<p>作者：Christine Ji</p>
<p>新协议将微软 27% 的股份估值为 1350 亿美元，并将其知识产权权利延长至 2032 年，为微软投资者提供了 “上行选择权”。</p>
<p>在微软与 OpenAI 达成新协议的消息传出后，微软的股价在周二早盘上涨了 2%。</p>
<p>微软公司（Microsoft Corp.）的股票在周二上涨，此前该公司与其关键合作伙伴 OpenAI 公布了一项新协议，为双方的合作关系确立了新的发展方向。</p>
<p>在 OpenAI 迈向盈利业务的最后阶段，微软（MSFT）巩固了其在这家人工智能巨头中的持股，并延长了其关键的知识产权权利。根据新协议，微软将在 OpenAI 中拥有 27% 的股份，估值约为 1350 亿美元。微软还将保留对 OpenAI 技术的访问权，直到 2032 年，包括实现人工通用智能的模型。</p>
<p>该协议缓解了微软的一项关键担忧，因为它 “重要地为 [微软] 股东提供了与 [OpenAI] 未来增长相关的上行选择权，” Evercore ISI 分析师 Kirk Materne 在周二的一份报告中写道。</p>
<p>微软的股价在周二上涨了 2%。</p>
<p>阅读：微软可能会超越苹果，加入英伟达的精英俱乐部。</p>
<p>在公告之前，微软在 OpenAI 的投资超过 130 亿美元，并与其签订了一个限制利润的协议，该协议对投资者的回报设定了上限。</p>
<p>该协议为 OpenAI 和微软提供了更多灵活性。OpenAI 现在可以与第三方合作共同开发某些产品，并可以为非 API 产品使用任何云服务提供商。微软不再拥有 “优先拒绝权” 作为其计算能力提供商，这意味着 OpenAI 在寻求其他供应商（如甲骨文公司（Oracle Corp.））之前不必先询问微软。然而，OpenAI 承诺额外支付 2500 亿美元购买微软 Azure 服务。</p>
<p>该交易还规定，一旦 OpenAI 实现 AGI 并经过独立小组验证，微软将不再获得 OpenAI 的收入份额。</p>
<p>继续阅读：微软会收购 OpenAI 吗？新的安排使这一可能性成为现实——有朝一日。</p>
<p>对于 OpenAI 来说，这一过渡意味着该公司现在可以获得软银公司（SoftBank Corp.（JP:9434））承诺的 300 亿美元投资，该投资以 OpenAI 成为盈利公司为前提。上周《信息》报道，软银已批准该投资。软银和 OpenAI 的代表没有立即回应置评请求。</p>
<p>彭博社在 5 月报道，微软是 OpenAI 重组过程中最大的坚持者之一，因为这家大型科技公司希望确保对 OpenAI 的变更能够保护其商业投资。</p>
<p>Materne 预计在周三的微软财报电话会议上会有更多细节。他对新结构将提升微软的收益持乐观态度，因为 Materne 估计在旧的非营利商业模式下，OpenAI 目前对微软每股收益造成了 60 美分的拖累。</p>
<p>查看更多：微软的股票急需提振。以下是收益如何推动突破。</p>
<p>-Christine Ji</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>10-28-25 1844ET</p>

微软

OpenAI

<p>微软的股票在与 OpenAI 达成新协议后上涨了 2%，其 27% 的股份估值为 1350 亿美元，并将知识产权权利延长至 2032 年。该协议缓解了投资者的担忧，为与 OpenAI 的增长相关的潜在收益提供了机会。微软现在可以在 2032 年前访问 OpenAI 的技术，而 OpenAI 则获得了与其他公司合作和利用不同云服务提供商的灵活性。该协议还允许 OpenAI 在其盈利状态的前提下获得软银 300 亿美元的投资。分析师预计这一新结构将对微软的收益产生积极影响</p>

