New York CNN —Microsoft stock reached a record high on Monday after the company said that Sam Altman, former chief executive of OpenAI, will join the company to head its artificial intelligence innovation leg.
Shares of Microsoft fell 1.7% on Friday, 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.
Emmett Shear, former CEO of Amazon-owned streaming service Twitch, will replace OpenAI chief technology officer Mira Murati as interim chief executive.
Dan Ives, tech analyst at Wedbush Securities, reiterated his $425 price target for Microsoft’s stock following Altman’s and Brockman’s hires.
Persons:
Sam Altman, Greg Brockman, OpenAI, Emmett Shear, Mira Murati, Wall Street’s, Dan Ives, Brockman’s, Altman, Brockman, Ives
Organizations:
New, New York CNN, Microsoft, OpenAI, Amazon, Wedbush Securities
Locations:
New York