Core Viewpoint - Microsoft is in deep discussions to renegotiate its agreement with OpenAI, which may allow Microsoft to continue accessing critical AI technologies even after OpenAI achieves its goal of Artificial General Intelligence (AGI) [2][3][4] Group 1: Agreement Negotiations - The current agreement stipulates that once OpenAI reaches AGI, Microsoft will lose some rights to use OpenAI's technology [3][4] - New terms under discussion would allow Microsoft to use OpenAI's latest models and core AI technologies even if OpenAI claims to have achieved AGI [3][4] - Negotiations have been ongoing, with potential for an agreement to be reached within weeks [3][4] Group 2: Financial and Structural Considerations - OpenAI is seeking a larger share of revenue from its partnership with Microsoft and adjustments to Microsoft's access to its intellectual property [4][5] - Microsoft aims to maintain access to OpenAI's core AI technologies beyond the current contract's expiration in 2030 [4][5] - OpenAI is also looking to expand its services to more clients, including those not using Microsoft's Azure cloud platform [5][7] Group 3: AGI and Milestones - OpenAI defines AGI as a highly autonomous system that surpasses human capabilities in most economic value tasks [5] - The current contract includes clauses related to AGI milestones, which could trigger Microsoft's loss of rights to OpenAI's technology [5][6] - Microsoft has the authority to determine if commercial milestones are met, but disputes could lead to legal challenges [6] Group 4: Investment and Future Funding - OpenAI is eager to change its non-profit structure to secure additional funding for building data centers and supporting next-generation AI models [7] - SoftBank Group has indicated it would provide billions in support, contingent on OpenAI's restructuring being completed by year-end [7]

智通财经APP获悉，据媒体援引知情人士的话报道，美国科技巨头微软(MSFT.US)正就签署一项协议进 行深入讨论，该协议可能使其持续获得对OpenAI而言至关重要的AI技术，从而消除这家人工智能初创 公司转型为营利性机构的一大障碍。 知情人士透露，微软和OpenAI正就重新谈判合作协议进行深度磋商，这项交易可能确保微软在OpenAI 实现通用人工智能(AGI)目标后，仍能继续使用其关键AI技术。根据双方现有合同，OpenAI达到AGI水 平被视为一个关键里程碑，届时微软将失去对OpenAI AI技术的部分权利。新协议旨在消除这一限制， 这也是OpenAI转型为营利企业面临的主要障碍之一。 报道指出，双方已讨论新的条款，即便ChatGPT母公司OpenAI认为自己已实现构建"通用人工智 能"(AGI)的目标，微软仍可继续使用 OpenAI最新AI模型及其他重要的AI技术。 所谓的AGI是指人工智能机器的假设智能，它有能力理解或学习人类可以完成的任何智力任务。微软和 OpenAI 未立即回应媒体们的置评请求。 根据现行协议，一旦OpenAI 实现 AGI，即被视为一项重大里程碑，届时微软将失去部分OpenAI技术 ...

Group 1 - Microsoft (MSFT.US) shares rose nearly 1%, reaching $517.34, approaching historical highs [1] - The company announced the integration of Copilot mode in its Edge browser, aiming to transform the browsing experience [1] - Copilot mode functions as a multi-layered hybrid intelligence feature, allowing users to verbally express their queries, which the mode then automatically searches, consolidates, and presents comparative results [1]

现有合同包含与AGI门槛相关的独立条款，可通过技术或商业里程碑触发。在技术层面，OpenAI董事会 有权确定公司何时达到AGI水平，一旦认定达标，微软将失去对该节点之后开发技术的使用权。 商业里程碑的触发条件是OpenAI证明其能够为包括微软在内的投资者创造约1000亿美元的总利润。在 此情况下，微软将失去对OpenAI所有技术的使用权，包括触发点之前开发的产品。如果双方在商业里 程碑认定上出现分歧，可能诉诸法庭解决。 现有合同还禁止微软自行开发AGI技术，这进一步凸显了确保持续技术使用权对微软的重要性。 合作关系从蜜月期走向竞争 微软正与OpenAI展开深入谈判，以达成一项使其能够持续获取关键OpenAI技术的协议。 周二，据媒体援引两位知情人士透露，微软和OpenAI正就重新谈判合作协议进行深度磋商，这项交易 可能确保微软在OpenAI实现通用人工智能(AGI)目标后，仍能继续使用其关键技术。 根据现有合同，OpenAI达到AGI水平被视为一个关键里程碑，届时微软将失去对OpenAI技术的部分权 利。新协议旨在消除这一限制，这也是OpenAI转型为营利企业面临的主要障碍之一。 据知情人士透露，谈判人员定期 ...

