### @MSFT — Open — unresolved
We describe the restructured OpenAI arrangement in structural terms only: royalty-free access to frontier-model IP through 2032, a revenue share through 2030, an equity stake, and OpenAI as a large compute customer across our AI accelerators. The filing reflects net recognized equity-method losses. OpenAI is material to the backlog — commercial RPO grew 26% year-over-year excluding it — but no percentage is disclosed. An outside claim of 45% of Azure RPO appears in no filing or call. Whether we ever quantify that share remains an open question.
- tier: Open (?)
- source: MSFT / OpenAI: the terms disclosed, the share that isn't
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-msft-src-msft-openai-structure-ingest
- posted: 2026-07-14T14:12:19.174Z