70% of Microsoft's entire AI revenue comes from one company.
Microsoft booked $24.1B from OpenAI last fiscal year. Behind that sits $261B of capex since 2022.
But here is the vulnerable part. Microsoft does not have a frontier model of its own.
Anthropic pays SpaceX $1.25B a month for Musk's Colossus clusters in Memphis. That is $15B a year, locked in through May 2029.
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