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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