Microsoft Shares Reach Record High After Hiring Former OpenAI CEO Sam Altman

By
Naomi Buchanan
Naomi Buchanan
Full Bio
Naomi Buchanan is a reporter at Investopedia breaking down news stories that impact investors.
Learn about our editorial policies
Published November 20, 2023
Microsoft logo.

David Becker / Getty Images

Key Takeaways

  • Microsoft shares surged to an all-time high Monday after hiring Sam Altman, the former CEO of ChatGPT maker OpenAI, to lead a new artificial intelligence (AI) team.??
  • The tech giant's shares hit more than one record high in November amid enthusiasm for AI-related developments.
  • Microsoft has invested heavily in AI amid a boom in demand for AI tools, and notably through the company's multibillion-dollar partnership with OpenAI.

Microsoft (MSFT) shares surged over 2% to fresh intraday and closing highs Monday after the tech giant hired Sam Altman to lead a new artificial intelligence (AI) team after he was fired from his position as former CEO of ChatGPT maker OpenAI.

Microsoft has invested billions into OpenAI amid a boom in demand for AI tools, bolstering its AI edge as many of the other "Magnificent 7" such as Amazon (AMZN), Google parent Alphabet (GOOGL), and Meta (META) also compete in the AI space.

Microsoft's market capitalization was $2.81 trillion as of Monday, making it the second-largest company listed in the U.S. by market cap after Apple (AAPL) at $2.98 trillion.

Shares of Microsoft reached more than one record high earlier this month amid enthusiasm for AI-related developments after unveiling a new AI chip and Copilot features. OpenAI also recently announced its latest AI model, GPT-4 Turbo.

Do you have a news tip for Investopedia reporters? Please email us at
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Microsoft. "A statement from Microsoft Chairman and CEO Satya Nadella."

Take the Next Step to Invest
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Service
Name
Description