Microsoft stock hits All time high after hiring former OpenAI CEO Sam Altman

On Monday, Microsoft announced that Sam Altman, the former CEO of OpenAI, will join the business to spearhead its artificial intelligence innovation phase, sending its stock to all-time highs.

The internet giant’s shares broke the previous record of $376.17 on Monday, rising 2.1% to an all-time high of $377.44.

It follows a 1.7% decline in Microsoft shares on Friday following Sam Altman’s removal from his position at OpenAI in a boardroom coup. With a $13 billion investment in the artificial intelligence startup, Microsoft is by far the largest shareholder.

Additionally joining Microsoft is Greg Brockman, who co-founded OpenAI but resigned following Altman’s dismissal.

With Altman’s hiring, there is no longer any chance that the company’s former CEO, who was abruptly fired, will rejoin it. As interim CEO, OpenAI’s chief technology officer Mira Muratti will be replaced by Emmett Shear, the former CEO of Twitch, a streaming business owned by Amazon.

This year, Microsoft shares have up almost 56%. The company is one of the “Magnificent Seven” that, along with Wall Street’s assertions that artificial intelligence is the next big thing in technology, have fueled a significant portion of the market’s returns this year.

In the wake of Altman and Brockman’s appointments, Wedbush Securities technical analyst Dan Ives restated his $425 price estimate for Microsoft’s shares.

With Altman and Brockman, “we see Microsoft now in an even stronger position from an AI perspective,” Ives stated in a note on Monday.

On Monday, several “Magnificent Seven” members received raises. A record-high of $504.20 was reached by Nvidia’s shares at the close of trade on Tuesday, following a 2.3% increase ahead of the company’s earnings call

OpenAI Coup: Over 400 of 700 Employees threaten to quit and join Sam Altman at Microsoft