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That is what Microsoft (MSFT) generated in AI revenue attributable to OpenAI in the fiscal year ending June, a figure that places one external partner at more than half of the company's total AI business, and possibly as much as 70%.
The concentration is a problem worth pricing. What the figure actually says "More than half" is one read of the OpenAI relationship. "Potentially as much as 70%" is the more alarming one.
At the lower end, Microsoft looks like a company that built early and captured outsized share by going all-in on OpenAI. At the higher end, the dependency is the business.
The case for MSFT is that $24.1 billion in annual AI revenue is revenue already on the books, not a projection or an addressable market estimate. For the buy-side, that distinction matters.
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