Microsoft (OpenAI stake + Azure)
Satya Nadella (chairman/CEO); the OpenAI relationship is a corporate strategic investment, not a fund.
Microsoft's AI exposure is dominated by its ~27% economic interest in OpenAI Group PBC (~$135B) plus the Azure compute contract that monetizes it: OpenAI is committed to purchasing an incremental $250B of Azure cloud services. Microsoft retains exclusive IP rights and Azure API exclusivity until AGI, but gave up cloud right-of-first-refusal in the April 2026 terms reset.
Top holdings
~$135B (~27%) — Largest external shareholder. Stake diluted from ~32.5% pre-recap as new investors entered and valuation scaled (~$500B at recap, $852B by March 2026).
$250B incremental — OpenAI contracted to buy $250B of incremental Azure services — the revenue side of the relationship; not an equity holding but the strategic payoff.
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Our take
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