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<Research> CMSI: Microsoft Corporation (MSFT.US) and OpenAI Revise Cooperation Agreement, Positive for Amazon.com, Inc. (AMZN.US) and Alphabet Inc. (GOOGL.US)
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A research report by CMSI stated that OpenAI, Microsoft Corporation (MSFT.US) and Amazon.com, Inc. (AMZN.US) have restructured their partnership. Microsoft has terminated its exclusive rights to use OpenAI models and revised the arrangement into a non-exclusive agreement effective through 2032. The cooperation model has also shifted from a previously open-ended partnership linked to the achievement of AGI to a fixed-term agreement. The direct trigger for this adjustment was OpenAIs approximately USD50 billion agreement with Amazon.com, Inc. (AMZN.US) in February 2026, under which AWS became the exclusive cloud platform for OpenAIs new-generation frontier AI agent systems, creating a direct conflict with the prior exclusive arrangement with Microsoft. The broker noted that, overall, this adjustment marks a transition in the AI industry from cloud platform lock-in to a more open multi-cloud model, intensifying competition between cloud providers and large language model developers while providing enterprise customers with greater flexibility in combining models and infrastructure. On the margin, the broker believes this development is more favorable to the cloud businesses of Amazon.com, Inc. (AMZN.US) and Alphabet Inc. (GOOGL.US), enabling them to access OpenAI models while reinforcing their neutral AI infrastructure strategies featuring multi-model and multi-partner ecosystems, such as AWSAnthropic and GCPs multi-model platform. Regarding Microsoft Corporation (MSFT.US), the broker holds a more Neutral and balanced view on the transaction. On the negative side, the loss of exclusivity with OpenAI weakens Azures differentiated advantage in AI and may weigh on the marginal growth elasticity of its cloud business. On the positive side, improved financial terms, continued large-scale Azure resource consumption, and Microsofts approximately 27% equity stake in OpenAI support its participation in OpenAIs long-term growth. In addition, the new arrangement opens up more potential financing channels for OpenAI, such as the possible introduction of Google, to a certain extent safeguarding the value of Microsofts existing investment in OpenAI. The broker assigns an Overweight rating to Microsoft Corporation (MSFT.US), Amazon.com, Inc. (AMZN.US) and Alphabet Inc. (GOOGL.US). (hc/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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