Core Insights - Microsoft and OpenAI have reached a new agreement that may facilitate OpenAI's restructuring and eventual public listing [1] - OpenAI plans to reduce its revenue share with commercial partners, including Microsoft, from 20% to 8% by 2030, aiming to retain at least $50 billion in revenue [1] - Since 2019, Microsoft has invested at least $13 billion in OpenAI and has been sharing revenue from ChatGPT and its API [1] - Microsoft now views OpenAI as a competitor and is increasing its reliance on its own AI models, with commitments from CEO Satya Nadella and AI chief Mustafa Suleyman for significant investments in self-developed AI chips and models [1]

Core Insights - India's largest investment platform Groww is set to go public, with plans to raise between $650 million to $800 million and a potential valuation of up to $8 billion [1] - If regulatory approval is granted to lower the minimum public shareholding requirement, the IPO size may be adjusted accordingly [1] - Groww currently has 12.07 million active users on the National Stock Exchange of India, representing 26% of the total user base [1] Company Overview - Groww was founded in 2017 by four former employees of e-commerce company Flipkart, aiming to simplify investment for the nearly 200 million Indians with investable income [2] - The platform started with mutual fund distribution and expanded to stock trading in 2020, later adding services like digital gold, intraday trading, and IPOs [2] - Microsoft CEO Satya Nadella is a notable supporter of Groww, serving as an investor and advisor, although specific financial details have not been disclosed [2] Investment Backers - Major investors in Groww include Sequoia Capital (India), Y Combinator, Tiger Global Management, and Ribbit Capital [3]

Core Viewpoint - Scania, a well-known Swedish heavy truck manufacturer, has submitted a new model of domestically produced semi-trailer truck, SAS4261GGN001, which features a new Chinese logo that has received criticism for its design [1][4]. Group 1: Product Details - The new truck model is equipped with 339kW and 369kW diesel engines and has a maximum allowable towing capacity of 40 tons [4]. - The model is registered by Scania Manufacturing (China) Co., Ltd., which is a wholly-owned subsidiary [4]. Group 2: Design Criticism - The new Chinese logo on the truck is created using the Microsoft YaHei font without artistic design, leading to a mismatch with the overall style of the vehicle [1][4]. - Many netizens have expressed their dissatisfaction with the design, suggesting that the designers have made a common mistake in adapting to the local market [4][5].

Group 1 - The Dow futures fell by 0.16%, S&P 500 futures dropped by 0.14%, and Nasdaq futures decreased by 0.05% [1] - Cryptocurrency exchange Gemini's IPO has been oversubscribed by more than 20 times, with the company limiting fundraising to $425 million [1] - Microsoft shares rose over 1.5% in pre-market trading after reaching a non-binding agreement with OpenAI to allow the latter to restructure into a for-profit entity [1] - Adobe's shares increased nearly 4.5% in pre-market trading after the company raised its revenue and profit forecasts for fiscal year 2025, indicating strong demand for its design software and enhanced monetization of AI tools [1] Group 2 - Supermicro shares rose nearly 6% in pre-market trading after announcing the delivery of high-capacity NVIDIA Blackwell Ultra systems [2] - Warner Bros Discovery shares increased over 4% in pre-market trading, following a previous trading day gain of over 28%, amid news of Paramount Global's interest in acquiring the company [2] - DA Davidson upgraded NVIDIA's stock rating from "neutral" to "buy," raising the target price from $195 to $210, citing optimism about growing demand for AI computing [2] - Rivian announced a recall of over 24,000 vehicles in the U.S. due to issues with its highway assist software [2] Group 3 - Apple announced that major Chinese carriers will provide eSIM support for the iPhone Air, with activation dependent on regulatory approval [3] Group 4 - The preliminary consumer confidence index from the University of Michigan for September will be released at 22:00 Beijing time [4]

Group 1 - The three major U.S. stock index futures are down, with Dow futures falling by 0.16%, S&P 500 futures down by 0.14%, and Nasdaq futures decreasing by 0.05% [1] - Cryptocurrency exchange Gemini's IPO is highly oversubscribed, with over 20 times the demand, leading to a fundraising cap of $425 million [1] - Microsoft shares rose over 1.5% in pre-market trading following a non-binding agreement with OpenAI to allow the latter to restructure into a for-profit entity while retaining significant shares [1] - Adobe's shares increased nearly 4.5% in pre-market trading after the company raised its revenue and profit forecasts for FY2025, indicating strong demand for its design software and enhanced monetization of AI tools [1] Group 2 - Supermicro shares rose nearly 6% in pre-market trading after announcing the delivery of high-capacity NVIDIA Blackwell Ultra systems [2] - Warner Bros Discovery shares increased over 4% in pre-market trading, following a previous day’s surge of over 28%, amid news of Paramount Global's interest in acquiring the company [2] - DA Davidson upgraded NVIDIA's stock rating from "neutral" to "buy," raising the target price from $195 to $210, citing optimism about growing demand for AI computing [2] - Rivian announced a recall of over 24,000 vehicles in the U.S. due to issues with its highway assist software [2] Group 3 - China's three major telecom operators, China Mobile, China Telecom, and China Unicom, will provide eSIM support for the iPhone Air, pending regulatory approval [3]

