• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Mortgage rates tick higher for first time in weeks

July 10, 2025

Social Security & The Big Beautiful Bill

July 10, 2025

Millionaires Are Fleeing These 10 Countries (the First Is Now in Europe)

July 10, 2025
Facebook Twitter Instagram
Trending
  • Mortgage rates tick higher for first time in weeks
  • Social Security & The Big Beautiful Bill
  • Millionaires Are Fleeing These 10 Countries (the First Is Now in Europe)
  • These 5 ‘Free Trials’ Are Draining Your Bank Without Warning
  • Goldman Sachs Asking Junior Bankers to Confirm Loyalty
  • He Went From Customer to CEO of 16 Handles
  • Nvidia Hits Market Cap Milestone Before Apple, Microsoft
  • Trump admin resuming interest charges for nearly 8M student loan borrowers after Biden’s limbo
Thursday, July 10
Facebook Twitter Instagram
FintechoPro
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
FintechoPro
Home » Behind the Altman AI Flap: Money or Science?
Investing

Behind the Altman AI Flap: Money or Science?

News RoomBy News RoomNovember 25, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

Sam Altman’s sudden removal—and surprise return—as CEO of OpenAI was fed by a simmering tension around artificial intelligence: tying to turn the powerful science into a profitable and fast-growing business. While details of what happened at OpenAI remain unknown, a majority of its board members were uneasy with the company’s pace of innovation and Altman’s plans to build a more powerful business.

“OpenAI was deliberately structured to advance our mission: to ensure that artificial general intelligence benefits all humanity,” OpenAI’s board said in dismissing Altman. The resulting crisis, and near unanimous disapproval of the board’s decision, suggests that investors have fewer qualms about science versus profits.

Since OpenAI launched ChatGPT to the public in November 2022, tech stocks have soared, largely as investors priced in the transformative potential of AI. And they expect much more to come.
Microsoft
shares rallied to a record high after Altman’s dismissal

Microsoft isn’t waiting for AI to fix humanity. Its new Copilot service, launched last month, assists in creating documents, spreadsheets, presentations, and emails. Enterprise users will pay $30 a month on top of existing subscriptions to Microsoft’s 365 software. For office workers, at least, the AI debate has been simplified: Is it worth paying $360 a year to reduce the pain of email?

Last Week

Markets

Markets closed on Thanksgiving and early on Black Friday. Oil prices edged up as OPEC+ discussed more production cuts. Stocks dipped before
Nvidia
earnings, which warned on China sales, and Federal Reserve minutes, which showed no signs of easing. On the short week, the Dow industrials rose 1.27%; the S&P 500 edged up 1%; and the Nasdaq Composite was up 0.89%. Something to give thanks for: a four-day Gaza cease-fire and hostage exchange.

Companies

The board putsch against CEO Sam Altman at OpenAI collapsed after
Microsoft
swept in to hire him, employees prepared to follow him, and venture investors threatened to sue. By Wednesday, Altman was back as CEO under a new board led by former
Salesforce
CEO Bret Taylor. Binance CEO Changpeng Zhao pleaded guilty to violating anti-money-laundering rules, and has agreed to step down and pay a $50 million fine. Binance will pay over $4 billion but survive. Swedish unions began a strike against
Tesla.

Deals

Blackstone and Rialto Capital were front-runners to win a $17 billion pool of commercial loans, part of an FDIC auction of failed
Signature Bank
assets. Meanwhile, Related Fund Management and two nonprofits looked ready to win a pool of apartment loans…The Wall Street Journal reported that short seller Jim Chanos closed his three-decade-old short-selling hedge fund…Chip maker
Broadcom
will be able to close its $69 billion acquisition of VMware after China suddenly approved the deal.

Write to Robert Teitelman at [email protected]

Next Week

Monday 11/27

The Census Bureau reports new-home sales data. Sales of newly constructed single-family homes are expected to decline to a seasonally adjusted annual rate of 700,000 in October, from 759,000 in September.

Tuesday 11/28

S&P CoreLogic releases its Case-Shiller National Home Price Index for September. Consensus calls for a 4.2% year-over-year jump, compared with a 2.2% rise in August.

Thursday, 11/30

Salesforce announces third-quarter results after the close. Wall Street expects the company to report $2.06 in earnings per share on sales of $8.7 billion. Shares are up 70% this year.

The Bureau of Labor Statistics releases the core personal-consumption expenditures price index for October. This gauge excludes volatile food and energy prices and is the Federal Reserve’s preferred inflation measure. The index is forecast to rise 3.5% year over year, a decline from September’s 3.7% rise.

Ulta Beauty’s
quarterly results, due out after the market close, will offer investors a look at how much people are spending on discretionary items in this economy. Ulta was a Barron’s stock pick in February.

Email: [email protected]

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

He Went From Customer to CEO of 16 Handles

Investing July 9, 2025

Barbara Corcoran Retains Staff With Wild Perks, No Turnover

Investing July 8, 2025

Jack Dorsey Announces Bitchat Messaging App

Investing July 7, 2025

101 Small Business Ideas to Match Your Personality, Investment, Skills & Goals

Investing July 6, 2025

How to Deal With Negative Articles on Google

Investing July 5, 2025

13 Jobs Without College or AI: Salaries Can Start at $70k+

Investing July 2, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Social Security & The Big Beautiful Bill

July 10, 20250 Views

Millionaires Are Fleeing These 10 Countries (the First Is Now in Europe)

July 10, 20250 Views

These 5 ‘Free Trials’ Are Draining Your Bank Without Warning

July 10, 20250 Views

Goldman Sachs Asking Junior Bankers to Confirm Loyalty

July 9, 20250 Views
Don't Miss

He Went From Customer to CEO of 16 Handles

By News RoomJuly 9, 2025

Entrepreneur Fresh out of an unfulfilling finance career, Neil Hershman was looking for something different…

Nvidia Hits Market Cap Milestone Before Apple, Microsoft

July 9, 2025

Trump admin resuming interest charges for nearly 8M student loan borrowers after Biden’s limbo

July 9, 2025

Big Beautiful Bill Estate Planning Ideas

July 9, 2025
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 FintechoPro. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.