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Price: $29.96, Change: $+1.30, Percent Change: +4.54%
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US Markets
Microsoft, OpenAI Amend Partnership; Wedbush Says Move Net Positive for Tech Giant
Microsoft (MSFT) and OpenAI have amended their partnership under which the technology giant will no longer pay a revenue share to the ChatGPT maker, among other things, with Wedbush Securities calling the development a net positive for Microsoft.Under the amended partnership, revenue share payments from OpenAI to Microsoft will continue through 2030, independent of the artificial intelligence firm's "technology progress, at the same percentage, but subject to a total cap," the companies said Monday. Microsoft will continue to have a license to OpenAI intellectual property for models and products through 2032, while its license will now be nonexclusive, according to a joint statement."We view this as a net positive for Microsoft, as the company locks in a six-year IP control over OpenAI technology and maintains a significant share of OpenAI while ending the back-and-forth between Redmond and OpenAI and setting the stage for Microsoft to get all revenue generation on its core platform," Wedbush analysts, including Dan Ives, said in a note to clients.Microsoft will remain the primary cloud partner of OpenAI. The AI firm's products will ship first on Microsoft Azure, unless the tech giant "cannot and chooses not to support the necessary capabilities," the companies said. OpenAI will now be able to serve all its products to customers "across any cloud provider," they added."The greater predictability in the amended agreement strengthens our joint ability to build and operate AI platforms at scale while providing both companies the flexibility to pursue new opportunities," Microsoft and OpenAI said.The amended partnership puts OpenAI on "a strong path forward to going public" via an initial public offering given its "clearer opportunity in the cloud environment while reducing significant barriers" from its original Microsoft partnership, the Wedbush analysts said."In essence, the training wheels are off for (Microsoft) with OpenAI and now it's about a step-up in AI monetization on its core platform looking forward," the analysts wrote.Microsoft is scheduled to report its fiscal third-quarter financial results Wednesday.Price: $424.15, Change: $-0.45, Percent Change: -0.11%
$MSFT
Research
Research Alert: CFRA Maintains Hold Opinion On Shares Of Teck Resources
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by CAD4 to CAD87, based on an EV/EBITDA of 6.8x our 2027 EBITDA estimate vs. TECK's three-year average forward EV/EBITDA of 7.2x and the peer average of 10.0x. We raise our 2026 EPS estimate by CAD0.81 to CAD4.46 and raise our 2027 EPS forecast by CAD0.85 to CAD4.90. TECK's pending merger with Anglo American remains on track for closing between September 2026 and March 2027, with regulatory approval progressing in China. The combined Anglo-Teck entity is expected to become a top-five global copper producer with ~1.2 million tonnes of annual production, growing to ~1.35 million tonnes by 2027. Management projects potential for USD800 million in annual pre-tax synergies and an additional USD1.4 billion EBITDA uplift from optimizing the adjacent QB-Collahuasi assets. TECK's 2026 copper production guidance of 455,000-530,000 tonnes is unchanged, with QB advancing toward steady-state operations as Tailings Management Facility development progresses.
$TECK.B
Research
Research Alert: CFRA Maintains Hold Opinion On Shares Of Teck Resources
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by USD3 to USD64, based on an EV/EBITDA of 6.8x our 2027 EBITDA estimate vs. TECK's three-year average forward EV/EBITDA of 7.2x and the peer average of 10.0x. We raise our 2026 EPS estimate by CAD0.81 to CAD4.46 and raise our 2027 EPS forecast by CAD0.85 to CAD4.90. TECK's pending merger with Anglo American remains on track for closing between September 2026 and March 2027, with regulatory approval progressing in China. The combined Anglo-Teck entity is expected to become a top-five global copper producer with ~1.2 million tonnes of annual production, growing to ~1.35 million tonnes by 2027. Management projects potential for USD800 million in annual pre-tax synergies and an additional USD1.4 billion EBITDA uplift from optimizing the adjacent QB-Collahuasi assets. TECK's 2026 copper production guidance of 455,000-530,000 tonnes is unchanged, with QB advancing toward steady-state operations as Tailings Management Facility development progresses.
$TECK