Microsoft hires ousted OpenAI CEO Sam Altman

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including a lookahead to what’s on tap for this week’s earnings reports and Microsoft making a splash in the AI sector.

Transcript

00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here is a

00:03 look at what we are watching on the street today.

00:06 Stocks are coming off a three-week winning streak as investors look ahead to a shortened

00:10 trading week.

00:11 Investors will be watching for the last of retail earnings, including results from Nordstrom,

00:16 Kohl's and Best Buy.

00:18 NVIDIA will also be a major focus when it releases results Tuesday.

00:22 The chipmaker saw its stock rise 20 percent this year, its best year yet.

00:27 Turning to tech, just days after being ousted from his CEO position at ChatGPT owner OpenAI,

00:34 Sam Altman now has a new home at Microsoft.

00:37 Altman was tapped by Microsoft to lead a new advanced artificial intelligence research

00:42 team.

00:43 Microsoft CEO Satya Nadella announced the hire on X saying of Altman, "I'm super excited

00:49 to have you join as CEO of this new group, Sam, setting up a new pace of innovation,"

00:54 and that the company looks forward to moving quickly to provide them with the resources

00:58 needed for their success.

01:00 Altman had been the CEO of OpenAI since 2019 but was abruptly relieved of his position

01:05 at a board meeting just last week.

01:08 Joining Altman will be another OpenAI co-founder Greg Brockman, who quit his role as president

01:13 of the company after Altman was let go and is the startup's biggest financial supporter.

01:19 Microsoft is OpenAI's largest stakeholder, having already invested $13 billion in the

01:24 company.

01:25 That will do it for your daily briefing.

01:26 From the floor of the New York Stock Exchange, I'm JD Durkin with The Street.

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