Microsoft is set to host its annual shareholder meeting on Thursday, where discussions about the software firm’s future steps following the OpenAI controversy are anticipated.
During the meeting, Microsoft’s management is likely to review the past year’s achievements while also delving into the company’s future plans. Topics such as financial performance and the company’s position in the field of artificial intelligence will be covered.
According to Wedbush analyst Dan Ives, who rates Microsoft stock at Outperform with a $425 price target, this meeting marks the culmination of an exceptional year. Microsoft stock has surged by 54% in 2021, with investors eagerly anticipating the potential of AI and cloud computing in shaping the company’s future success.
Ives expressed curiosity about any comments Chairman and CEO Satya Nadella and his colleagues might make regarding the company’s AI strategy in light of the OpenAI saga, viewing Microsoft as a torchbearer for the global AI Revolution.
OpenAI, the parent company of the renowned generative AI platform ChatGPT, is 49% owned by Microsoft. The tech giant played a significant role in the events that unfolded in November when OpenAI’s board dismissed CEO Sam Altman. In the aftermath, Microsoft offered job opportunities to OpenAI employees who wished to leave following Altman’s departure.
The annual shareholder meeting will be held virtually at 11:30 a.m. ET. As of early Thursday trading, Microsoft stock was trading slightly lower at $368.46.