OpenAI's revised partnership with Microsoft—the third major revision in 16 months—now allows OpenAI to host its products across rival cloud providers, ending Microsoft's exclusivity.
Microsoft will no longer pay a revenue share to OpenAI, but future payments from OpenAI are capped and end in 2030. Microsoft holds an economic interest equivalent to around 25% of OpenAI through profit participation rights rather than ordinary equity shares.
UBS describes the change as 'a major win for Amazon.com Inc' and 'tough to describe… as anything but a negative for Microsoft', though the bank retains a 'buy' rating on Microsoft shares with a $510 price target.
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