招商证券国际：Microsoft y OpenAI actualizan acuerdo de colaboración, Amazon y Google reciben buenas noticias

Golden Finance reports that on April 29th, China Merchants Securities International published a report indicating that OpenAI, Microsoft, and Amazon are restructuring their partnership. Microsoft has terminated its exclusive rights to use OpenAI models and adjusted the partnership to a non-exclusive agreement, valid until 2032. The cooperation mode has shifted from an indefinite partnership linked to AGI to a fixed-term collaboration. Overall, this adjustment marks a shift in the AI industry from “cloud platform lock-in” to a more open multi-cloud model, strengthening competition between cloud providers and large models, while also offering enterprise clients greater flexibility in model and infrastructure combinations. Marginally, the bank believes this is more favorable for Amazon and Google’s cloud businesses, enabling them to access OpenAI models and consolidating their multi-model, multi-partner neutral AI infrastructure strategy.
For Microsoft, the bank holds a more neutral and balanced view of this transaction. The negative factor is that losing the exclusive partnership with OpenAI weakens Azure’s differentiated advantage in AI, potentially constraining the marginal growth elasticity of its cloud business; positive factors include better financial terms, ongoing large-scale Azure resource consumption, and continued holding of approximately 27% equity in OpenAI, participating in its long-term growth. Additionally, this arrangement opens more potential financing channels for OpenAI, to some extent safeguarding Microsoft’s existing investment value in OpenAI. (Dongxin News)