Microsoft (MSFT.US) terminates exclusive sales rights for OpenAI models, capital market reacts calmly

Zhitong Finance has learned that Microsoft (MSFT.US) and OpenAI have agreed to cancel Microsoft's exclusive sales rights over OpenAI models. This adjustment opens the door for ChatGPT's developer to collaborate with cloud computing competitors such as Amazon (AMZN.US) and also marks a new phase of restructuring in their relationship.

According to a joint statement released by the two companies on Monday, in exchange for ending the exclusive arrangement, Microsoft will no longer pay revenue shares for OpenAI products resold through its cloud platform. This revised agreement aims to simplify the long-standing and complex cooperative relationship between the two parties while providing greater flexibility for exploring new business opportunities.

The market generally regards this move as indicating that OpenAI models will be available on other cloud service platforms, such as Amazon Web Services (AWS), rather than being exclusively sold by Microsoft. Previously, this exclusivity had helped Microsoft drive growth in its cloud business in the early stage of the AI boom and strengthen the competitive advantage of Microsoft Azure cloud services.

In their statement, the parties said that the revised agreement increases the predictability of their cooperation, helping both sides continue to build and operate AI platforms at scale while retaining the space to pursue new growth opportunities.

This agreement adjustment is also seen as further implementation of OpenAI's multi-cloud strategy. As the demand for model training and inference grows rapidly, OpenAI has continuously sought cooperation with multiple cloud service providers in recent years to meet computing power needs. As part of an investment agreement announced earlier this year, Amazon Web Services (AWS) has indicated that it is jointly developing products with OpenAI hosted on AWS.

Notably, according to previous media reports, Microsoft had considered taking legal action, arguing that relevant cooperation might violate its exclusive rights to OpenAI's intellectual property. The new agreement means that potential disputes have been resolved.

However, Microsoft still retains a core strategic position. Under the agreement, Microsoft will remain OpenAI's "primary cloud service provider," and OpenAI's new products will still be launched on the Azure platform first. In addition, revenue sharing that OpenAI pays to Microsoft for self-sold products will be subject to a cap.

Analysts point out that this adjustment reflects the shift from an "exclusive binding" cooperation to a more open model. As OpenAI grows from a lab into a global AI platform company, its business model and infrastructure deployment can no longer rely on a single partner.

Changes in their relationship are also related to OpenAI's restructuring last year. As OpenAI transitioned to a for-profit company, Microsoft obtained a 27% stake in the company, further strengthening their capital ties.

The market response has been relatively muted. After the opening of trading in New York on Monday, Microsoft's share price once fell by about 1%, narrowing to a 0.18% decline at the time of writing, while Amazon fell less than 1%.