Microsoft’s AI bet pays off: Stock reaches new heights after hiring former OpenAI CEO Sam Altman


January 24, 2022, people go by the Microsoft Corp. Fifth Avenue retail shop in New York, NY.

Microsoft stock status.

  • On Monday, Microsoft’s stock hit a new high on the announcement that Sam Altman, the former CEO of OpenAI, would lead the company’s artificial intelligence innovation division.
  • The software giant’s stock increased by more than 2% on Monday to reach $378.81 before marginally declining. To finish at an all-time high, the stock must settle above $376.17 at the conclusion of the trading day.
  • After a boardroom revolt resulted in Sam Altman’s resignation from OpenAI on Friday, Microsoft shares dropped 1.7%. With a $13 billion investment in the artificial intelligence startup, Microsoft is by far the largest shareholder.
  • Additionally joining Microsoft is Greg Brockman, who co-founded OpenAI but left when Altman was fired.
  • Days of conjecture that the former CEO may rejoin the company after his abrupt termination came to a stop with Altman’s hire. Interim Chief Executive Emmett Shear, a former CEO of Twitch, a streaming business owned by Amazon, will take over for OpenAI Chief Technology Officer Mira Murati.
  • This year, Microsoft’s stock has increased by around 56%. The stock is one of the “Magnificent Seven” that, together with Wall Street’s bet that artificial intelligence will be the next big thing in technology, have driven the majority of the market’s gains this year.
  • After Altman and Brockman were hired, Wedbush Securities tech analyst Dan Ives reaffirmed his $425 price estimate for Microsoft’s shares.
  • With Altman and Brockman joining the business, “we view Microsoft now even in a stronger position from an AI perspective,” Ives said in a note on Monday.
SOURCEMicrosoft’s AI bet pays off: Stock reaches new heights after hiring former OpenAI CEO Sam Altman
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