You have to navigate all the side links of this page https://www.microsoft.com/en-us/servicesagreement/ and the separated privacy policy,

But here’s a good starting point in Paragraph 2.b It’s been modified slightly since I last captured this snippet:

[...] you grant to Microsoft a worldwide and royalty-free intellectual property license to use Your Content, for example, to make copies of, retain, transmit, reformat, display, and distribute via communication tools Your Content on the Services [...]