Microsoft and Nvidia Stocks Hit All-Time Highs Amid AI Sector Turbulence
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Modified on: Wed, 22 Nov, 2023 at 12:00 AM
Microsoft and Nvidia stocks reached all-time highs on November 20, driven by the aftermath of the OpenAI CEO ousting. Former OpenAI CEO Sam Altman, along with co-founder Greg Brockman, has reportedly joined Microsoft to lead a new AI division. Altman's unexpected departure from OpenAI and subsequent hiring by Microsoft contributed to the surge in Microsoft's stock. Nvidia, a prominent player in AI hardware, also experienced an all-time high, reaching $499.60. The AI sector's overall growth, marked by developments like OpenAI's ChatGPT, has fueled stock performance for companies like Microsoft and Nvidia.
Microsoft and Nvidia stocks achieved all-time highs on November 20, propelled by recent developments in the AI sector, particularly the unexpected ousting of OpenAI CEO Sam Altman. Microsoft's stock reached a record high of $378.81, with many attributing the surge to the hiring of Altman and his fellow OpenAI co-founder Greg Brockman. The duo has reportedly agreed to lead a new AI division at Microsoft. The stock gains reflect the overall growth in the AI sector, marked by advancements such as OpenAI's ChatGPT.
Nvidia, a key player in AI hardware, also experienced an all-time high, reaching $499.60. The company dominates the market for artificial intelligence training hardware, primarily due to its graphical processing units (GPUs). The demand for GPUs in AI applications has led to steady price increases for flagship models over the past decade. Nvidia's stock performance underscores its position as a go-to provider for AI hardware solutions.
The AI sector's continuous growth has driven the stock performance of companies like Microsoft and Nvidia, with both reaching unprecedented highs. The surge in Microsoft's stock, fueled by the hiring of Altman and Brockman, and Nvidia's stronghold in AI hardware contribute to the overall momentum in the industry.
It remains to be seen whether the November 20 stock highs will persist or face fluctuations before the market closes. Additionally, Altman's status at Microsoft is uncertain, as a group of OpenAI employees has penned an open letter demanding his reinstatement or threatening a walkout. The AI sector's ongoing developments and the strategic moves of key players continue to shape the landscape of technology and investment.
(TRISTAN GREENE, COINTELEGRAPH, 2023)
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