Why Spotify stock is surging 14% today?

Spotify (SPOT) shares surged on Thursday after the music streaming company outlined ambitious long-term growth targets at its first investor day since 2022 and unveiled a major artificial intelligence-focused partnership with Universal Music Group, boosting investor optimism about its future beyond streaming. Shares of Spotify rose as much as 14% during the session after management introduced updated guidance through 2030, including plans for revenue growth in the mid-teens on a compounded annual basis and gross margins ranging between 35% and 40%.