You should probably mention Microsoft's margin on those cloud credits. Their $10b investment didn't cost them $10b. Their return is capped at much more than 10X, seemingly using Azure cloud credits as a way of working around OpenAI's maximum profit corporate bylaws.

And if OpenAI nets enough profit for a future multi trillion dollar valuation, what is OpenAI's margin? The non margin part will partly (mostly?) be cloud bills with Azure exceeding the $10billion credits by a lot. Part of the investment was Azure exclusivity. If they become Azure's #1 customer, MS can set the pricing to whatever they want to claw back more as long as they drop their other customers (assuming this is an AGI scenario).

Basically OpenAI's profit cap is laundered and bypassed into MS cloud bills and MS is the defacto owner of OpenAI through that laundering system if OpenAI becomes huge but needs lots of compute.