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Microsoft, OpenAI no longer cloud exclusive. (0:15) Domino’s revenue and same-store sales miss. (1:55) United CEO explains why he floated American merger. (2:29)

This is an abridged transcript of the podcast:

Our top story so far, from Redmond and beyond for OpenAI.

Microsoft (MSFT) shares are under pressure after the company and OpenAI amended their partnership agreement, making Microsoft’s OpenAI license non-exclusive.

Under the revised terms, Microsoft remains OpenAI’s primary cloud partner, and OpenAI products will continue to launch on Azure first. However, if Microsoft “cannot and chooses not to support the necessary capabilities,” OpenAI is now free to seek alternative providers.

OpenAI can also bring its products to customers across other cloud platforms, including Amazon (AMZN) Web Services.

Microsoft will retain a license to use OpenAI’s intellectual property through 2032, but that license is no longer exclusive. As part of the updated deal, Microsoft will stop paying revenue share to OpenAI, though it will continue to receive revenue share payments from OpenAI through 2030.

Seeking Alpha analyst Julia Ostian said the estimated 45% of Microsoft’s AI backlog tied to OpenAI represents a “major risk.” Still, she suggested those concerns may already be reflected in the stock.

“The market didn’t fully believe OpenAI would be able to pay for the previously agreed capacity, and for this reason, I don’t see this piece of news as majorly negative,” Ostian said.

Separately, OpenAI is reportedly working with Qualcomm (QCOM) and MediaTek on smartphone processors, with Luxshare as exclusive system co-design and manufacturing partner, according to TF International Securities analyst Ming-Chi Kuo.

Why build a phone?

“Only by fully controlling both the operating system and hardware can OpenAI deliver a comprehensive AI agent service,” Kuo wrote.

On Sunday, OpenAI founder Sam Altman posted that it “feels like a good time to seriously rethink how operating systems and user interfaces are designed.”

Among active stocks, Domino’s Pizza (DPZ) is tumbling after missing Q1 revenue and same-store sales expectations. CEO Russ Weiner cited a challenging macro and competitive backdrop.

Verizon (VZ) posted better-than-expected Q1 profit and postpaid phone additions, highlighting continued wireless subscriber gains despite intense competition from AT&T (T) and T-Mobile (TMUS).

And women’s health company Organon (OGN) is surging after agreeing to be acquired by Sun Pharmaceutical Industries in an all-cash deal valuing it at an enterprise value of $11.75B — one of the largest healthcare transactions of the year.

In other news of note, United Airlines (UAL) CEO Scott Kirby confirmed that he approached American Airlines (AAL) in recent weeks about a potential merger.

Kirby said the idea was that a combination of the two carriers would be positive for customers and position U.S. aviation for a new era of leadership. American declined to engage and publicly rejected the proposal. (You may want to google Juan Trippe and Howard Hughes.)

“The bold idea I wanted to pursue was about growth that would usher in a brand-new era of leadership by U.S. aviation,” Kirby said. “After all, flight was born here, and the storied names of the past, including both United and American, set the standards that the rest of the world aspired to.”

“By combining our airlines and using that scale to revolutionize our customers’ experience, we’d create a new, thriving U.S. airline that would be the very best in the world for customers,” he added.

And in the Wall Street Research Corner, Goldman Sachs cut its 2026 IPO forecast, now expecting about 100 deals raising $160B, down from a prior estimate of 120 offerings. Analysts cited geopolitical uncertainty and recent equity market volatility.

While Goldman said the broader macro backdrop remains supportive, it flagged increased selectivity and downside risks to issuance.

You can see how the 20 largest IPOs of 2025 — including Venture Global (VG), StubHub (STUB) and Figma (FIG) — have performed since debuting in our story.