OpenAI was newly cited as a Microsoft liability in latest Microsoft earnings call. Inevitable realization.

“There’s obviously concern about the durability, And I know maybe there’s not much you can say [about OpenAI’s 45% share of Microsoft’s backlog of future sales], but I think everyone is concerned about the exposure,” opined one analyst.

https://www.bloomberg.com/news/newsletters/2026-02-04/microsoft-s-deal-to-provide-computing-to-openai-raises-alarms