ChatGPT creator OpenAI announced Monday that Microsoft (NASDAQ: MSFT) had made a multi-year, multi-billion dollar investment in the company as part of an extended partnership.
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While the financial specifics of the deal were not disclosed, OpenAI said it follows Microsoft’s previous investments in the company from 2019 and 2021 and will allow them to continue to conduct independent research “and develop AI that is increasingly safe, useful, and powerful.
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The company explained that it has previously worked with Microsoft to create multiple supercomputing systems powered by Azure, which it utilises to train all of its models.
The extended partnership will see Microsoft increase its investment in the systems to speed up OpenAI’s independent research, with Azure staying as the exclusive cloud provider for all of OpenAI’s workloads across its API, research, and products.
Furthermore, OpenAI has partnered with Microsoft to deploy its technology through its API and the Azure OpenAI Service, helping companies and developers to build on top of GPT, DALL·E, and Codex, while they have also worked to build OpenAI’s technology into apps like Microsoft Designer and GitHub Copilot.
Microsoft is set to report earnings for its latest quarter on Tuesday after the market close.
On Monday, Wells Fargo analyst Michael Turrin said that while the company’s second quarter looks likely to be a noisier quarter, his analysis indicates Microsoft will see stabilizing results through the second half of the year and thereafter. The analyst and firm currently have an Overweight rating and a $300 per share price target on Microsoft.
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