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By Dan Williams and Howard Goller

JERUSALEM (Reuters) -Elon Musk, the social media mogul assailed for his endorsement of an anti-Jewish post, toured the site of the Hamas assault on Israel on Monday and declared his commitment to do whatever was necessary to stop the spread of hatred.

Musk, the owner of the X platform, Tesla and SpaceX, also watched footage assembled from Hamas bodycams, CCTV and other sources of the Oct. 7 Hamas killing spree in which Israel says 240 people were taken captive back to Gaza.

As well as meeting families of some of the hostages, he had a live online chat with Israeli Prime Minister Benjamin Netanyahu on X Spaces. Early on Monday, Musk posted on X: “Actions speak louder than words.”

On Nov. 15, Musk had agreed with a post on X that falsely claimed Jewish people were stoking hatred against white people, saying the user who referenced the “Great Replacement” conspiracy theory was speaking “the actual truth”.

The theory holds that Jewish people and leftists are engineering the ethnic and cultural replacement of white populations with non-white immigrants that will lead to a “white genocide”.

Following the post, major U.S. companies including Walt Disney, Warner Bros Discovery and NBCUniversal parent Comcast suspended their advertisements on X, formerly known as Twitter.

The White House had criticised Musk for what it called an “abhorrent promotion of antisemitic and racist hate” that “runs against our core values as Americans”.

Musk met families of hostages held in Gaza with Israeli President Isaac Herzog. Herzog said Musk had a huge role to play in the global fight against antisemitism.

“We have to do whatever is necessary to stop the hate,” Musk replied, according to a statement released by Herzog’s office.

“Essentially these people have been fed propaganda since they were children. And it’s remarkable what humans are capable of if they’re fed falsehoods, from when they are children, they will think that the murder of innocent people is a good thing.

“That is how much propaganda can affect people’s minds,” Musk said, according to the statement.

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Following the outbreak of the Gaza war, antisemitic incidents in the United States rose by nearly 400% from the year-earlier period, according to the Anti-Defamation League, a nonprofit organisation that fights antisemitism.

Antisemitism and Islamophobia have risen worldwide, including during the Gaza war.

Musk has said X should be a platform for people to post diverse viewpoints, but the company will limit the distribution of certain posts that may violate its policies, calling the approach “freedom of speech, not reach”.

Hearing Netanyahu describe the destruction of Hamas, which Israel has set as a war goal, as necessary for any prospective peace with the Palestinians, Musk sounded his general agreement for such objectives during the X Spaces discussion.

“There’s no choice,” Musk said.

Musk said he believed three things needed to happen in the Gaza situation, according to the president’s statement: to kill those who insist on murdering civilians, to teach the new generation not to murder and to try to build prosperity.

When they last met, in California on Sept. 18, Netanyahu urged Musk to strike a balance between protecting free expression and fighting hate speech after weeks of controversy over antisemitism on X.

Musk responded by saying he was against antisemitism and against anything that “promotes hate and conflict”, repeating his previous statements that X would not promote hate speech.

An Israeli government source described Monday’s visit as a follow-up to the September meeting.

Last month, as the war raged, Musk proposed using Starlink to support communication links in the blackout-hit Gaza enclave with “internationally recognised aid organisations”.

At the time, Israeli Communications Minister Shlomo Karhi objected, saying “Hamas will use it (Starlink) for terrorist activities”.

But in a new tack on Monday, Karhi said Israel and Musk had reached an agreement in principle whereby Starlink satellite units could only be operated in Israel and Gaza with the approval of his ministry.

In an X post addressed to Musk, Karhi said he hoped the visit to Israel “will serve as a springboard for future endeavours, as well as enhance your relationship with the Jewish people and values we share with the entire world”.

(Reporting by Dan Williams and Howard Goller; Editing by Alison Williams)

By Sinéad Carew and Harry Robertson

NEW YORK/LONDON (Reuters) -MSCI’s global equity index was down slightly on Monday and U.S. Treasury yields fell while investors digested U.S. housing data and waited for key inflation readings later in the week.

