Earlier quoted context omitted.
Sure, but that's just saying that Microsoft as investor has some rights to the underlying tech. There are limits to this though, which we may fairly soon be nearing. I believe the agreement says that Microsoft's rights to the tech (model + weights? training data? -- not sure how specific it is) end once AGI is achieved, however that is evaluated. But again, this is not to say that OpenAI is "Microsoft in a trenchcoat…
“We have everything” is not “some underlying rights to the tech.” I dunno what the angle is on minimizing here, but I’ll take the head of Microsoft at his word vs. more strained explanations about why this isn’t the case.
https://cryptoslate.com/agi-is-excluded-from-ip-licenses-wit...
It's also explicitly mentioned in Musk's lawsuit against OpenAI. Much as Musk wants to claim that OpenAI is a subsidiary of Microsoft, even he has to admit that if in fact OpenAI develop AGI then Microsoft won't have any IP rights to it!
The context for Nadella's "We have everything" (without of course elaborating on what "everything" referred to) is him trying to calm investors who were just reading headlines about OpenAI imploding in reaction to the board having fired Altman, etc. Nadella wasn't lying - he was just being coy about what "everything" meant, wanting to reassure investors that their $10B investment in OpenAI had not just gone up in smoke.