Microsoft CEO Satya Nadella
Photo : AP
Microsoft stock on Monday reached a record high on Monday after the company said that former OpenAI CEO Sam Altman will join the Satya Nadella-led company to head its artificial intelligence department. This comes after the 38-year-old was fired earlier this week.
Amid the Altman saga, Microsoft's stock sky-rocketed. It rose to over 2% on Monday to hit $378.81. It retreated slightly then. To record a all-time high close, the stock will need to end the day at above $376.17.
When Sam Altman was ousted by OpenAI on Friday, Microsoft's stock fell 1.7% as an immediate impact. The Satya Nadella group is the biggest stakeholder in the ChatGPT maker, with a $13 billion investment in the company.
However, Altman's ouster was objected by key OpenAI investors and the board of directors were forced to chat with the former CEO about re-hiring him. Some of them also signed a letter, asking the company to get the AI genius back. Amid the to and fro between the company and Sam Altman, Microsoft and Nadella might have hit the jackpot.
The technology giant reportedly sat down with Altman and offered him a job before announcing that the former OpenAI employee will join them. Their stock has gained significantly since.
After Altman's ouster, OpenAI president Greg Brockman announced that he resigned from the company. He is also joining Microsoft, bringing the duo back together.
Mira Murati was named as OpenAI's interim CEO on Friday. However, the CTO has now been replaced by former Twitch CEO Emmett Shear. Meanwhile, Microsoft shares are up about 56% for the year.