布拉德·史密斯（资料图） 图源：外媒 被解雇的员工之一、微软前工程师里基·法梅利表示，公司高层对抗议的定义过于狭隘，往往会引导员 工通过所谓"正规渠道"反映意见，但这些渠道在过去一年已被证明是"死胡同"。 史密斯还提到英国《卫报》8月6日的一篇报道。该报爆料称，以色列国防军某部队依赖微软的Azure云 服务对加沙地带的巴勒斯坦人实施大规模监控。对此，史密斯表示，公司正在认真核实相关指控，并将 调整内部流程以防止类似问题。 据美国"商业内幕"网站11日报道，微软总裁布拉德·史密斯在一场内部会议上明确表示，此前在公司内 部参与加沙相关抗议活动的员工，无法保住自己的工作。 当地时间9月11日，史密斯在会上就公司解雇部分员工的决定表态。他说，关于微软技术被以色列方面 用于监控巴勒斯坦人的媒体爆料，公司已聘请律师事务所进行调查，并正在着手完善内部机制，让员工 在怀疑客户滥用微软服务时可直接举报。 自以色列在加沙地带发动军事行动以来，微软员工参与的反战抗议活动不断升级，他们的主要诉求是让 微软结束与以色列军方的合作。8月底，几名员工闯入并占领史密斯的办公室静坐示威，随后4名参与员 工被公司解雇。 在9月11日的会议上，史 ...

Core Insights - The European Commission has accepted Microsoft's proposed commitments to address competition issues related to its Teams platform [1] - The investigation initiated in 2023 found that Microsoft gained an unfair competitive advantage by bundling its productivity applications with Teams, thereby limiting competition in the cloud communication and collaboration market [1]

Core Points - The European Union has accepted Microsoft's proposed solution to end the investigation into the alleged illegal bundling of the Teams video conferencing application, allowing Microsoft to avoid a significant antitrust fine [1] - Microsoft has committed to unbundling Teams from its popular Office suite, addressing competition concerns raised by the EU [1] - The EU previously warned Microsoft that its behavior since 2019 had given Teams an unfair advantage over competitors [1] Summary by Sections - **Regulatory Outcome** - The EU's acceptance of Microsoft's solution marks the conclusion of the investigation into the company's practices [1] - Microsoft will now sell Teams separately from Office 365 and Microsoft 365 [1] - **Commitments Made by Microsoft** - Microsoft has agreed to charge lower fees for the Office suite that does not include Teams [1] - The company will also improve interoperability for competing software using Microsoft services [1] - **Statements from Microsoft** - Nanna-Louise Linde, Microsoft's Vice President of European Government Affairs, expressed gratitude for the dialogue with the EU Commission that led to the agreement [1] - Microsoft plans to implement these new obligations immediately and comprehensively [1]

Core Insights - Microsoft and OpenAI have signed a non-binding cooperation agreement allowing OpenAI to restructure into a for-profit company [1][2] - OpenAI's revenue has grown to billions, prompting a shift towards a traditional corporate structure and partnerships with other cloud providers [2] - OpenAI's non-profit division is expected to receive over $100 billion, representing 20% of its $500 billion valuation in private markets [2] Group 1 - Microsoft invested $10 billion in OpenAI in 2019 and an additional $10 billion in early 2023 [2] - Microsoft previously held exclusive rights to sell OpenAI software tools through its Azure cloud platform [2] - OpenAI is seeking regulatory approval for its new structure from California and Delaware authorities [3] Group 2 - OpenAI is pursuing its own data center projects, including a $300 billion long-term contract with Oracle and a cloud computing agreement with Google [2] - The exact ownership stake Microsoft will have in OpenAI and whether it retains exclusive rights to OpenAI's latest models and technologies remains undisclosed [3] - OpenAI faces a risk of losing billions in funding if it does not complete its restructuring by the end of the year [3]

| MSFT 微软 | | | | --- | --- | --- | | 501 010 ↑ +0.640 +0.13% | | 收盘价 09/11 16:00 美东 | | 508.520 + 7.510 +1.50% | | 盘前价 09/12 04:37 美东 | | = 77 24 13 15 19 11 9 日 9 日 2 日 1 | | ● 快捷交易 | | 最高价 503.170 | 开盘价 502.250 | 成交量 1888.16万 | | 最低价 497.880 | 昨收价 500.370 | 成交额 94.68亿 | | 平均价 501.461 | 市盈率 TM 36.73 | 总市值 3.72万亿 (m) | | 振 幅 1.06% | 市盈率(静) 36.73 | 总股本 74.33亿 | | 换手率 0.25% | 市净率 10.842 | 流通值 3.72万亿 | | 52周最高 554.538 | 委 比 -93.22% | 流通股 74.23亿 | | 52周最低 343.593 | 量 比 0.89 | 每 手 1股 | | 历史最高 554.538 | 股息TTM 3. ...