<p>By Christine Ji</p>
<div class="lb-trans"><p>作者：Christine Ji</p>
</div><p>The new agreement values Microsoft's 27% stake at $135 billion and extends its IP rights through 2032, giving Microsoft investors 'upside optionality'</p>
<div class="lb-trans"><p>新协议将微软 27% 的股份估值为 1350 亿美元，并将其知识产权权利延长至 2032 年，为微软投资者提供了 “上行选择权”。</p>
</div><p>Shares of Microsoft rose 2% on Tuesday morning on the news of the company's new agreement with OpenAI.</p>
<div class="lb-trans"><p>在微软与 OpenAI 达成新协议的消息传出后，微软的股价在周二早盘上涨了 2%。</p>
</div><p>Microsoft Corp.'s stock climbed Tuesday after the company and its key partner, OpenAI, unveiled a fresh agreement that established a new trajectory for their partnership.</p>
<div class="lb-trans"><p>微软公司（Microsoft Corp.）的股票在周二上涨，此前该公司与其关键合作伙伴 OpenAI 公布了一项新协议，为双方的合作关系确立了新的发展方向。</p>
</div><p>In OpenAI's final steps toward becoming a for-profit business, Microsoft (MSFT) solidified its holding in the artificial-intelligence giant and extended its crucial intellectual-property rights. Under the new agreement, Microsoft will have a 27% stake in OpenAI valued at around $135 billion. Microsoft will also retain access to OpenAI's technology until 2032, including models that achieve artificial general intelligence.</p>
<div class="lb-trans"><p>在 OpenAI 迈向盈利业务的最后阶段，微软（MSFT）巩固了其在这家人工智能巨头中的持股，并延长了其关键的知识产权权利。根据新协议，微软将在 OpenAI 中拥有 27% 的股份，估值约为 1350 亿美元。微软还将保留对 OpenAI 技术的访问权，直到 2032 年，包括实现人工通用智能的模型。</p>
</div><p>The agreement alleviates a key concern for Microsoft, as it &#34;importantly provides [Microsoft] shareholders with upside optionality related to [OpenAI]'s future growth,&#34; Evercore ISI analyst Kirk Materne wrote in a note Tuesday.</p>
<div class="lb-trans"><p>该协议缓解了微软的一项关键担忧，因为它 “重要地为 [微软] 股东提供了与 [OpenAI] 未来增长相关的上行选择权，” Evercore ISI 分析师 Kirk Materne 在周二的一份报告中写道。</p>
</div><p>Shares of Microsoft rose 2% on Tuesday.</p>
<div class="lb-trans"><p>微软的股价在周二上涨了 2%。</p>
</div><p>Read: Microsoft could beat out Apple and join Nvidia in an elite club</p>
<div class="lb-trans"><p>阅读：微软可能会超越苹果，加入英伟达的精英俱乐部。</p>
</div><p>Prior to the announcement, Microsoft had an investment of over $13 billion in OpenAI and a capped-profit agreement that put a ceiling on investor returns.</p>
<div class="lb-trans"><p>在公告之前，微软在 OpenAI 的投资超过 130 亿美元，并与其签订了一个限制利润的协议，该协议对投资者的回报设定了上限。</p>
</div><p>The agreement provides more flexibility for both OpenAI and Microsoft. OpenAI can now partner with third parties to jointly develop some products and can use any cloud provider for non-API products. Microsoft no longer has &#34;right of first refusal&#34; to be its computing-power provider, meaning that OpenAI does not have to ask Microsoft first before going to other vendors such as Oracle Corp. (ORCL). However, OpenAI committed an additional $250 billion to purchase Microsoft Azure services.</p>
<div class="lb-trans"><p>该协议为 OpenAI 和微软提供了更多灵活性。OpenAI 现在可以与第三方合作共同开发某些产品，并可以为非 API 产品使用任何云服务提供商。微软不再拥有 “优先拒绝权” 作为其计算能力提供商，这意味着 OpenAI 在寻求其他供应商（如甲骨文公司（Oracle Corp.））之前不必先询问微软。然而，OpenAI 承诺额外支付 2500 亿美元购买微软 Azure 服务。</p>
</div><p>The deal also stipulates that once OpenAI achieves AGI as verified by an independent panel, Microsoft will no longer receive a share of OpenAI's revenue.</p>
<div class="lb-trans"><p>该交易还规定，一旦 OpenAI 实现 AGI 并经过独立小组验证，微软将不再获得 OpenAI 的收入份额。</p>
</div><p>Read on: Could Microsoft buy OpenAI? A new arrangement makes that possible - one day.</p>
<div class="lb-trans"><p>继续阅读：微软会收购 OpenAI 吗？新的安排使这一可能性成为现实——有朝一日。</p>
</div><p>For OpenAI, the transition means the company can now receive the remainder of a $30 billion investment promised by SoftBank Corp. (JP:9434), which was contingent on OpenAI becoming a for-profit company. The Information reported last week that SoftBank had greenlit the investment. Representatives from SoftBank and OpenAI did not immediately respond to requests for comment.</p>
<div class="lb-trans"><p>对于 OpenAI 来说，这一过渡意味着该公司现在可以获得软银公司（SoftBank Corp.（JP:9434））承诺的 300 亿美元投资，该投资以 OpenAI 成为盈利公司为前提。上周《信息》报道，软银已批准该投资。软银和 OpenAI 的代表没有立即回应置评请求。</p>
</div><p>Bloomberg reported in May that Microsoft was one of the biggest holdouts in the process of OpenAI's restructuring, as the Big Tech company wanted to ensure that changes to OpenAI would protect its business investment.</p>
<div class="lb-trans"><p>彭博社在 5 月报道，微软是 OpenAI 重组过程中最大的坚持者之一，因为这家大型科技公司希望确保对 OpenAI 的变更能够保护其商业投资。</p>
</div><p>Materne is expecting more details on Microsoft's earnings call on Wednesday. He's optimistic that the new structure will result in a boost to Microsoft's earnings, as Materne estimates that OpenAI is currently creating a 60-cent drag on Microsoft's earnings per share under the old nonprofit business model.</p>
<div class="lb-trans"><p>Materne 预计在周三的微软财报电话会议上会有更多细节。他对新结构将提升微软的收益持乐观态度，因为 Materne 估计在旧的非营利商业模式下，OpenAI 目前对微软每股收益造成了 60 美分的拖累。</p>
</div><p>See more: Microsoft's stock is in need of a jolt. Here's how earnings could fuel a breakout.</p>
<div class="lb-trans"><p>查看更多：微软的股票急需提振。以下是收益如何推动突破。</p>
</div><p>-Christine Ji</p>
<div class="lb-trans"><p>-Christine Ji</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>10-28-25 1844ET</p>
<div class="lb-trans"><p>10-28-25 1844ET</p>
</div>

Microsoft's stock rises as new OpenAI partnership comes as a relief to investors

- 微软与 OpenAI 签署新协议，微软 27% 的股份估值为 1350 亿美元。  
- 此协议延长了微软的知识产权至 2032 年，并提升了投资者的潜在收益。  
- 微软股价因该消息上涨 2%。

微软的股票上涨，因为与 OpenAI 的新合作伙伴关系让投资者感到宽慰