The U.S. dollar slid against most major currencies, weighed down by expectations that the Federal Reserve could start cutting interest rates by the first half of next year.

Gold hit a six-month high with a boost from the softer dollar and expectations for a pause in Fed tightening.

Oil prices fell on Monday, with the Brent benchmark hovering around $80 a barrel as investors awaited this week’s OPEC+ meeting and expected curbs on supplies into 2024.

Meanwhile the latest data showed that sales of new U.S. single-family homes fell more than expected in October, likely as higher mortgage rates reduced affordability, but the housing segment remains supported by a shortage of previously owned properties on the market.

“A lot of investors are starting to look out into next year. There’s a growing sense the economy is slowing, that price growth will likely continue to fall, that profit growth will likely fall,” said Jack Ablin, chief investment officer at Cresset Capital, in Chicago.

Ablin saw Monday’s weak home sales data aligning with concerns about a slowing economy.

And he noted deep discounts in stores on Black Friday, which kick-offs holiday shopping, saying “investors are bracing for lower discretionary spending.”

Investors were also looking ahead to Thursday’s release of the Fed’s preferred measure of inflation and euro zone consumer inflation figures, to potentially give markets direction.

In stocks, the Dow Jones Industrial Average fell 79.37 points, or 0.22%, to 35,310.78, the S&P 500 lost 3.36 points, or 0.07%, to 4,555.98 and the Nasdaq Composite added 24.25 points, or 0.17%, to 14,275.10.

The pan-European STOXX 600 index lost 0.34% and MSCI’s gauge of stocks across the globe shed 0.15% on the day after rising for four straight weeks.

Global stocks have gained ground recently as bond yields dropped, with cooling inflation in developed economies boosting investors’ expectations that central banks are finished raising interest rates and might soon be cutting them.

Still, European Central Bank President Christine Lagarde said on Monday the European Central Bank’s fight to contain price growth was not yet done as wage growth was still strong and the outlook was uncertain, but she did point to easing euro zone inflation pressure.

In U.S. Treasuries, benchmark 10-year notes were down 5.7 basis points to 4.427%, from 4.484% late on Friday.

“It’s the economic data and central bank policy and whatever information comes out within those two areas, those are going to be the areas that are going to move Treasury yields up or down at this point,” said Jim Barnes, director of fixed income at Bryn Mawr Trust in Berwyn, Pennsylvania.

The U.S. dollar index slid against most major currencies on Monday and was on track for its biggest monthly drop in a year.

The dollar index fell 0.058%, with the euro down 0.04% to $1.0935. The Japanese yen strengthened 0.39% versus the greenback at 148.88 per dollar, while Sterling was last trading at $1.2609, up 0.02% on the day.

The oil market faces a tense few days ahead of a meeting of OPEC+ on Nov. 30, where member countries will try to agree on supply curbs into 2024. The meeting was originally slated for Sunday but postponed as producers struggled to agree. [O/R]

U.S. crude fell 0.45% to $75.20 per barrel and Brent was at $80.13, down 0.56% on the day.

Along with the weaker dollar, investor worries about the Israel-Hamas conflict have boosted gold prices.

Spot gold added 0.4% to $2,010.55 an ounce. U.S. gold futures gained 0.48% to $2,011.80 an ounce.

(Reporting by Sinéad Carew in New York, Harry Robertson in London, Wayne Cole in Sydney; Editing by Stephen Coates, Ed Osmond, Chizu Nomiyama and Christina Fincher)

By Shristi Achar A and Amruta Khandekar

(Reuters) -U.S. stock indexes were mixed on Monday, ahead of a key inflation reading and commentary from Federal Reserve policymakers later in the week, while shares of some retailers edged higher as holiday shopping picked up steam with Cyber Monday deals.

Investors are awaiting the release of “Beige Book”, the Fed’s compendium of reports about the economy, and the personal consumption expenditure index data for October, which would help give clues about the Fed’s next rate decision.

Monday’s mixed movement follows a positive Thanksgiving week for Wall Street, with the major indexes notching up their fourth consecutive week of gains on growing optimism that the Federal Reserve was likely done hiking interest rates.

