MSFT is leveraged on OPEN AI risk, either way.

MSFT's centration risk make if more interesting.

Microsoft has significant financial reliance on its AI partner, OpenAI, which accounts for approximately 45% of Microsoft's total commercial remaining performance obligations.

MSFT has embeded OPEN AI risk. If OPEN AI do well, MSFT will do very well...

For those, who are worrying about AI bubble,  MSFT would be a high risk exposure

For those, who dismiss AI bubble and wants to play OPEN AI IPO,  msft may be an indirect play. 

In short, MSFT is no longer , a staple-like big tech name until OPEN AI become a low risk blue chip.