Microsoft Stock Hits All-Time High After Hiring Former OpenAI Executives
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Microsoft stock hit an all-time high on Monday after the company hired former OpenAI CEO Sam Altman. Shares climbed 2% to add $54 billion in market value.
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The gain came after Microsoft CEO Satya Nadella announced the hiring of Altman and former OpenAI president Greg Brockman.
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Altman was recently ousted from OpenAI following a shock move by the board, though there were attempts to reverse the decision.
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Microsoft is OpenAI's largest shareholder and has incorporated ChatGPT into Bing. Hiring Altman reduces chances of an OpenAI exodus.
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Microsoft shares have surged 54% year-to-date, boosted by interest in AI and investors seeking Big Tech as safer bets.