Microsoft-backed (MSFT) AI firm OpenAI (PC:OPAIQ) has hired Slack CEO Denise Dresser as its new Chief Revenue Officer. In her new role, Dresser will lead OpenAI’s global revenue strategy and focus on both enterprise growth and customer success. Interestingly, she brings over ten years of experience from Salesforce (CRM), where she was a long-time executive. In 2023, she became CEO of Slack, which Salesforce had bought for over $27 billion back in 2020.
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Dresser said she’s spent her career helping grow major tech platforms and is excited to help OpenAI expand as it pushes further into the enterprise market. OpenAI, which launched the ChatGPT chatbot three years ago, has quickly become one of the fastest-growing tech companies. In fact, in November, it said it’s on track to reach more than $20 billion in annualized revenue and hopes to grow to hundreds of billions in sales by 2030.
Still, competition is heating up from companies like Google (GOOGL) and Anthropic (PC:ANTPQ). In addition, OpenAI has made over $1.4 trillion in infrastructure commitments to support its growth, which has led to concerns about whether the industry might be in a bubble. Nevertheless, ChatGPT is used by almost 900 million people every week, and OpenAI serves over 1 million businesses.
Is MSFT Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 33 Buys and two Holds assigned in the last three months. Furthermore, the average MSFT price target of $630.64 per share implies 28.5% upside potential.
