Then Microsoft still has capped-profit equity. Microsoft has no control, but gets OpenAI’s IP until AGI.
Only until the capped-profit equity is canceled entirely, that being the point of the capped-profit part. So, even assuming that the IP sharing is baked into the equity rather than part of the repayment, it would only include any ‘AGI’ if OA made a relatively small amount of money on the way to AGI. Which the way things are going, is plausible but certainly not guaranteed.
Only until the capped-profit equity is canceled entirely, that being the point of the capped-profit part. So, even assuming that the IP sharing is baked into the equity rather than part of the repayment, it would only include any ‘AGI’ if OA made a relatively small amount of money on the way to AGI. Which the way things are going, is plausible but certainly not guaranteed.
(Based on this, AGI is explicitly excluded from the IP sharing.)