Sam Altman, the former CEO of OpenAI is said to have together with Microsoft and Nvidia benefited from Big Tech's efforts to improve its chatbot.
Microsoft shares hit an all-time high of $378.81 on November 20 due to the ouster of OpenAI CEO Sam Altman.
Meanwhile, Nvidia stock hit an all-time high of $499.60 and continued its uptrend from a 1-year low of $138.84.
The explosion in the use of AI in learning and generative models such as ChatGPT has led to significant growth for both stocks over the past few years.
According to Sam, many companies in the United States (US) are pushing the use of AI at the end of November based on Microsoft data.
On November 17th, OpenAI Director announced the dismissal of Sam Altman and placed Mira Mulati as interim CEO. He was later replaced by Emmett Shear, former Twitch CEO and co-founder.
Meanwhile, Sam Altman and Greg Brockman, co-founders of OpenAI have agreed to lead the new AI division at Microsoft even though the company has invested about $13 billion in OpenAI.
Since the news broke, Microsoft shares have soared even as profits have been flat for the entire sector through 2023. Many other well-known AI stocks have also shown strong revenue performance and significant gains.
Microsoft, Nvidia, IBM and Tencent were each at five-year one-month highs, based on the latest data.
Many OpenAI employees have publicly written letters demanding Altman's reinstatement at Microsoft or his mass resignation. That will raise concerns about the future of the company.
