1、ab2 September 2025Global ResearchAI ResearchOpenAI A Deep-Dive Into its Growth Drivers and the Impact on Microsoft,Oracle and the Broader Software SectorSummaryOpenAI is in our view one of the most consequential AI firms today.Its flagship product ChatGPT has already scaled to 700+million users,Open

2、AI is very likely the largest single consumer of Nvidia GPUs,it has created a material tailwind for Microsoft(and vice-versa),OpenAIs recent pivot to utilizing compute from Oracle and CoreWeave has materially impacted the stocks of both firms and every Sam Altman tweet has consequence,sometimes for

3、the entire stock market.In this report,we thoroughly review OpenAIs growth drivers and the impacts on Microsoft,Oracle and others.Were hosting a recap call of our key conclusions for investors on Wed Sept 3rd at 8:30am ET.OpenAIs Impact on MicrosoftThere are three main impacts on the OpenAI-Microsof

4、t relationship,key to the success of both companies since 2019,that were monitoring carefully.First,in the coming 1-2 quarters OpenAIs“new”providers of AI infrastructure primarily Oracle but also CoreWeave and Google Cloud will stand up new capacity,and our confidence that the big Abilene campus wil

5、l go live in 4Q25 is even higher(a major catalyst for Oracle).This in our view will focus investor attention on the mix of OpenAI compute spend that Microsoft will retain and hence out-year Microsoft Azure growth.Second,Microsoft has confirmed“talks are ongoing”with OpenAI about their partnership ag

6、reement and we examine each aspect of the agreement IP rights,the revenue share,the API hosting exclusivity and Microsofts equity stake.Our default view is that Microsoft will negotiate a fair outcome but we can imagine this becoming an overhang on the stock.Third,OpenAIs product suite mostly ChatGP