OpenAI Appoints Ex-Twitch Boss as Interim CEO; Altman Joins Microsoft 

The OpenAI logo is seen in this illustration taken, February 3, 2023. (Reuters)
The OpenAI logo is seen in this illustration taken, February 3, 2023. (Reuters)
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OpenAI Appoints Ex-Twitch Boss as Interim CEO; Altman Joins Microsoft 

The OpenAI logo is seen in this illustration taken, February 3, 2023. (Reuters)
The OpenAI logo is seen in this illustration taken, February 3, 2023. (Reuters)

OpenAI has appointed ex-Twitch boss Emmett Shear to lead the startup, replacing Sam Altman who will join the company's top backer Microsoft to lead a new advanced AI research team, the CEO of the software giant said late on Sunday.

"We look forward to getting to know Emmett Shear and OAI's new leadership team and working with them," Microsoft CEO Satya Nadella posted on social media platform X. He added Microsoft remains committed to its partnership with OpenAI.

Shear was named interim CEO, a person briefed on the appointment told Reuters.

The decision not to reinstate Altman as CEO of the company behind ChatGPT has confounded efforts by investors and employees of the firm to steady the ship by bringing him back after the board fired him on Friday, a surprise move that rocked the tech world.

They fear his abrupt sacking could lead to a mass exodus of talent and impact an upcoming $86 billion share sale.

Nadella said Altman would join Microsoft to "lead a new advanced AI research team".

Reuters earlier reported that Altman was discussing a possible return to OpenAI and changing the company's governance structure, even as he considered launching a new AI venture.

Altman and Greg Brockman, who stepped down from the OpenAI board as chairman as part of the management shuffle, joined executives at the company's headquarters on Sunday after then interim CEO Mira Murati told staff she invited Altman, The Information earlier reported on Sunday.

Nadella said Brockman would also join the software company.

Altman posted an image of himself on X on Sunday wearing an OpenAI guest badge with the caption: "first and last time i ever wear one of these." In a separate post on X, he reshared Nadella's message with a comment "the mission continues".

Shear co-founded Twitch and had stepped down from the Amazon.com-owned live video streaming platform earlier this year.

Brockman quit over Altman's firing on Friday. Their departures blindsided many employees who discovered the abrupt management change from an internal message and the company's public blog.

Some researchers including Szymon Sidor have also left the company following the CEO change, two people familiar with the matter said. Sidor confirmed quitting.

The Information first reported the appointment of Shear as interim CEO.

Shortly after the internal announcement of Shear's appointment, distraught employees "streamed out" of OpenAI headquarters in San Francisco, The Information reported.

Dozens of staffers internally announced they were quitting the company on Sunday night, it said, citing a person with knowledge of the situation.

OpenAI kicked off the generative AI craze a year ago by releasing ChatGPT. The chatbot became one of the world's fastest-growing software applications.



Xiaomi Raises EV Sales Target, Plans New Overseas Stores as Q4 Revenue Jumps

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
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Xiaomi Raises EV Sales Target, Plans New Overseas Stores as Q4 Revenue Jumps

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)

China's Xiaomi on Tuesday reported an almost 50% jump in fourth-quarter revenue, beating analyst estimates, and raised its target for electric vehicle deliveries this year to 350,000 from 300,000.

The world's third-largest smartphone maker, whose product lines extend to home appliances and cars, also said it planned to expand its store network across China this year and open 10,000 new Mi Home stores overseas in the next five years.

The company reported a 48.8% rise in fourth-quarter revenue to 109 billion yuan ($15.1 billion), beating the 103.94 billion yuan average of 17 analyst estimates compiled by LSEG. Adjusted net profit jumped 69.4% year-on-year to 8.32 billion yuan, ahead of the average estimate of 6.399 billion yuan, Reuters reported.

Xiaomi president Lu Weibing said on an earnings call that he saw great potential for the company's products - from phones and tablets to cars - in overseas markets, though he added the complexity of expanding abroad was "quite high". Lu said the company aimed to start shipping cars overseas in 2027. Xiaomi's Hong Kong-listed shares closed up 3.3% before the earnings release. The stock has surged 284% over the past 12 months amid investor enthusiasm for its EV plans.

Xiaomi began manufacturing EVs last year with the launch of the SU7 sedan after selling smartphones, household appliances and smart gadgets for most of its 15-year history.

It reported 32.1 billion yuan in revenue for its EV business in 2024, delivering more than 135,000 SU7 sedans. The adjusted net loss related to its EV and other new initiatives reached 6.2 billion yuan.

Xiaomi's fourth-quarter global smartphone shipments rose 5% from a year earlier to 42.7 million handsets, ranking it third globally, with a market share of 13%, data from researcher Canalys showed.

In China, its largest market, shipments surged 29% to 12.2 million handsets over the same period, ranking it fourth, with a market share of 16%, according to the Canalys data.

Lu said Xiaomi aimed to ship 180 million smartphones this year, versus

in 2024, adding the company would invest up to 8 billion yuan, about a quarter of its total research and development budget this year, in AI-related initiatives.