“It’s natural to expect that the first day back after a long Thanksgiving session, you’d see perhaps some muted enthusiasm in the marketplace,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

“As the week progresses, we’ll get a little bit more directionality out of equity prices. It’d be more favorable because we’re in a traditionally strong seasonal area of the calendar.”

The rebound in equities in November has brought the S&P 500 close to its highest intra-day level this year.

U.S. retailers were on the radar after Black Friday, and as Cyber Monday kicked off with shoppers estimated to spend a record $12 billion to $12.4 billion.

Shares of Amazon.com and Walmart edged up 1.4% and 0.7%, respectively.

Affirm Holdings jumped 11.8%, as the usage of ‘buy now, pay later’ was seen hitting an all-time high, boosting the online holiday sales.

The S&P 500 retail sector, housing Amazon, rose 0.9%.

The focus will also be on a host of Fed officials due to speak at different conferences this week, with Chair Jerome Powell expected to participate in a fireside chat on Friday.Traders have priced in the possibility of a pause in rate hikes in December, and see an about 52% chance of a rate cut of at least 25-basis points in May 2024, according to the CME Group’s FedWatch Tool.

The CBOE Volatility index, known as Wall Street’s fear gauge, was up 0.29 points at 12.75 after plunging to its lowest since just before the COVID-19 pandemic in 2020 last week.

At 11:46 a.m. ET, the Dow Jones Industrial Average was down 89.48 points, or 0.25%, at 35,300.67, the S&P 500 was down 5.27 points, or 0.12%, at 4,554.07, and the Nasdaq Composite was up 14.00 points, or 0.10%, at 14,264.85.

Among other stocks, Crown Castle International added 3.8% as activist investor Elliott Investment Management, also a major shareholder, sought executive and board changes at the wireless tower owner.

GE HealthCare lost 3.6% after UBS downgraded the medical devices maker to “sell” from “neutral”.

Declining issues outnumbered advancers for a 1.44-to-1 ratio on the NYSE and for a 1.49-to-1 ratio on the Nasdaq.

The S&P index recorded 21 new 52-week highs and no new lows, while the Nasdaq recorded 58 new highs and 43 new lows.

(Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Saumyadeb Chakrabarty and Shinjini Ganguli)

By Gertrude Chavez-Dreyfuss and Samuel Indyk

NEW YORK/LONDON (Reuters) -The U.S. dollar slid against most major currencies on Monday, with a measure tracking the greenback’s value on track for its biggest monthly drop in a year, weighed down by expectations that the Federal Reserve could start cutting interest rates by the first half of next year.

The dollar index, which measures the currency against six major peers, slipped 0.1% to 103.37 and was headed for a monthly loss of more than 3%, its worst performance since November 2022.

Helen Given, FX trader at Monex USA in Washington, said the increased chances of earlier rate cuts by the Fed in 2024 compared with the European Central Bank and the Bank of England are “combining to pressure the dollar today.”

Market pricing shows a roughly 23% chance that the Fed may begin easing monetary policy as early as March, according to the CME Group’s FedWatch Tool. In May, that probability rises to about 50% at the Fed’s May meeting.

Investors are also looking to a slew of events and data this week that could determine the future path of interest rates globally.

A postponed OPEC+ meeting, the release of the Fed’s preferred gauge of inflation – the personal consumption expenditures (PCE) price index – as well as consumer price data in the euro zone and Australia fill this week’s calendar. The market is also eyeing a rate decision from the Reserve Bank of New Zealand and Chinese purchasing managers’ index (PMI) data.

In other currencies, the euro was little changed against the dollar at $1.0937. On the month, the euro has gained about 3.4%, on pace for its largest monthly rise in a year.

Europe’s single currency showed little reaction to ECB President Christine Lagarde’s remarks on Monday that euro zone inflation pressures are easing but wage growth is still strong, so the ECB’s fight to contain price growth is not yet done.

Against the yen, the dollar fell 0.4% to 148.885 yen. For the month of November, the U.S. currency has fallen nearly 2%, on pace for its biggest monthly fall since February.

