Microsoft Corp.’s (NASDAQ:MSFT) shares advanced strongly in premarket trading on Monday, signaling that the stock could reverse all of the losses from Friday.
After many twists and turns, it emerged early Monday that OpenAI co-founder Sam Altman, who was ousted on Friday in a boardroom coup, will join the software giant. Microsoft CEO Satya Nadella said in a post on X that the company is committed to its OpenAI partnership while bringing on board Altman and OpenAI ex-president Greg Brockman and their colleagues.
“We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners,” Nadella said. The executive said he looks forward to getting to know Emmett Shear, OpenAI’s new CEO, and the new leadership and working with them.
Altman and his team will lead a new advanced AI research team at Microsoft, Nadella said, adding that Microsoft was looking forward to moving quickly to provide them with the resources needed for their success.
Microsoft has been at the forefront of the AI revolution ever since it deepened its relationship with OpenAI by committing a $10 billion investment early this year. The software giant has integrated OpenAI’s technology into its Bing search and other applications.
In premarket trading, Microsoft shares rose 2.56% to $379.33, according to Benzinga Pro data. The stock closed at a record of $3716.17 on Thursday before pulling back 1.68% to $369.84 on Friday on the OpenAI news.