Microsoft Loses Exclusive OpenAI Access, Challenging Its 24x Forward P/E Premium

9 articles · Updated · Barchart · May 23

A new Microsoft-OpenAI contract ends Microsoft's exclusive access to OpenAI technology, weakening the core AI advantage that had helped justify a premium valuation.
That shift turns Microsoft from a uniquely positioned AI partner into a large reseller of shared models, slowing product decisions and pricing moves that now require coordination with OpenAI.
Amazon already appears positioned to gain similar access, and the report argues Apple could pursue comparable arrangements, narrowing Microsoft's differentiation in cloud AI.
Microsoft still keeps rights to existing work, but future roadmaps now depend on a more arm's-length partnership while the company continues spending billions on data centers and backup models.
With Microsoft trading around 24 times forward earnings, the report says investors are no longer buying the same AI story that drove the stock earlier in 2026.

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