The dollar extended losses after data showed U.S. new home sales fell more than expected in October, dropping 5.6% to a seasonally-adjusted annual rate of 679,000 units. September’s sales pace was revised lower to 719,000 units from the previously reported 759,000 units.

“I don’t see much potential for a turnaround until later this week when Q3 GDP (gross domestic product) numbers are released Wednesday morning,” said Monex’s Given.

“If the U.S. economy can show sustained growth, rather than a sudden sharp downturn as some major economists have predicted, we could see a reversal and some dollar strength to end the month.”

Elsewhere, the British pound rose against the weaker dollar to more than a two-month high of $1.2644, extending its gains from last week following data showing that British companies unexpectedly reported a marginal return to growth in November after three months of contraction.

The pound was last up 0.1% at $1.2621.

The Australian dollar climbed to more than a three-month high against the greenback of US$0.6614, while the New Zealand currency was up 0.2% to US$0.6091 before the RBNZ interest rate decision on Wednesday. The RBNZ is expected to keep its official cash rate unchanged at 5.5%, as it has been since the last adjustment in May.

In China, the yuan slipped after the official midpoint snapped five straight sessions of strengthening, with the onshore yuan last at 7.1528 per dollar. Its offshore counterpart fell 0.2% to 7.1623 per dollar.

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Currency bid prices at 10:46AM (1546 GMT)

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Dollar index 103.4100 103.4300 +0.00% -0.077% +103.5300 +103.2100

Euro/Dollar $1.0932 $1.0934 -0.01% +2.03% +$1.0959 +$1.0925

Dollar/Yen 148.9100 149.4700 -0.38% +13.57% +149.6650 +148.6450

Euro/Yen 162.79 163.52 -0.45% +16.03% +163.7100 +162.5400

Dollar/Swiss 0.8814 0.8815 -0.02% -4.69% +0.8828 +0.8794

Sterling/Dollar $1.2605 $1.2605 +0.00% +4.23% +$1.2644 +$1.2592

Dollar/Canadian 1.3646 1.3648 -0.03% +0.70% +1.3661 +1.3623

Aussie/Dollar $0.6592 $0.6585 +0.12% -3.28% +$0.6614 +$0.6567

Euro/Swiss 0.9634 0.9652 -0.19% -2.64% +0.9659 +0.9623

Euro/Sterling 0.8671 0.8673 -0.06% -1.96% +0.8688 +0.8658

NZ $0.6089 $0.6082 +0.13% -4.09% +$0.6103 +$0.6063

Dollar/Dollar

Dollar/Norway 10.6870 10.7050 -0.15% +8.92% +10.7330 +10.6670

Euro/Norway 11.6859 11.7216 -0.30% +11.36% +11.7512 +11.6740

Dollar/Sweden 10.4768 10.4393 +0.53% +0.66% +10.4849 +10.4056

Euro/Sweden 11.4484 11.3883 +0.53% +2.72% +11.4585 +11.3933

(Reporting by Gertrude Chavez-Dreyfuss in New York and Samuel Indyk in London; Additional reporting by Rae Wee in Singapore; Editing by Toby Chopra, Mark Potter and Paul Simao)

By Shristi Achar A and Amruta Khandekar

(Reuters) – U.S. stock indexes slipped on Monday, ahead of a key inflation reading and commentary from Federal Reserve policymakers later in the week, while shares of some retailers edged higher as holiday shopping picked up steam with Cyber Monday deals.

Investors are awaiting the release of “Beige Book”, the Fed’s compendium of reports about the economy, and the personal consumption expenditure index data for October during the week, which would help give clues about the Fed’s next rate decision.

Wall Street ended the Thanksgiving week on a positive note, with the major indexes notching up their fourth consecutive week of gains on growing optimism that the Federal Reserve was likely done hiking interest rates.

The rebound in equities in November has brought the S&P 500 close to its highest intra-day level this year.

“What we’re seeing is just a little bit of hesitancy as the market prepares for a heavy reporting calendar week,” said Peter Cardillo, chief market economist at Spartan Capital Securities.

