- Microsoft shares rose to an all-time high on Monday after hiring Sam Altman, former CEO of ChatGPT maker OpenAI, to lead a new artificial intelligence (AI) team.
- The tech giant’s stock hit more than a 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 in particular through the company’s multibillion-dollar partnership with OpenAI.
Microsoft (MSFT) stock rose more than 2% to new intraday and closing highs on 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 in OpenAI amid a boom in demand for AI tools, bolstering its lead in AI as many of the other “Magnificent 7,” such as Amazon (AMZN), 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 US-listed company by market capitalization after Apple (AAPL) at $2.98 trillion.
Microsoft stock hit more than a record high earlier this month amid excitement over AI-related developments after unveiling a new AI chip and Copilot features. OpenAI also recently announced its latest AI model, GPT-4 Turbo.