It’s been a crazy weekend for ChatGPT-maker OpenAI and its largest shareholder, Microsoft. TechCrunch has a solid recap of the timeline and events, but it can be summarized like this. 📝
- OpenAI’s board fires CEO Sam Altman unexpectedly.
- Other OpenAI executives and employees begin to quit.
- Investors and other stakeholders push back.
- OpenAI board starts talks with Altman to return.
- The two sides are unable to reach an agreement.
- Altman & others join Microsoft to lead a new AI research team.
- The vast majority of OpenAI’s 770 employees threaten to resign.
It’s reported that Sam Altman could still return to OpenAI if the board resigns, among other things. That said, the situation is developing quickly as everyone chases the next headline. 😵💫
Despite the chaos, Microsoft’s stock hit a new all-time high today. As did Nvidia, ahead of its earnings report after the bell tomorrow.
As for Microsoft investors, they’re trying to understand whether the company’s AI ambitions are better off if Sam Altman and his colleagues join Microsoft or if they go back to OpenAI with a new board. 🤔
As always, we’ll keep you updated as the story develops. For now, mega-cap tech stocks continue to party on. 🤷