OpenAI's for-profit arm finalized its conversion into a public benefit corporation and reached a deal with Microsoft that will see the tech giant take a 27% stake.
Microsoft said on Tuesday it has reached a deal with OpenAI to allow the ChatGPT maker to restructure itself into a public benefit corporation, following which Microsoft would hold a stake of about $135 billion - or 27% - in the AI startup.
Wedbush Securities' Dan Ives is one of the bigger bulls on Wall Street, and while he has high expectations for the many Magnificent Seven members, I do find his Microsoft (NASDAQ:MSFT) call to be one of the most intriguing.
Microsoft reports earnings on Wednesday, and analysts see the potential for further acceleration in its cloud business as well as major benefits from a Windows refresh cycle.
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