Under the Stargate Project, Vole will no longer be the exclusive provider of computing capacity for OpenAI but it retains the "right of first refusal" for additional capacity.

The Stargate Project will see an initial investment of $100 billion, potentially reaching up to $500 billion over the next four years. The joint venture, which includes key companies like Microsoft, Oracle, and Nvidia, aims to build extensive AI infrastructure in the United States. Oracle is a "key initial technology partner," playing a pivotal role alongside Microsoft and others in setting up data centre infrastructure.

JPMorgan said all this might be good for Vole as it reflects the company's strategic approach to capital expenditures.

 "SoftBank and Oracle are taking on some of the financial burden while Microsoft maintains access to OpenAI IP through to 2030 and has the right of first refusal on any OpenAI new capacity… Feels like a good outcome for Microsoft."