“We are headed for a mixed session today…maybe something like profit taking at the beginning and then just a leveling off.”U.S. retailers were on the radar after Black Friday and as Cyber Monday kicks off with shoppers looking for steep discounts expected to spend a record $12 billion to $12.4 billion.

Shares of Amazon.com and Walmart edged up 1.0% and 0.4%, respectively.

The S&P 500 retail sector, housing Amazon, rose 0.5%.

The focus will also be on a host of Fed officials due to speak at different conferences this week, with Chair Jerome Powell expected to participate in a fireside chat on Friday.Traders have priced in the possibility of a pause in rate hikes in December, and see an about 55% chance of a rate cut of at least 25-basis points in May 2024, according to the CME Group’s FedWatch Tool.

Weighing on sentiment, latest data showed profits at China’s industrial firms grew at a slower pace, indicating the need for more policy support measures to help shore up growth in the world’s second-largest economy.

The CBOE Volatility index, known as Wall Street’s fear gauge, was up 0.47 points at 12.93 after plunging to its lowest since just before the COVID-19 pandemic in 2020 last week.At 9:44 a.m. ET, the Dow Jones Industrial Average was down 51.61 points, or 0.15%, at 35,338.54, the S&P 500 was down 10.56 points, or 0.23%, at 4,548.78, and the Nasdaq Composite was down 25.34 points, or 0.18%, at 14,225.51.

Among other stocks, Crown Castle International added 4.3% as activist investor Elliott Investment Management, also a major shareholder, sought executive and board changes at the wireless tower owner

GE HealthCare lost 4.0% after UBS downgraded the medical devices maker to “sell” from “neutral”.Declining issues outnumbered advancers for a 2.76-to-1 ratio on the NYSE and for a 2.25-to-1 ratio on the Nasdaq.

The S&P index recorded 7 new 52-week highs and no new lows, while the Nasdaq recorded 34 new highs and 18 new lows.

(Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Saumyadeb Chakrabarty and Shinjini Ganguli)

(Reuters) – U.S. stocks were subdued at open on Monday, ahead of a key inflation reading and commentary from Federal Reserve policymakers later in the week, while retailers were in focus as holiday shopping picked up steam with Cyber Monday deals.

The Dow Jones Industrial Average fell 13.71 points, or 0.04%, at the open to 35,376.44. The S&P 500 opened lower by 4.48 points, or 0.10%, at 4,554.86, while the Nasdaq Composite dropped 11.55 points, or 0.08%, to 14,239.31 at the opening bell.

(Reporting by Shristi Achar A in Bengaluru; Editing by Shinjini Ganguli)

Embattled Openai CEO Sam Alterman Reinstated Following Ouster 

OpenAI’s key figures convened on Tuesday at Sam Altman’s San Francisco residence to continue their battle for his reinstatement as CEO. The dispute revolves around Altman’s quest to reclaim his position as the CEO, marking one of Silicon Valley’s most notable corporate power struggles.

Mira Murati, the startup’s chief technology officer and interim CEO, wrote on a post on slack that included a picture of her and other executives at Altman’s residence that they were still working on it. Interestingly, there was a lot of supportive reaction from OpenAI staff that had spent the past few days in limbo regarding their jobs and the company’s direction. 

Altman to return to OpenAI as CEO

OpenAI has reached an agreement for Sam Altman to return as CEO, with a restructured board led by Bret Taylor. The reconstituted board also includes former Salesforce CEO Larry Summers and co-founder and Quora CEO Adam D’Angelo. The company stated on a post on X that they are working together to finalise the details of the arrangement.

Employees at OpenAI’s San Francisco offices celebrated the news of Sam Altman’s return as CEO. The company’s Slack channel was filled with joyous reactions, and an impromptu party followed. However, some details remain unresolved, such as the final board makeup and the specific reasons for Altman’s initial ousting. 

OpenAI will also have to address its reputation as a potentially dysfunctional company developing powerful and intimidating technology. Nevertheless, Altman’s return saves one of the most influential and highly valued startups from a precarious situation.

