Microsoft Discusses OpenAI, Anthropic, and AI Spending with BNP Paribas

FomoAnxiety · 2026-02-24T18:25:49+00:00

Microsoft remains committed to its partnership with OpenAI amid growing competition from Anthropic. While facing capacity limits, Microsoft believes its Azure platform's infrastructure gives it an edge. Analysts maintain a Strong Buy rating on MSFT stock with a significant upside.

FomoAnxiety

2026-02-24 18:25:49

Abstract generation in progress

Tech giant Microsoft MSFT +0.43% ▲ recently shared its views on several key issues with BNP Paribas BNPQY -1.75% ▼ , including its partnership with OpenAI and rising competition from Anthropic. According to analyst Stefan Slowinski, Microsoft still considers OpenAI as a major and dependable customer for its Azure cloud platform, with strong funding and long-term commitments. Even though some reports suggest that OpenAI may slow down its spending through 2030, Microsoft emphasized that the company still needs to fulfill a roughly $250 billion agreement signed last year.

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However, because Microsoft currently faces capacity limits, any additional spending by OpenAI would not immediately translate into higher Azure revenue. At the same time, Microsoft addressed worries about Anthropic, whose AI products have spooked enterprise software investors. While Anthropic has been able to grow quickly, Microsoft noted that large organizations still need the infrastructure, security controls, and management tools required to run AI systems safely at scale.

This is where Microsoft believes it has a strong advantage, especially with more than 450 million Microsoft 365 users and around 15 million Copilot users already in its ecosystem. Interestingly, Slowinski compared today’s fears to the reaction when ChatGPT first launched, and argued that multiple AI platforms can succeed at the same time rather than one eliminating the others. Microsoft also touched on its high capex growth by noting that spending should eventually slow. Because Microsoft increased spending earlier than most competitors, analysts believe it may also be among the first to show restraint.

What Is the Price Target for Microsoft?

Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 33 Buys and three Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average MSFT price target of $594.02 per share implies 53.6% upside potential.

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