Microsoft and Nvidia stocks reach all-time highs amid OpenAI CEO shuffle

cointelegraph.com:

Microsoft (MSFT) stocks hit an all-time high of $378.81 on Nov. 20 on the back of a tumultuous weekend for the AI sector involving the ousting of OpenAI CEO and co-founder Sam Altman. Not to be outdone, Nvidia (NVDA) stocks also reached an all-time high of $499.60, continuing a trend that’s seen its shares rise from a one-year low of $138.84.

Both stocks have skyrocketed over the past few years, with end-over-end growth due to an explosion in the AI field spurred by the onset of deep learning and generative models such as OpenAI’s ChatGPT.

In Microsoft’s case, many experts and pundits are attributing the late November push to the Redmond corporation’s newest AI hire, former OpenAI CEO Sam Altman.

As Cointelegraph reported, Altman was fired by OpenAI’s board of directors on Nov. 17 in a surprise announcement. He was initially replaced by company CTO Mira Murati, who was named as interim CEO. Shortly thereafter, however, Murati was replaced by former Twitch CEO and co-founder Emmett Shear,

first and last time i ever wear one of these pic.twitter.com/u3iKwyWj0a

In the meantime, both Altman and fellow OpenAI co-founder Greg Brockman have reportedly agreed to head up a new AI division at Microsoft — this despite the fact that the Satya Nadella led company has invested some $13 billion in OpenAI.

Microsoft stocks surged on the news, though gains have been steady for the entire sector throughout most of 2023. Many other notable AI stocks have demonstrated high yield performance alongside the most noteworthy gainers — Microsoft and Nvidia — including IBM and Tencent, who currently sit at five year and one month highs respectively as of the time of this article’s publishing.

Nividia’s all-time gains come as the company shores up its