Emmett Shear, former CEO of Twitch, in a Bloomberg Television interview in San Francisco, California, U.S., on Wednesday, Sept. 14, 2016.
David Paul Morris | Bloomberg | Getty Images
OpenAI is bringing in former Twitch CEO Emmett Shear to run the artificial intelligence company, two days after the sudden ouster of Sam Altman, CNBC has confirmed.
The hiring of Shear is the latest turn in a chaotic weekend at one of the most high-profile startups on the planet. OpenAI’s board announced late Friday that it was removing Altman and replacing him on an interim basis with technology chief Mira Murati. The post said that Altman “was not consistently candid in his communications with the board.”
The Information and Bloomberg both reported on the hiring of Shear earlier. The news was confirmed to CNBC by a person familiar with the matter who asked not to be named because the discussions were confidential. An OpenAI spokesperson didn’t immediately respond to a request for comment.
Altman is set to join Microsoft where he will lead a new advanced AI research team, Microsoft CEO Satya Nadella said late Sunday.
“We’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team. We look forward to moving quickly to provide them with the resources needed for their success,” Nadella said in a post on X, formerly known as Twitter. Altman himself reshared Nadella’s post, adding a somewhat cryptic comment to it: “the mission continues.”
Shortly after the OpenAI board’s announcement on Friday, a group of prominent investors, including Microsoft, Tiger Global, Thrive Capital and Sequoia Capital began working to reverse the move. None of those firms have board seats, and they were caught unaware by the board’s decision.
In a post on X, formerly Twitter, late Saturday night, Altman wrote, “i love the openai team so much.” Murati was one of many OpenAI employees who responded with a heart sign.
OpenAI, which was reportedly in talks as recently as last month to sell employee shares to investors at an $86 billion valuation, emerged as a household name this year after releasing its ChatGPT chatbot in late 2022. ChatGPT allows users to type in simple text queries and retrieve smart-sounding answers that can lead to more in-depth conversations.
Altman had been leading the company since 2019 and was serving as both the top executive of a high-flying company and the public face of artificial intelligence research and product development.
Unlike most Silicon Valley startups, OpenAI wasn’t structured like a typical corporation with large chunks of equity controlled by the founders. Rather, it was part of a nonprofit that was started in 2015. The board oversees the nonprofit, which “acts as the overall governing body for all OpenAI activities,” according to Friday’s blog post.
Shear stepped down as CEO of Twitch, the livestreaming service now owned by Amazon, in March. Shear co-founded Justin.tv, a predecessor to Twitch, in 2007. He has also been a part-time partner at startup accelerator Y Combinator, which Altman ran before joining OpenAI.
— CNBC’s Ari Levy and Sophie Kiderlin contributed to this report
Mark Zuckerberg, chief executive officer of Meta Platforms Inc., wears a pair of Meta Ray-Ban Display AI glasses during the Meta Connect event in Menlo Park, California, US, on Wednesday, Sept. 17, 2025.
David Paul Morris | Bloomberg | Getty Images
When it comes to the new $799 Meta Ray-Ban Display glasses, it’s the device’s accompanying fuzzy, gray wristband that truly dazzles.
I was able to try out Meta’s next-generation smart glasses that the social media company announced Wednesday at its annual Connect event. These are the first glasses that Meta sells to consumers with a built-in display, marking an important step for the company as it works toward CEO Mark Zuckerberg’s vision of having headsets and glasses overtake smartphones as people’s preferred form of computing.
The display on the new glasses, though, is still quite simplistic. Last year at Connect, Meta unveiled its Orion glasses, which are a prototype capable of overlaying complex 3D visuals onto the physical world. Those glasses were thick, required a computing puck and were built for demo purposes only.
The Meta Ray-Ban Display, however, is going on sale to the public, starting in the U.S. on Sept. 30.
Though the new glasses include just a small digital display in their right lens, that screen enables unique visual functions, like reading messages, seeing photo previews and reading live captions while having a conversation with someone.
Controlling the device requires putting on its EMG sensor wristband that detects the electrical signals generated by a person’s body so they can control the glasses via hand gestures. Putting it on was just like strapping on a watch, except for the small, electric jolt I felt when it activated. It wasn’t as much of a shock as you feel taking clothes out of the dryer, but it was noticeable.
Donning the new glasses was less shocking, until I had them on and saw the little display emerge, just below my right cheek. The display is like a miniaturized smartphone screen but translucent so as to not obscure real-world objects.
Despite being a high-resolution display, the icons weren’t always clear when contrasted with my real-world field of view, causing the letters to appear a bit murky. These visuals aren’t meant to wrap around your head in crystal-clear fidelity, but are there for you to perform simple actions, like activating the glasses’ camera and glancing at the songs on Spotify. It’s more utility than entertainment.
The Meta Ray-Ban Display AI glasses with the Meta Neural Band wristband at Meta headquarters in Menlo Park, California, US, on Tuesday, Sept. 16, 2025.
David Paul Morris | Bloomberg | Getty Images
I had the most fun trying to perform hand gestures to navigate the display and open apps. By clenching my fist and swiping my thumb on the surface of my pointer finger, I was able to scroll through the apps like I was using a touchpad.
It took me several attempts at first to open the camera app through pinching my index finger and thumb together, and when the app wouldn’t activate I would find myself pinching twice, mimicking the double clicking of a mouse on a computer. But whereas using a mouse is second nature to me, I learned I have subpar pinching skills that lack the correct cadence and timing required to consistently open the app.
It was a bit strange and amusing to see people in front of me while I continuously pinched my fingers to interact with the screen. I felt like I was reenacting an infamous comedy scene from the TV show “The Kids in The Hall” in which a misanthrope watches people from afar while pinching his fingers and saying, “I’m crushing your head, I’m crushing your head!”
