:max_bytes(150000):strip_icc()/GettyImages-1454747379-ef0a54dda5d548d5a1dfbb857b3a5b5c.jpg)
Key Takeaways
- Microsoft shares surged to an all-time high Monday after hiring Sam Altman, the former CEO of ChatGPT maker OpenAI, to lead a new artificial intelligence (AI) team. Â
- The tech giant’s shares hit more than one 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 notably through the company’s multibillion-dollar partnership with OpenAI.
Microsoft (MSFT) shares surged over 2% to fresh intraday and closing highs 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 into OpenAI amid a boom in demand for AI tools, bolstering its AI edge as many of the other “Magnificent 7” such as Amazon (AMZN), Google parent 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 company listed in the U.S. by market cap after Apple (AAPL) at $2.98 trillion.
Shares of Microsoft reached more than one record high earlier this month amid enthusiasm for AI-related developments after unveiling a new AI chip and Copilot features. OpenAI also recently announced its latest AI model, GPT-4 Turbo.