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Corporate Responsibility

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OpenAI's board of directors recently fired Sam Altman, and following this, interim CEO Mira Murati has invited Altman to the company's San Francisco headquarters in an effort to have him reinstated. Greg Brockman, OpenAI's former chairman and president who resigned after being removed by the board, has also been invited. Chief Strategy Officer Jason Kwon expressed optimism about reinstating Altman, Brockman, and several senior researchers who resigned in support of them.

Portfolio Pulse from Benzinga Newsdesk

November 19, 2023 | 8:19 pm

AMZN

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MSFT

Sam Altman, former CEO of OpenAI, received significant support from investors and employees after his exit, raising the possibility of his reinstatement. Microsoft CEO Satya Nadella has expressed support for Altman's future projects. Analyst Daniel Ives anticipates Microsoft may increase control over OpenAI and notes potential for rivals Amazon and Alphabet to capitalize on the situation. Altman's departure may be linked to his plans to start an AI chip company with substantial funding. OpenAI's board faced an ultimatum to resign and is discussing Altman's return, with potential governance changes if he does.

Portfolio Pulse from Shanthi Rexaline

November 19, 2023 | 3:41 pm

LULU

Amena Saad, an Arab-American marathoner, was excluded from a Lululemon Athletica Inc. (NASDAQ: LULU) advertising campaign for the New York City Marathon. Saad suspects the exclusion was due to her Muslim identity and support for Palestinians. Lululemon responded, claiming the exclusion was unintentional and due to misinformation about Saad's willingness to be featured. The company apologized and reiterated its commitment to inclusivity. The incident has raised discussions on representation and inclusivity in marketing, reflecting challenges faced by Muslim and Arab individuals.

Portfolio Pulse from Nabaparna Bhattacharya

November 19, 2023 | 12:28 am

AAPL

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IBM

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WBD

Elon Musk criticized major advertisers for pulling ads from social media platform X, accusing them of suppressing free speech. This follows their withdrawal after Musk endorsed an antisemitic post. Companies like Apple, Disney, Warner Bros. Discovery, IBM, and Lions Gate Entertainment have stopped advertising on X. X's CEO Linda Yaccarino emphasized the platform's stance against discrimination and efforts to combat antisemitism.

Portfolio Pulse from Bibhu Pattnaik

November 18, 2023 | 7:50 pm

AMZN

GOOG

GOOGL

MSFT

Sam Altman has been replaced as CEO of OpenAI by interim CTO Mira Murati, and OpenAI president Greg Brockman has resigned, causing 'pure chaos' according to Wedbush analyst Daniel Ives. This is a significant event for Microsoft (NASDAQ:MSFT), which has a strategic partnership with OpenAI and was reportedly 'blindsided' by the news. Ives suggests that Microsoft may take more control over OpenAI and that the changes could impact future strategic initiatives. He also speculates that Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) might see this as an opportunity. Despite the turmoil, Ives maintains an Outperform rating and $425 price target on Microsoft shares.

Portfolio Pulse from Shanthi Rexaline

November 18, 2023 | 6:00 pm

TSLA

Elon Musk's recent endorsement of an antisemitic conspiracy theory has led to backlash from Tesla owners, with some reconsidering future purchases of Tesla vehicles. The controversy has affected Tesla's brand reputation, causing concern among drivers about being associated with the company. Tesla investor Ross Gerber plans to switch from a Tesla Model Y to a Rivian vehicle, reflecting a potential shift in consumer loyalty.

Portfolio Pulse from Anan Ashraf

November 18, 2023 | 1:57 pm

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DIS

IBM

ORCL

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Elon Musk has threatened Media Matters with a 'thermonuclear lawsuit' for reporting that ads from major companies appeared next to antisemitic posts on X, leading to an advertiser exodus. Apple Inc., IBM Corp., Oracle Corp., The Walt Disney Co., and Warner Bros. Discovery Inc. have pulled ads from X in response. Musk has previously sued a nonprofit for a similar issue and has recently endorsed an antisemitic theory.

Portfolio Pulse from Rounak Jain

November 18, 2023 | 10:04 am

AAPL

DIS

IBM

WBD

Elon Musk has expressed his dissatisfaction with IBM Corp. (NYSE:IBM) for potentially withdrawing ads from TikTok over posts supporting Osama Bin Laden's manifesto. Musk has been critical of nonprofit organizations like Media Matters and ADL, blaming them for a significant drop in X's advertising revenue. Other companies, including Apple Inc. (NASDAQ:AAPL), The Walt Disney Co. (NYSE:DIS), and Warner Bros. Discovery Inc. (NASDAQ:WBD), have also pulled ads from X after a report by Media Matters about ads being displayed next to content promoting Adolf Hitler and the Nazi Party.

Portfolio Pulse from Rounak Jain

November 18, 2023 | 8:36 am

TSLA

Tesla Inc (NASDAQ:TSLA) has communicated its commitment to the Swedish market despite an ongoing strike by IF Metall, a workers' union representing Tesla mechanics. The strike, which began in late October, is over the lack of collective bargaining agreements, a standard in Swedish labor relations. Tesla highlighted its recent opening of a V4 Supercharger in Sweden and the success of its Model Y, which is the best-selling car model in Sweden this year. The strike has escalated, with dockworkers, cleaning staff, and electricians joining in, affecting vehicle offloading, showroom maintenance, and charging station servicing.

Portfolio Pulse from Anan Ashraf

November 18, 2023 | 8:15 am

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Sam Altman has been ousted from OpenAI, a company he co-founded, in a move that has shocked Silicon Valley. The ouster may be due to a 'misalignment' of profit versus nonprofit goals within the company, a point of contention that Elon Musk, another co-founder, has criticized, particularly OpenAI's pivot to a for-profit model under Microsoft's influence. OpenAI's recent Dev Day event, where new features like GPT-4 Turbo were announced, may have been a catalyst for the ouster. High-profile tech CEOs have expressed their support for Altman, while Microsoft reaffirms its commitment to OpenAI. The future direction of OpenAI and its impact on the AI industry is now uncertain.

Portfolio Pulse from Rounak Jain

November 18, 2023 | 6:00 am