Microsoft's Biggest AI Customer Is Also Its Biggest Risk

Key Points Microsoft's fiscal 2026 annual report revealed $24.1 billion of revenue from commercial arrangements with OpenAI, about 7% of the company's total. Microsoft's commercial backlog grew 84% to $678 billion last fiscal year, but only 25% excluding OpenAI. OpenAI reportedly burned $3.7 billion in the first three months of 2026. 10 stocks we like better than Microsoft › Microsoft's (NASDAQ:MSFT) fiscal 2026 annual report, filed in late July, put a hard number on a relationship investors have largely had to gauge from the outside. The company booked $24.1 billion of revenue from its commercial arrangements with OpenAI, and the ChatGPT maker owed Microsoft $6.0 billion at June 30.