Tech Advances on Clarity in AI Landscape -- Tech Roundup
November 22 2023 - 3:14PM
Dow Jones News
Shares of technology companies rose as turmoil in the AI
technology landscape eased.
OpenAI said Sam Altman would return as the chief executive
officer of the artificial-intelligence company a day after
Microsoft, which has a 49% stake in OpenAI, had indicated it would
be hiring the ousted CEO. The company is also set to get a new
board, which includes Bret Taylor, former co-CEO of Salesforce and
chairman of Twitter, and Larry Summers, former Treasury secretary
and Harvard University president.
Microsoft announced plans to invest $500 million in expanding
its hyperscale cloud computing and AI infrastructure in Quebec over
the next two years, a move that will increase the size of its local
cloud infrastructure footprint by 750% across Canada. The company's
shares reached an all-time high of $379.79.
GoDaddy shares rose after RBC analysts said in a research note
that the company is a structurally differentiated, durably growing
cash machine that should benefit from its hedged customer
acquisition model and could gain outsized benefit as AI tools
reduce customer acquisition friction. RBC also upgraded its
recommendation on the stock to outperform from sector perform and
raised its price target to $124.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
November 22, 2023 15:59 ET (20:59 GMT)
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