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Today is November 20. Below are some of the stories grabbing headlines this morning. I hope you share this briefing as doing so will make you the smartest person in the room. And don’t forget to download the free DML App from the Google Play or Apple App Store to remain connected to me throughout the day.
1. Microsoft hires Sam Altman after OpenAI board decides to not reinstate him; interim CEO named:
Fox Business – Recently ousted OpenAI CEO Sam Altman’s attempt to return to the company ended unsuccessfully late Sunday as the board of directors that fired him last week failed to agree to the proposed terms of his reinstatement, instead finding an interim replacement.
OpenAI, which developed AI software ChatGPT, named Emmett Shear, former chief executive of Twitch, as its interim CEO, according to multiple reports. Altman was reportedly surprised by the move after previously feeling confident he would return to the company despite the board concluding he was not “consistently candid in his communications.”
Altman was at the company’s office earlier in the day on Sunday after his representatives were able to bring the board to the negotiating table amid investors and many employees pushing for him to retake control.
Altman’s demand that the current board resign largely ended his bid to return as CEO, according to the Wall Street Journal. The board members ultimately opted not to reinstate Altman despite pushes from investors, including Microsoft and venture-capital firm Thrive Capital, in an unusual corporate structure where board members have power over investors funneling billions of dollars into the company.
Mira Murati, who had been named interim CEO on Friday with the news of Altman’s ouster, will retain her role as OpenAI’s chief technology officer, the WSJ reported. OpenAI’s now-former president and co-founder Greg Brockman quit on Friday in response to Altman’s firing, resulting in the board removing him from his position. Microsoft CEO Satya Nadella announced Monday morning on X that Altman and Brockman will be leading a new advanced AI research team at Microsoft.
Denny’s Insight: Altman must be furious, but mark my words, Microsoft’s hiring of him for more advanced A.I. research will be fundamental to the future of this issue. Bill Gates and Sam Altman behind the wheel of artificial intelligence is a major red flag; Altman admires Gates. They will have influential control over A.I.’s development and implementation globally. We know Gates’ ideology for how he wants the world to operate is dystopian. So I ask: who will regulate the regulators?
2. NBC News Poll: Joe Biden’s Popularity Slips to Lowest Level of Presidency:
“Wow.” For first time, Donald Trump leads Joe Biden in NBC poll. (Video: NBC) pic.twitter.com/lD1SGD2xni
— Mike Sington (@MikeSington) November 19, 2023
3. Stocks, bonds rally over Argentine vote-winner’s ‘chainsaw’ change pledges:
Reuters – Far-right libertarian Javier Milei’s strong win in Argentina’s presidential election is boosting bonds and equities but putting downward pressure on the peso currency, investors said on Monday.
The outsider radical, who has pledged to take a chainsaw to public spending, “burn down” the central bank and dollarize the economy, beat Peronist economy chief Sergio Massa in Sunday’s vote, though he struck a measured tone in his first speech as president-elect.
The South American country’s markets are closed on Monday for a local holiday. But its overseas dollar bonds, which largely trade deep in distressed territory, rallied more than 2 cents to just above 30 cents on the dollar at 1144 GMT, according to MarketAxess data.
JPMorgan’s Diego W. Pereira said in a note to clients late on Sunday that it would not change its recommendation on Argentina’s international bonds from its measured “market weight” stance.
Denny’s Question: Anneta covered this earlier today, which you can read HERE. What are your thoughts on the victory by Milei? Will this be a resounding response internationally that socialism should be rejected? Milei, a very Trump-like individual, politically speaking, seeks to bring Argentina back to its glory days; do you believe this is achievable? Leave your response below!