- Microsoft’s stock hit a record high following the news of former OpenAI CEO Sam Altman joining the company. Shares rose by as much as 2% to $377.10, contributing to a $54 billion increase in market value. This rise marked a 57% gain in the stock’s value year-to-date.
- Microsoft’s stock has seen a significant increase this year, fueled by rising interest in AI and investors favoring established Big Tech stocks as safer investments during periods of uncertainty.
- Analysts suggest that Microsoft’s decision to hire Altman aims to secure their investment in OpenAI, potentially preventing an exodus from the company. The move reassures shareholders concerned about Altman starting a competing AI firm. Microsoft has incorporated OpenAI’s ChatGPT into its Bing search engine.