A new deal in pact between Microsoft and open air. It's a new stake in open air p, b, c. What does that mean? Well, joining us is Bloomberg Tech co-host Caroline Hyde. And, Caroline, with these new agreements,

OpenAI has completed its long, drawn-out reorganization into a public benefit corporation, the company announced today in a blog post attributed to board of directors chair Bret Taylor. As part of the reorg,

Microsoft (NASDAQ:MSFT) shares climbed 4% Tuesday morning after the company unveiled a new definitive agreement with OpenAI that values its stake in the AI developer at approximately $135 billion. The updated deal expands on the companies’ partnership established in 2019.

OpenAI said it has reorganized its ownership structure and converted its business into a public benefit corporation

Microsoft and OpenAI announced Monday a series of new business partnerships aimed to advance artificial intelligence capabilities in U.S. commerce.

In the new agreement, Microsoft gets a 27% stake in OpenAI's for-profit business, the OpenAI Group PBC, worth around $135 billion.

OpenAI said Tuesday it has reorganized its ownership structure and converted its business into a public benefit corporation and a crucial regulator, the Delaware attorney general, said she approved the plan.

Microsoft and OpenAI on Tuesday said they had reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and clearing the way for it to become a publicly traded company.