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Microsoft’s Stock See Mild Gains After Hiring Former OpenAI CEO Sam Altman
Microsoft's Stock See Mild Gains After Hiring Former OpenAI CEO Sam Altman
- Microsoft CEO confirmed on Monday that Sam Altman will be joining Microsoft.
- The shares of Microsoft stocks rose premarket following Altman’s apportionment to the company.
- Altman and Microsoft said their commitment to OpenAI remains unchanged despite the event.
Sam Altman is set to join Microsoft after he was unexpectedly fired from OpenAI on Friday.
The CEO of Microsoft Satya Nadella confirmed on Monday that Altman will be joining the tech giant, which also owns a 49% stake in OpenAI, to lead a new advanced AI research team. Nadella noted that Greg Brockman and other colleagues at OpenAI will join Altman.
Market Responds Positively to Altman’s Appointment to Microsoft
“We’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team,” Nadella posted on X. “We look forward to moving quickly to provide them with the resources needed for their success.”
Following the news, the shares of Microsoft (NASDAQ:MSFT) traded higher in early U.S. trading on Monday. At the time of writing, MSFT was trading at $377.44, representing a +7.59 (2.05%) increase over the previous trading day.
Apparently, the appointment of Altman and Brockman to lead the AI research team is widely considered a positive development for the company. Altman and Brockman are both highly respected figures and proven leaders in the AI field, and their experience and expertise will be invaluable to Microsoft as it strives to stay ahead of the curve in this rapidly evolving area.
Some analysts categorically called it a “clear win for Microsoft” that “should help offset concerns regarding potential near-term uncertainty at OpenAI.”
What Happens to OpenAI?
With Altman now out of the picture, reports noted that OpenAI will appoint Emmett Shear, the co-founder of streaming site Twitch, as interim CEO.
Microsoft’s commitment to OpenAI will remain unchanged, according to Nadella.
“We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners,” Nadella said. “We look forward to getting to know Emmett Shear and OAI’s new leadership team and working with them.”
In a subsequent X post, Altman also noted that his top priority “remains to ensure OpenAI continues to thrive.”
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Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
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