Microsoft stock hits all-time high after the company hired former OpenAI CEO SAM ALTMAN

Monday, November 20, 2023 – Stocks of Microsoft reached a record high on Monday, November 20 after officials said that Sam Altman, former chief executive of Artificial Intelligence company, OpenAI, will join the company to head its artificial intelligence innovation leg.

Shares of the tech giants hit $377.10 on Monday morning before retreating slightly. The stock will need to close above $376.17 to notch an all-time high close.

Shares of Microsoft fell 1.7% on Friday, November 17, when Sam Altman was ousted from his position at OpenAI in a boardroom coup. Microsoft is the artificial intelligence firm’s biggest stakeholder, with a $13 billion investment in the company.

Also, Greg Brockman, who co-founded OpenAI and quit after Altman’s firing, is joining Microsoft.

Altman’s hiring ended days of speculation that the former chief executive could return to the firm after his dramatic firing. Emmett Shear, former CEO of Amazon-owned streaming service Twitch, will replace OpenAI chief technology officer Mira Murati as interim chief executive.