With the camera app finally opened, the display showed what I was looking at in front of me, giving me a preview of how my photos and videos would turn out. It was like having my own personal picture-in-picture feature like you would on a TV.
I found myself experiencing some cognitive dissonance at times as my eyes were constantly figuring out what to focus on due to the display always sitting just outside the center of my field of view. If you’ve ever taken a vision test that involves identifying when you see squiggly lines appearing in your periphery, you have a sense of what I was feeling.
Besides pinching, the Meta Ray-Ban Display glasses can also be controlled using the Meta AI voice assistant, just as users can with the device’s predecessors.
When I took a photo of some of the paintings decorating the demo room’s halls, I was told by support staff to ask Meta AI to explain to me what I was looking at. Presumably, Meta AI would have told me I was looking at various paintings from the Bauhaus art movement, but the digital assistant never activated correctly before I was escorted to another part of the demo.
I could see the Meta Ray-Ban Display’s live captions feature being helpful in noisy situations, as it successfully picked up the voice of the demo’s tour guide while dance music from the Connect event blared in the background. When he said “Let’s all head to the next room,” I saw his words appear in the display like closed-captions on a TV show.
But ultimately, I was most drawn to the wristband, particularly when I listened to some music with the glasses via Spotify. By rotating my thumb and index finger as if I was turning an invisible stereo knob, I was able to adjust the volume, an expectedly delightful experience.
It was this neural wristband that really drilled into my brain how much cutting-edge technology has been crammed into the new Meta Ray-Ban Display glasses. And while the device’s high price may turn off consumers, the glasses are novel enough to potentially attract developers seeking more computing platforms to build apps for.
Navan, the business travel, payments, and expense management startup, filed on Friday afternoon to go public.
Its S-1 filing with the Securities and Exchange Commission indicates that the company plans to list on the Nasdaq Global Select Market under the symbol “NAVN.”
Navan reported trailing 12-month revenue of $613 million (up 32%) across over 10,000 customers, and gross bookings of $7.6 billion (up 34%), according to the S-1 filing.
Goldman Sachs and Citigroup will act as lead book-running managers for the proposed offering.
Navan ranked No. 39 on this year’s CNBC Disruptor 50 list, and also made the 2024 list.
The IPO market has bounced back this year, with deal activity up 56% across 156 deals (roughly 200 IPO filings in all) and $30 billion in proceeds, up over 23% year over year, according to IPO tracker Renaissance Capital. It has been the best year for IPOs since 2021, though still far below the Covid offering boom years, when over $142 billion (2021) and $78 billion (2020) was raised by IPOs.
This year’s deal flow has been highlighted by hot AI names like Coreweave, as well as some of the startup world’s most highly valued firms from the past decade, such as fintech Klarna and design firm Figma, crypto companies Circle, Bullish and Gemini, and some long-awaited IPO candidates finally hitting the market, such as Stubhub this week, though its shares have slumped since the first day of trading. Top Amazon reseller Pattern went public on Friday.
Launched by CEO Ariel Cohen and co-founder Ilan Twig in 2015, Navan set out to disrupt a business travel sector where incumbents relied on clunky legacy tools and fragmented workflows.
The Palo Alto-based company, formerly called TripActions, refers to itself as an “all-in-one super app” for corporate travel and expenses.
Customers include Unilever, Adobe, Christie’s, Blue Origin and Geico.
It has also been pushing further into AI, with a virtual assistant named Ava handling approximately 50% of user interactions during the six months ended July 31, according to the filing, and a proprietary AI framework called Navan Cognition supporting its platform, as well as proprietary cloud infrastructure.
“We built Navan for the road warriors, for CEOs and CFOs who understand travel’s critical importance to their strategy, the finance teams who demand precision and control, the executive assistants juggling itineraries, and the program admins ensuring seamless events,” the co-founders wrote in an IPO filing letter.
“We saw firsthand the frustration of clunky, outdated systems. Travelers were forced to cobble together solutions, wait for hours on hold to book or change travel, and negotiate with travel agents. They struggled to adhere to company policies, with little visibility into those policies, and after all that, they spent even more time on tedious expense reports after a trip. We felt the pain of finance teams struggling to gain visibility into fragmented travel spending and to enforce policies, and the frustration of suppliers unable to connect directly with the high-value business travelers they sought to serve,” they wrote in the filing.
Revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025, according to the S-1 filing. The company reported a net loss that decreased 45% year-over-year from $332 million in fiscal 2024 to $181 million in fiscal 2025. Gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.
The business travel and expense space is crowded, with fellow Disruptors Ramp and Brex, and TravelPerk, as well as incumbents like SAP Concur and American Express Global Business Travel.
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A gamer plays soccer title Pro Evolution Soccer 2019 on an Xbox console.
Sezgin Pancar | Anadolu Agency via Getty Images
Microsoft said on Friday that it will increase the recommended retail price of several Xbox consoles in the U.S. starting in October because of “changes in the macroeconomic environment.”
The company said it would not increase prices for accessories such as controllers and headsets, and that prices in other countries would stay the same.
While Microsoft didn’t explicitly attribute the increase to the Trump administration’s tariffs, many consumer companies have been warning for months that higher prices are on the way. President Donald Trump has issued tariffs this year on multiple countries with a stated goal to bring more manufacturing to the U.S.
“We understand that these changes are challenging, and they were made with careful consideration,” Microsoft said on its website.
It’s the second time Microsoft has raised prices on its consoles in the U.S. this year. Rivals Sony and Nintendo have also raisedconsole prices in the U.S. as Trump’s tariffs went into effect.