A big success story for software giant Microsoft (NASDAQ: MSFT) over the past decade has been Office 365, now called Microsoft 365. Facing competition from Alphabet's Google Docs, Microsoft launched subscription versions of its iconic Office applications.

Microsoft 365, formerly Microsoft Office, includes Word, Excel, and PowerPoint. It's a subscription service, but there are ways to use it for free.

Microsoft Corp. is raising the price of its package of Office apps for consumers, a bet that subscribers will be willing to cough up more for access to new artificial intelligence tools.