China Merchants Securities International: Microsoft and OpenAI update cooperation agreement, Amazon and Google welcome good news On April 29th, China Merchants Securities International released a report stating that, OpenAI、 Microsoft has restructured its partnership with Amazon, terminating its exclusive usage rights for OpenAI models and adjusting the partnership to a non exclusive agreement valid until 2032. The cooperation model has also shifted from an indefinite partnership previously linked to AGI to a fixed-term partnership. Overall, this adjustment marks a shift in the AI industry from "cloud platform lock-in" to a more open multi cloud model, strengthening competition between cloud vendors and large models, while also providing higher flexibility for enterprise customers in model and infrastructure combinations. On the margin, the bank believes that this is more advantageous for Amazon and Google's cloud business, enabling them to integrate OpenAI models while consolidating their neutral AI infrastructure strategy of multiple models and partners. For Microsoft, the bank holds a more neutral and balanced view on this transaction. The negative factor is that losing exclusive cooperation with OpenAI weakens Azure's differentiation advantage in the AI field, which may pose a certain drag on the marginal growth elasticity of cloud business; Positive factors include better financial terms, sustained large-scale consumption of Azure resources, and continued ownership of approximately 27% of OpenAI's equity and participation in its long-term growth. In addition, this arrangement also opens up more potential financing channels for OpenAI, to some extent safeguarding Microsoft's existing investment value in OpenAI. (Dongxin Society)