It is important to note that a year ago OpenAI revolutionised public perception of AI with the successful launch of ChatGPT, making its co-founder, Sam Altman, a prominent figure in the AI industry. However, Altman was later fired due to disagreements with the board regarding the pace of generative AI development. This unexpected move led to a mass exodus of employees, who joined Altman at Microsoft, OpenAI’s major supporter, where he was appointed to lead a new in-house AI unit.

OpenAI board appointed Twitch co-founder as interim co-CEO

Following Altman’s dismissal on Friday, OpenAI board was adamant to engage him despite major backing for his reinstatement. Instead, the board appointed Emmett Shear, Twitch co-founder as the interim co-CEO despite Murati advocating for Altman’s return. Later, board member and the company’s chief scientist, Ilya Sutskever, tried to gather employees for a meeting in San Francisco, but the turnout was minimal, according to a source that sought anonymity. 

After over 700 of OpenAI’s 770 employees threatened to quit, CEO Altman resumed discussions with board member D’Angelo. Key concessions were made, with Altman refraining from joining the initial board, though potential future directorship is speculated. An independent investigation into Altman and his removal was also agreed upon.

Shear’s crucial involvement in OpenAI’s deliberations, driven by concerns about AI’s existential risks, played a pivotal role in reaching a deal. Amid logistical challenges and a board member’s limited communication during negotiations, there was urgency to resolve leadership issues before Thanksgiving, easing employee uncertainties about their jobs.

By Harry Robertson and Wayne Cole

LONDON/SYDNEY (Reuters) -Global equities were little changed on Monday as investors waited for key U.S. and European inflation data later in the week, while gold hit a six-month high as the dollar fell.

MSCI’s index of world stocks was last down 0.04% after climbing for four straight weeks and notching a gain of around 8.7% this month.

Europe’s STOXX 600 index was last 0.15% lower, while Germany’s Dax stock index was down 0.19% and Britain’s FTSE 100 slipped 0.3%. Futures on the S&P 500 index were 0.15% lower.

Global stocks have surged in recent weeks as bond yields dropped, with cooling inflation in developed economies boosting investors’ expectations that central banks are finished raising interest rates and might soon be cutting them.

“The (U.S. Federal Reserve) minutes came out (last week) and revealed what everyone already knew: which is that, at least at the moment, they’re done or are on pause… and as a result stocks and bonds are both rallying,” said Duncan MacInnes, investment director at investment company Ruffer.

“We’ve had about 500 basis points of interest rate rises forced through… do we really think that won’t have any consequences? That seems to be what market is saying.”

Investors were looking ahead to Thursday’s release of the Fed’s preferred measure of inflation and euro zone consumer inflation figures, which could give markets direction after last week’s Thanksgiving lull.

European Central Bank President Christine Lagarde is due to address the European Parliament on Monday.

“It’s been a quiet day, maybe people are consolidating a bit,” said Julian Howard, a multi-asset investment director at asset manager GAM.

Howard said he currently prefers to invest in cash-like funds with high yields rather than take big bets on stocks or bonds.

The yield on the 10-year U.S. Treasury note, which influences borrowing costs around the world, was last down 1 basis point at 4.470%. It has fallen sharply since hitting a 16-year high above 5% in October. Yields move inversely to prices.

With U.S. market interest rates falling, the dollar index has slid more than 3% in November. The gauge, which tracks the dollar against six peers, was trading 0.16% lower on Monday at 103.27.

Gold has benefited from the dollar’s slide, hitting a six-month high of $2,017.82 per ounce on Monday. Spot gold last traded up 0.52% at $2,012.39. Investor worries about the Israel-Hamas conflict have also boosted the precious metal.

Oil prices slipped on Monday, with Brent down 1.08% to $79.70 a barrel and U.S. crude 1.16% lower at $74.65 per barrel.

The oil market faces a tense few days ahead of a meeting of OPEC+ on Nov. 30, where member countries will try to agree on supply curbs into 2024. It was originally slated for Sunday but was postponed as producers struggled to find a unanimous position. [O/R]

Germany’s 10-year bond yield was down 6 basis points at 2.589%, well below a 12-year high of 3.024% hit in early October. The euro was last up 0.13% at $1.0947.

