Microsoft, OpenAI Revise Partnership, Drop Revenue Share

Microsoft and OpenAI have amended their partnership, ending Microsoft’s revenue‑share payments and ending exclusivity on Azure.
Under the new deal, OpenAI can sell its models on any cloud, while Microsoft retains non‑exclusive access through 2032.
Evercore ISI analyst Kirk Materne maintains an Outperform rating on Microsoft with a $580 price target, citing greater flexibility.
The agreement removes AGI‑related language, sets IP access cut‑off 2032 and caps revenue‑share economics through 2030.