Microsoft’s $13 billion bet on OpenAI carries huge potential along with plenty of uncertainty

When Microsoft first invested $1 billion in OpenAI in 2019, the deal received no more attention than your average corporate venture round. The startup market was blazing hot, and artificial intelligence was one of many areas attracting mega-valuations, alongside electric vehicles, advanced logistics and aerospace.

Three years later, the market looks very different.

Startup funding has cratered following the collapse of public market multiples…