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I suppose they didn't but Microsoft has a $3T market cap and OpenAI is theoretically valued at $80B.

OpenAI has 700 people, Microsoft has 220,000 people.

OpenAI is strong but they're still dependent on MSFT.

MSFT needs companies like OpenAI to give Azure credits to for their valuation to continue soaring. The deferred revenue on their balance sheet from the unspent Azure credits they give as investment are worth much more to their market cap than $80B.

It sounds like they took the Federal Reserve's business model and applied it to computing.

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