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OpenAI upheaval triggers new all-time high in MSFT

Alejandro Zambrano Alejandro Zambrano 21/11/2023
OpenAI upheaval triggers new all-time high in MSFT OpenAI upheaval triggers new all-time high in MSFT
OpenAI upheaval triggers new all-time high in MSFT Alejandro Zambrano

Investors in Microsoft were on edge this weekend as Sam Altman, the CEO of OpenAI, was let go. Greg Brockman, another OpenAI co-founder and a key player at Open AI, opted to leave following the news.

The decision stirred unease among Microsoft's investors, as the potential for Altman and Brockman to establish a competitor to OpenAI loomed. Such a development could diminish the benefits of the OpenAI/Microsoft collaboration, into which Microsoft had invested a substantial $13 billion. This investment was seen as a strategic move to secure a competitive edge, and a rival venture by OpenAI's founders might undermine this advantage.

As the dust settled, Altman and Brockman decided to join Microsoft to spearhead their new AI division instead of setting up a new firm, a move that will likely contain the damage made by the OpenAI board.

And, as time passed, an open letter from other OpenAI staff hinted at further luck for Microsoft as up to 80% of OpenAI's staff said they were ready to quit if Altman was not reinstated and the board that fired him removed. If the team would leave OpenAI and join Microsoft, it would be a big win for Microsoft.

On the other hand, many apps and businesses that rely on OpenAI, would likely come under pressure as a potential collapse of OpenAI could leave many in a tough spot.

Even before last week's turmoil, Microsoft's stock was climbing. This rise isn't surprising. Tools like ChatGPT significantly reduce work hours for office workers and while Microsoft doesn't directly profit from ChatGPT, it benefits indirectly. More of its products integrate ChatGPT's underlying technology, saving clients time and money.

From a technical perspective, MSFT triggered a cup and handle pattern at the start of November. The pattern suggests MSFT could reach as high as 485 USD per share. Per the RSI 14 of the weekly chart, that has boded well in the last couple of years but does not rule out a short-term correction. The Cup and handle pattern will remain in play as the price trades above the October 30 low of $332.
 

MSFT Weekly Chart
 

Chart of MSFT

Make the most of this uncertainty by trading CFDs on the MSFT stock. Open an account and access tight spreads with fast execution here: portal.thinkmarkets.com

Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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