NEW YORK – Microsoft CEO Satya Nadella has weighed in on the OpenAI controversy and offered potential changes to the governance of the company. In other news, retail giants Lowe’s and Best Buy have reported their earnings, and Nvidia is set to report earnings after the closing bell. As the markets continue to see a positive trend, with the Dow closing 200 points higher on Monday, investors are also awaiting the release of the Federal Reserve’s minutes from its last policy-setting meeting.
Nadella’s comments come in the wake of OpenAI’s decision to remove co-founder and chief executive, Sam Altman, causing turmoil within the company. Nadella told CNBC that changes to the governance are necessary and that Microsoft, which invested about $13 billion in OpenAI, is open to both options – whether employees choose to stay or move to lead the startup.
On the retail front, companies such as Best Buy, Lowe’s, Dick’s Sporting Goods, and mall apparel sellers American Eagle Outfitters and Abercrombie and Fitch are set to report their earnings ahead of the holiday season. Meanwhile, Nvidia, a leading company in the artificial intelligence sector, will reveal its latest earnings after the closing bell, with analysts expecting significant revenue growth.
Additionally, gas prices are expected to be the lowest they’ve been on Thanksgiving since 2020, offering some relief to travelers. The average cost of a gallon on Monday was $3.31, a 25-cent decrease from a month ago, with significant drops in 11 Southern and Midwestern states. However, concerns remain as OPEC could cut production, potentially impacting crude oil prices.
In conclusion, investors are monitoring developments in the markets, retail earnings, and gas prices as they navigate through the current economic landscape. As the Fed’s minutes are released and major companies reveal their financial performance, the business world continues to see dynamic changes.