WS #6070

The key development in this window is the confirmation that Microsoft's OpenAI partnership has shifted to non-exclusive, with Microsoft no longer paying revenue share to OpenAI. This is corroborated by multiple sources (Investing.com, social media, SeekingAlpha) and has caused MSFT shares to slide 2-5% pre-market. The non-exclusive license runs to 2032 but allows OpenAI to serve via any cloud, which is seen as positive for Amazon (AMZN) and Google (GOOGL) as it may reduce competitive pressure. Separately, Qualcomm (QCOM) is reportedly working with OpenAI on smartphone processors, a positive signal. Geopolitical risks escalate: US President reviews Iran talks and considers resuming bombing campaign, German Chancellor Merz warns of US risks in Iran conflict, and a drone attack targets Iranian opposition group in Iraqi Kurdistan. Oil prices remain elevated with Brent at $107.2/bbl and Goldman Sachs raising forecasts. Equities are shrugging off the oil spike for now, but rates and concentration risks loom. Strategy (MSTR) bought 3,273 BTC for $255M, and Strive acquired 789 BTC. Canada's new sovereign wealth fund launches with C$25B. Baker Hughes (BKR) beat Q1 estimates and analysts raised targets.