Group 1 - Microsoft is reportedly in deep negotiations for a long-term acquisition of OpenAI technology, with an agreement potentially reached within weeks [4][3] - A seminar on the performance standards framework for large model integrated machines is scheduled for August 1 [1][3] - The humanoid robot "Skywalker 2" was showcased at the World Artificial Intelligence Conference [1][3] Group 2 - The platform "Jiao Ge Peng You" has fully joined Kuaishou, indicating a deep collaboration in AI [1][3] - Wantong Zhikong has signed an exclusive authorization agreement with Shenming Aos in the field of embodied intelligence [4][3]

Core Insights - Microsoft is in advanced negotiations with OpenAI to secure ongoing access to critical OpenAI technologies, including the latest models and related technologies [1] - The discussions are centered around new terms that would allow Microsoft to continue using OpenAI's advancements even if OpenAI achieves its goal of developing Artificial General Intelligence (AGI) [1] - Under the current contract, reaching AGI is a significant milestone that would result in Microsoft losing some rights to OpenAI's technologies [1] - Negotiators are meeting regularly, and an agreement could be finalized within weeks [1] - OpenAI CEO Sam Altman and Microsoft CEO Satya Nadella discussed these matters earlier this month at the Allen & Co. conference in Sun Valley, Idaho [1]

微软正与OpenAI展开深入谈判，以达成一项使其能够持续获取关键OpenAI技术的协议。据两位知情人 士透露，两家公司已经讨论了将允许微软使用OpenAI最新模型和相关技术的新条款，即使OpenAI认为 其已达成开发更强大人工智能，即"通用人工智能"(AGI)的目标。根据现有合同，OpenAI达到AGI水平 被视为一个关键里程碑，届时微软将失去对OpenAI技术的部分权利。谈判人员定期会面，协议可能在 几周内敲定。OpenAI首席执行官Sam Altman与微软首席执行官Satya Nadella本月早些时候在爱达荷州太 阳谷举行的Allen & Co.会议上讨论了相关事宜。（彭博） ...

微软正在进行深入谈判，以达成一项协议，使其能够持续获得OpenAI的关键技术。 ...

Core Viewpoint - Kingsoft Office is leveraging AI technology to enhance its WPS Office suite, introducing WPS AI 3.0, which aims to redefine the interaction between users, AI, and software, moving towards a more integrated and efficient office experience [2][3][7] Product Development - WPS AI 3.0 features an AI assistant capable of document creation, presentation generation, and voice assistance through natural language and multi-turn dialogue, enhancing office efficiency [2][3] - The development of WPS AI 3.0 marks a shift from merely replicating Microsoft Office formats to innovating based on user needs, indicating a significant evolution in Kingsoft's product strategy [3][4] Market Position and Strategy - Kingsoft Office has been focusing on AI product development for the past three years, launching WPS AI in 2023 and planning to introduce WPS AI 2.0 in 2024, which will target specific enterprise scenarios [3][4] - The company reported a revenue of 1.301 billion yuan in Q1, a year-on-year increase of 6.22%, with personal business revenue contributing significantly to overall earnings [6] User Engagement and Features - WPS AI 3.0 allows users to interact with AI in a conversational manner, enabling real-time modifications to documents without switching applications, thus improving user experience [4][6] - The introduction of a knowledge base with WPS AI 3.0 allows users to upgrade their cloud documents into a searchable knowledge repository, addressing issues of knowledge fragmentation and enhancing productivity [6] Competitive Landscape - The integration of AI into WPS Office is expected to lower the barriers to intelligent office solutions and redefine human-computer collaboration, potentially altering the competitive dynamics in the office software market [7]

28 July 2025 | 4:00PM PDT Microsoft Corp. (MSFT) Deep Dive on Long-Term Growth Drivers MSFT 12m Price Target: $550.00 Price: $512.50 Upside: 7.3% Microsoft reports F4Q25 results on 7/30. We reiterate our Buy rating and our $550 PT on Microsoft as we believe the company can execute well against our F4Q25 expectations for 15% revenue growth (Consensus 14%), 36%/35% USD/CC Azure growth (Consensus 35%/34%), and EPS of $3.39 (Consensus $3.37). These estimates are supported by our increasing confidence in Microso ...