I expect them to continue to be relevant, but just one of the chorus, no longer the leader.
I think one thing is for certain: OpenAI now, won't worth that much any more.
Microsoft want OpenAI to do research, and give them the model to run on Azure.
They certainly don't need OpenAI competing in consumer products. ChatGPT could have been a Micrsoft product in an only slightly different timeline.
And they'd rather they didn't compete in API serving, they'd rather everyone currently using OpenAI had to shift to Azure.