microsoft -- openai concentration risk investigation
published: February 22, 2026 •
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investigation overview
| Status | Pre-litigation investigation |
| Announced | January 29-30, 2026 |
| Investigating Firms | DJS Law Group, Schall Law Firm |
| Market Cap Lost | ~$357 billion |
| Stock Drop | ~10% |
background
on january 28, 2026, microsoft reported q2 fy2026 results. cfo amy hood revealed that “approximately 45% of our commercial rpo [remaining performance obligation] balance is from openai” — an unprofitable, cash-burning entity requiring continuous capital infusions.
microsoft shares dropped almost 10% the following day, erasing approximately $357 billion in shareholder value. the investigation centers on whether microsoft’s ai/data center spending narrative was materially dependent on a single loss-making counterparty whose commitment was not adequately disclosed.
microsoft had committed to over $100 billion in ai infrastructure spending. no formal complaint has been filed as of february 2026.
sources
- businesswire: djs law group microsoft investigation
- businesswire: schall law firm msft investigation
last updated: february 22, 2026