The long-famed AGI clause, which has for years dictated the future of the Microsoft-OpenAI deal, is officially dead.

The second-order effect is that AWS can win more enterprise AI workloads by bundling OpenAI access with its own model/infra stack, pulling spend forward from “Azure-first” procurement cycles. Key risk: OpenAI’s “first on Azure” and capability requirements slow or limit real AWS adoption,

Microsoft's over-reliance on OpenAI exposes it to counterparty risk and margin pressure. Click here to see why the stock is a Sell.