For reference, here is the text of Microsoft's upcoming Services Agreement: https://www.microsoft.com/en-us/servicesagreement/upcoming.a... And here is their summary of what has changed: https://www.microsoft.com/en-us/servicesagreement/upcoming-u...
It still contains the sentence “to improve Microsoft products and services, you grant to Microsoft a worldwide and royalty-free intellectual property license to use Your Content.” The only explicit limitation is asserted with respect to targeted advertising: “We do not use what you say in email, chat, video calls or voice mail, or your documents, photos or other personal files, to target advertising to you.”
The Summary of Changes doesn’t mention any changes to the Privacy Statement, which in turn doesn’t seem to exclude training AI models on user data.