AI Chaos Reigns! – She’s Got The Stocks – 23 November 2023

AI Chaos Reigns! – She’s Got The Stocks – 23 November 2023

Tech stocks rallied ahead of Thanksgiving after an eventful weekend in the AI space, and a number of hotly anticipated earnings reports.

Microsoft’s share price reached an all-time high earlier this week after news broke that OpenAI founder Sam Altman would be joining the tech giant, before returning to OpenAI in one of the most convoluted leadership sagas since the French Revolution.

There was a notable uptick on Wednesday with the Dow Jones, Nasdaq Composite, and S&P 500 all lifting ahead of the holiday.

This was largely the result of a decrease in treasury yields with the 10-year treasury yield dropping to 4.381 per cent — its lowest in two months.

TRENDING NOW

You can’t have moved this week without hearing about the drama at OpenAI. For those who did manage to miss it, OpenAI co-founder and CEO Sam Altman was sacked by the Board of the company he founded on Friday.

The company’s employees did not receive the sacking well, with nearly all of the 750 staff threatening to leave following Altman’s dismissal.

Find out more – As Sam Altman Returns To OpenAI, Is The Circus Finally Over?

The vultures jumped in with Microsoft and Salesforce eagerly eyeing the firm’s talent.

Altman was reinstated as CEO on Wednesday in the quickest U-turn in history.

Meanwhile, Amazon founder Jeff Bezos is expected to sell US$1 billion dollars (AU$1.5 billion) in Amazon shares. According to Reuters, the Amazon founder is expected to offload more of his shares on Tuesday after selling around US$240 million (AU$366 million) last week.

Meanwhile, Nvidia reported strong third-quarter results that surpassed Wall Street predictions. The chip-maker warned however that fourth-quarter earnings would be negatively impacted after export restrictions impacted sales to countries such as China. This led to a drop in share price of 0.35 per cent.

The crypto community is optimistic about the future following Changpeng Zhao’s resignation as CEO of Binance after pleading guilty to federal charges. His departure is seen as pivotal for the industry’s advancement, including the potential approval of a bitcoin exchange-traded fun (ETF).

The market initially reacted negatively but soon stabilised, recognising the removal of uncertainty from Binance. This sentiment is bolstered by the continued operations of Binance, which maintains market stability. The anticipation of a bitcoin ETF is high, with major firms lined up for approval, possibly within the next year.

OpenCloseChange
Macquarie Telecom Limited (ASX: MAQ)$63.53$63.04-0.77%
REA Group (ASX: REA)$157.45$157.830.24%
Atlassian (NAS: TEAM) (USD)$187.32$180.55-3.61%
Xero (ASX: XRO)$101.95$100.56-1.36%
Carsales.com (ASX: CAR)$29.33$27.89-4.91%
NEXTDC (ASX: NXT)$13.11$13.09-0.15%
WiseTech Global (ASX: WTC)$66.83$66.06-1.15%
Appen (ASX: APX)$1.02$0.95-6.86%
Airtasker (ASX: ART)$0.18$0.17-5.56%
Telstra (ASX: TLS)$3.83$3.79-1.04%
Adobe (NAS: ADBE) (USD)$595.31$619.724.10%
Salesforce (NYSE: CRM) (USD)$219.42$223.842.01%
Apple (NAS: AAPL) (USD)$188.01$191.311.76%
Alphabet (NAS: GOOGL) (USD)$134.62$138.492.87%
Meta (NAS: META) (USD)$336.31$336.980.20%
Microsoft (NAS: MSFT) (USD)$369.67$377.852.21%
Amazon (NAS: AMZN) (USD)$143.20$146.712.45%
Nvidia (NAS: NVDA) (USD)$488.88$487.16-0.35%
Netflix (NAS: NFLX) (USD)$461.94$478.003.48%

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