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Closing Bell

Closing Bell Overtime: Breaking: Sam Altman Out At OpenAI 11/17/23

Closing Bell

CNBC

Business, News

4.4141 Ratings

🗓️ 17 November 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

A shocking Friday news dump in to the tech world as OpenAI announces Sam Altman is out as CEO, effective immediately. We have reaction from the VC world with Madrona Managing Director Matt McIlwain and the equities side with Jefferies analyst Brent Thill. Averages notched their third straight weekly gains; Truist’s Keith Lerner and Annandale Capital’s George Seay talk the market action. Unlimited CEO Bob Elliott on why Wall Street may be overestimating the chance for a Fed cut soon. Plus, Jon breaks down the ideological pattern of Elon Musk’s posts on X.

Transcript

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0:00.0

Well there's your scorecard on Wall Street but

0:03.2

winter stay late especially on Friday. Welcome to closing

0:06.6

bell overtime. I'm John Ford. Morgan Brennan is off today. Coming up this hour

0:10.3

a massive shakeup in the artificial intelligence community.

0:14.3

Open AI says Sam Altman is out as CEO effective immediately after the board

0:20.3

said it no longer has confidence in his ability to lead open AI

0:24.4

partner Microsoft taking a dip after that news hit we will discuss with longtime

0:29.5

AI investor Matt Nackowin. Plus Bob Elliot from Unlimited Funds says the market is

0:35.4

getting the fed wrong and a reckoning could be coming for those who think a

0:40.4

rate cut is in the cards he's going to join us, to explain why.

0:45.0

And the major average is making minor moves today, but still logging solid gains for

0:48.7

the week, building on November's rally.

0:51.9

Let's see. Mike Santoli is with us to talk about what we saw

0:57.3

today and for the week. Mike. Yeah, John, I mean today was really more of the same of the broadening out of the rally the fact that the

1:05.5

overall large cap index is like the S&P held the gains that we built up going through

1:10.8

that CPI day on Tuesday.

1:13.0

You're obviously seeing a little bit of sort of upside,

1:17.0

you know, breaking through some of these resistance levels.

1:19.0

4,500 on the S&P.

1:21.0

And if you think about what was causing that three month decline that

1:24.8

that correction that we went through from August 1st through the end of October

1:29.2

it was this sense out there that Treasury yields were blasting off to the upside, we're going to go through 5%.

...

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