{
  "version": 1,
  "slug": "microsoft-openai-restructure",
  "mode": "long",
  "source": "ai",
  "video_duration_sec": 624.727,
  "alignment_quality_pct": 99.0,
  "cards": [
    {
      "type": "STAT",
      "time_ms": 66000,
      "duration_ms": 6000,
      "data": {
        "label": "REVENUE SHARE TO MSFT",
        "value": "20",
        "unit": "%",
        "desc": "OpenAI continues paying Microsoft through 2030",
        "badge": "▼ Now subject to undisclosed dollar cap"
      }
    },
    {
      "type": "MULTI",
      "time_ms": 161000,
      "duration_ms": 6000,
      "data": {
        "title": "MSFT REACTION · APR 27, 2026",
        "val1": "−5%",
        "lbl1": "Intraday Low",
        "val2": "−2%",
        "lbl2": "Close vs Prior",
        "val3": "$600",
        "lbl3": "Citi PT (was $635)"
      }
    },
    {
      "type": "MULTI",
      "time_ms": 200500,
      "duration_ms": 6000,
      "data": {
        "title": "MICROSOFT'S OPENAI STAKE",
        "val1": "$13B",
        "lbl1": "Invested since 2019",
        "val2": "27%",
        "lbl2": "Commercial-wing stake",
        "val3": "$135B",
        "lbl3": "Value on Apr 27"
      }
    },
    {
      "type": "MULTI",
      "time_ms": 230000,
      "duration_ms": 6000,
      "data": {
        "title": "MICROSOFT'S AI BACKLOG",
        "val1": "$625B",
        "lbl1": "Total backlog",
        "val2": "45%",
        "lbl2": "Tied to OpenAI",
        "val3": "$280B",
        "lbl3": "Single-supplier risk"
      }
    },
    {
      "type": "FUNDING",
      "time_ms": 261000,
      "duration_ms": 6000,
      "data": {
        "label": "INCREMENTAL AZURE COMMIT",
        "symbol": "$",
        "amount": "250",
        "scale": "B",
        "desc": "OpenAI's new commitment under today's amendment",
        "badge": "On top of original $250B from Oct 2025"
      }
    },
    {
      "type": "FUNDING",
      "time_ms": 279000,
      "duration_ms": 6000,
      "data": {
        "label": "TOTAL AZURE LOCK-IN",
        "symbol": "$",
        "amount": "500",
        "scale": "B",
        "desc": "Two stacked OpenAI compute contracts combined",
        "badge": "▲ Compute relationship hardening as exclusivity loosens"
      }
    },
    {
      "type": "STAT",
      "time_ms": 305500,
      "duration_ms": 6000,
      "data": {
        "label": "PRE-CONVERSION MSFT STAKE",
        "value": "32.5",
        "unit": "%",
        "desc": "Before the October 2025 commercial conversion",
        "badge": "▼ Diluted to 27% — now locked as the final number"
      }
    },
    {
      "type": "STAT",
      "time_ms": 601500,
      "duration_ms": 6000,
      "data": {
        "label": "WATCH NEXT 90 DAYS",
        "value": "3",
        "unit": "",
        "desc": "OpenAI IPO timeline · MSFT Q3 earnings · Anthropic revenue",
        "badge": "Marketplace era starts now"
      }
    }
  ]
}