Sam Altman Returns to OpenAI, Nvidia Earnings Get AI Boost, Oil Slumps on OPEC+ Meeting Delay 11/22/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 22 November 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the final trading day before Thanksgiving, Carl Quintanilla, David Faber and Sara Eisen led off the show with new developments in the OpenAI saga and its ramifications: The ChatGPT parent said it reached an agreement in principle for Sam Altman to return as CEO, after he was ousted by the startup on Friday. OpenAI's new initial board includes former Salesforce Co-CEO Bret Taylor and former Treasury Secretary Larry Summers. The anchors also reacted to Nvidia's blowout quarter being fueled by AI, but better-than-expected guidance was tempered by its China sales forecast. Also in focus: Crude oil prices slide after OPEC and its partner nations delayed their meeting originally slated for Sunday, Deere shares take a hit despite a fiscal Q4 beat, Nordstrom's pre-Black Friday earnings, Tim Cook talks Apple succession with pop star Dua Lipa, the Thanksgiving travel rush and what has been a rough second half of the year for airline stocks. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk in the Street. I'm Carl Kintania with David Faber, Sarah Eisen at post 9 of the New York Stock Exchange. Kramer has the morning off. Final session before the holiday, but a busy one for news. Sam Altman back at Open AI, got a ceasefire in Gaza, The oil's down nearly 5% on news of this OPEC meeting delay.
0:24.5	Ten-year God. one for news. Sam Altman back at Open AI, got a ceasefire in Gaza. Oils down nearly 5% on news of this OPEC meeting delay.
0:24.5	Ten year got below 437. Our roadmap begins with AI. Sam Altman is heading back to a revamped Open AI,
0:30.8	while Nvidia continues to ride the AI chip boom while also tempering its China outlook.
0:35.4	Plus U.S. crude oil is tumbling below 75 bucks a barrel. This is OPEC delays
0:39.8	its upcoming meeting. Talks reportedly hitting a snag over Saudi dissatisfaction with other members' oil
0:46.1	production levels. And Deer shares are under pressure. Sales worries linger as profit outlook
0:52.1	disappoints. Let's begin with the Sam Albin Open AI saga.
0:56.0	Chat GPT's parents says it has reached an agreement in principle for Altman to return to the company as CEO
1:01.0	with a new initial board consisting of former Salesforce co-CEO CEO Brett Taylor as chair, former Treasury Secretary Larry Summers,
1:09.0	and Quora CEO Adam DeAngelo.
1:11.6	Microsoft Sachianadella says he's encouraged by the changes to the board.
1:15.1	And after referencing his decision to join Microsoft in a post on X,
1:18.9	Aldman added, quote, with the new board and with Sacha support,
1:22.0	I'm looking forward to returning to Open AI and building on our strong partnership with Microsoft.
1:27.8	Some reporting guys that Aldman has agreed to at least an internal investigation surrounding
1:32.9	the circumstances that led to his initial exit.
1:36.6	Still a lot of questions about that.
1:38.7	And to what degree this has a blow to Open AI that will last?
1:44.0	It's not clear it's going to last anymore if, in fact, they keep the employees and go back to what they were focused on with the same person at the helm.
1:51.6	Obviously, Microsoft comes out looking pretty good.
1:54.1	Ndela played this very well, it would seem.
	...

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