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《大行》招商證券:微軟(MSFT.US)與OpenAI更新合作協議 亞馬遜(AMZN.US)和谷歌迎利好
招商證券國際發表報告指,微軟(MSFT.US)與OpenAI更新合作協議,亞馬遜和谷歌迎來利好。OpenAI、微軟與亞馬遜重構合作關係,微軟終止了其對OpenAI模型的獨家使用權,並將合作關係調整為一項非獨家協議,有效期至2032年,合作模式也從此前與「AGI達成掛鉤」的無限期合作,轉變為固定期限合作。此次調整的直接觸發因素是OpenAI於2月與亞馬遜達成約...
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《大行》招商證券:微軟(MSFT.US)與OpenAI更新合作協議 亞馬遜(AMZN.US)和谷歌迎利好
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招商證券國際發表報告指,微軟(MSFT.US)      與OpenAI更新合作協議,亞馬遜和谷歌迎來利好。OpenAI、微軟與亞馬遜重構合作關係,微軟終止了其對OpenAI模型的獨家使用權,並將合作關係調整為一項非獨家協議,有效期至2032年,合作模式也從此前與「AGI達成掛鉤」的無限期合作,轉變為固定期限合作。此次調整的直接觸發因素是OpenAI於2月與亞馬遜達成約500億美元的合作,該協議使AWS成為OpenAI新一代 Frontier AI Agent系統的獨家雲平台,與此前與微軟的獨家安排形成直接衝突。

在新的合作框架下,OpenAI獲得多雲部署的靈活性,同時仍承諾在Azure上進行大規模支出,據稱最高可達250億美元,並在2030年前後繼續與微軟進行部分收入分成。微軟雖然放棄了獨家權利,但在財務上獲得補償,包括停止向OpenAI支付收入分成、保留約27%的股權,並通過與Anthropic等夥伴合作實現多元化佈局;與此同時,亞馬遜通過將OpenAI模型引入AWS,成功獲得關鍵戰略卡位。

整體來看,此次調整標誌著AI行業從“雲平台鎖定”向更開放的多雲模式轉變,強化了雲廠商與大模型之間的競爭,同時也為企業客戶在模型與基礎設施組合上提供了更高靈活性。邊際上,該行認為這對亞馬遜和谷歌的雲業務更為有利,使其能夠接入OpenAI模型,同時鞏固其多模型、多夥伴的中立AI基礎設施戰略。

對於微軟,該行對本次交易持更為中性、平衡的看法。負面因素在於,失去與OpenAI的獨家合作削弱了Azure在AI領域的差異化優勢,可能對雲業務的邊際增長彈性構成一定拖累;而正面因素包括更優的財務條款、持續的大規模Azure資源消耗,以及繼續持有OpenAI約27%股權、參與其長期成長。此外,該安排也為OpenAI打開了更多潛在的融資渠道,在一定程度上保障了微軟對OpenAI的既有投資價值。
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