speech technology and assisting in the introduction of Apple's Siri.

Clinical speech recognition, medical transcription, and medical imaging are among the sophisticated solutions it offers.

Companies are increasingly embracing AI for more productivity, better customer relationships, and cheaper costs, making it the next hotbed of competition among tech giants.

"With this acquisition, our technology will be integrated directly into the physician-patient loop, which is at the heart of all healthcare delivery. The acquisition will also strengthen our position as a leader in enterprise AI and biometric security across industries "According to a major newswire, Microsoft CEO Satya Nadella stated in an investor call.