Microsoft Corporation (MSFT): Who It Depends On
Microsoft's revenue is broadly diversified across enterprise software, Azure cloud, and consumer products - but building Azure's AI capacity depends heavily on Nvidia and AMD chips fabricated by TSMC, and one relationship in particular stands out from the rest: OpenAI, in which Microsoft has invested tens of billions of dollars and which some reporting describes Microsoft as being more dependent on than the reverse.
Supply-chain dependency
Companies MSFT relies on to design, manufacture, package, and assemble its hardware.
Fabricates Microsoft's custom Maia AI accelerator and Cobalt CPU chips.
Supplies the GPUs underpinning most of Azure's AI compute capacity.
Supplies GPUs and CPUs used across Azure's cloud and AI infrastructure.
Supplies memory used across Microsoft's data-center infrastructure.
A major memory and HBM supplier to Microsoft's AI infrastructure. Trades primarily on the Korea Exchange with no proper US-listed ticker.
A major memory supplier to Microsoft's data centers. Trades primarily on the Korea Exchange with no proper US-listed ticker.
Supplies power and cooling infrastructure across Microsoft's rapidly expanding AI data centers.
Supplies networking silicon used across Microsoft's data-center infrastructure.
Supplies fiber and optical components used in Microsoft's networking infrastructure.
Supplies networking hardware used across Microsoft's data centers.
Customer concentration
Microsoft's overall customer base is highly diversified across millions of enterprise and consumer users. OpenAI is the notable exception - an unusually large, strategically important single relationship that reporting has described as making Microsoft more dependent on OpenAI's success than the other way around, which is why it's shown as by far the largest slice below.
Azure's single most consequential AI relationship - Microsoft has invested tens of billions of dollars and committed enormous compute capacity, with reporting describing Microsoft as more dependent on OpenAI's success than the reverse. A private company with no public ticker.
Uses Azure cloud infrastructure for some of its enterprise and AI workloads.
A long-standing large enterprise customer for Microsoft's software and cloud products.
A major enterprise consulting partner and customer implementing Microsoft software and cloud services at scale.
A large enterprise customer running significant infrastructure on Azure.
A major enterprise customer for Microsoft's cloud and productivity software.
A large enterprise customer for Microsoft's cloud and AI productivity tools.
A long-standing enterprise customer for Microsoft's cloud and productivity software.
Federal agencies are large, long-standing customers of Microsoft's software and cloud products. Not a publicly traded company.
Microsoft's broad consumer and small-business customer base remains large but highly diversified. Not a single company.
The percentages shown are editorial estimates based on public research (company disclosures, earnings commentary, and industry reporting) meant to illustrate relative reliance, not precise or audited figures. Companies without a proper, reliably tradable ticker on this site are shown without stock/earnings links. This is not financial advice.