Inflation data for Germany is due out on Wednesday ahead of the euro zone release.

(Reporting by Harry Robertson in London and Wayne Cole in Sydney; Editing by Stephen Coates, Ed Osmond and Chizu Nomiyama)

By Nell Mackenzie

LONDON (Reuters) – Hedge funds sold the largest volume of U.S. tech and media stocks seen since July in the week to Nov. 24, Goldman Sachs said in a prime brokerage note to clients on Friday, a signal that the popularity of these stocks may be fading.

Crowding into tech stocks, particularly the so-called “Magnificent 7”, which includes Apple, Amazon and Nvidia, had reached the most intense that Goldman Sachs has seen in 22 years, the bank said earlier last week.

By the end of the week, information technology and communication companies were the most net sold on the prime brokerage trading desk at Goldman, which serves hedge funds, the note said.

It added hedge funds that had been long in these stocks dropped their bets at the fastest pace in nearly eight months.

Traders ditched both long and short bets on software and interactive media companies, while exiting long bets on sellers of semi-conductor equipment.

A long bet is essentially a position that the price of an asset will rally.

Big investors and advisers, including Bill Gross, Mohamed El-Erian and Ryan Israel, chief investment officer of Bill Ackman’s Pershing Square Capital Management, told Reuters this month that a calming in bond markets and the expectations of a pause in US rate hikes might not be enough to lift tech stocks and asset prices, generally.

Technology, media, and telecom stocks make up 30.2% of total U.S. single stock net exposure, down from a year high in late October of 35.9%, the bank said without giving an exact October date.

The most popular tech stocks have been “priced for perfection” but a “reckoning will come” Amundi’s chief executive officer Vincent Mortier said last week.

(Reporting by Nell Mackenzie; Editing by Dhara Ranasinghe and Barbara Lewis)

(Reuters) -OpenAI said late on Tuesday Sam Altman would return to the company as CEO, capping days of high drama and marathon discussions about the future of the startup at the center of the global artificial intelligence boom.

Following his surprise dismissal on Friday, Altman had briefly joined Microsoft as the head of artificial intelligence research along with the ChatGPT maker’s former President Greg Brockman and other staff.

The developments come less than a year after OpenAI kicked off a generative AI frenzy with the launch of viral chatbot ChatGPT and bagged Microsoft as an investor, among other big names.

Date Event

Nov. 17 OpenAI board fires CEO, co-founder Sam Altman

and President Greg Brockman quits after being

removed from the board. Company names Mira

Murati as interim CEO

Nov. 18 Altman’s firing was over a “breakdown in

communication between Sam and the board,” and

not “malfeasance”, COO Brad Lightcap says in

an internal memo

Nov. 18 Early investor Khosla Ventures says it wants

Altman back at OpenAI, “but will back him in

whatever he does next”

Nov. 18 Some employees contemplated quitting if Altman

was not restored as CEO by the end of the

weekend, while others expressed support for

joining his new venture, people familiar with

the matter said

Nov. 19 Altman discusses a possible return to the

company, considers launching new AI startup,

source tells Reuters

Nov. 20 Microsoft CEO Satya Nadella says the Windows

maker has hired Altman, Brockman and their

colleagues to lead a new advanced AI research

team

Nov. 20 OpenAI appoints former Twitch boss Emmett

Shear as interim CEO. Shear pledges probe into

Altman’s exit. OpenAI board approaches rival

Anthropic’s CEO on merger, for taking top job,

sources say

Nov. 20 Nearly all OpenAI staff threaten to quit and

join Altman at Microsoft if board doesn’t

resign, according to a letter seen by Reuters

Nov. 20 Some investors in OpenAI explore legal

recourse against the company’s board, sources

familiar with the matter told Reuters

Nov. 21 OpenAI said Altman will return as

CEO with a new initial board of Bret Taylor,

Larry Summers, and Adam D’Angelo. Brockman

will also returning to the startup.

(Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta and Nivedita Bhattacharjee)