Despite the chaos OpenAI: Microsoft shares hit record highs

AInvestors on Wall Street bought shares again earlier in the week. The Dow Jones benchmark stock index and the broader S&P 500 rose about half a percentage point Monday to 35,137 and 4,544, respectively. The tech-heavy Nasdaq index rose a good percentage to 14,280.

Microsoft is in the spotlight as the software company hits a new all-time high with its OpenAI executive fired. After Sam Altman was announced to be joining Microsoft, the stock price jumped two percent to a record high of $377.10 in early trading. As a result, the software giant’s market value increased by almost $54 billion.

That’s more than ten times the amount Microsoft invested in OpenAI at the beginning of the year. Days after his surprise ouster from OpenAI, the creator of ChatGPT will now lead a new artificial intelligence (AI) team at Microsoft.

Technology stocks were among the biggest gainers on Wall Street in November. All three major U.S. stock indexes rose recently as investors bet that interest rate hikes would end as U.S. price pressures eased. But before investors take on more risk, analysts say they are now awaiting further guidance on when the US Federal Reserve might start cutting interest rates.

Source: Frantfurter Allgemeine

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