9 September 2025 | 3:11AM BST Nebius Group (NBIS): First thoughts on the multi-billion dollar agreement with Microsoft for AI infrastructure Nebius announced on September 8 a multi-billion USD agreement with Microsoft to provide AI infrastructure from its New Jersey facility. Management highlighted this as the first of the large AI lab deals referenced at its results, and it expects more to follow. The agreement will be financed partly from the cash flow generated from the deal and partly via new debt issua ...

Core Viewpoint - Senator Ron Wyden has publicly accused Microsoft of significant cybersecurity negligence, leading to ransomware attacks on U.S. hospital systems, and has called for an investigation by the Federal Trade Commission (FTC) [1][2]. Group 1: Cybersecurity Issues - Microsoft is criticized for using the outdated and insecure RC4 encryption technology, which has made it easier for hackers to compromise accounts and systems [1][2]. - The attack on the Ascension healthcare system, one of the largest non-profit healthcare systems in the U.S., resulted in the shutdown of multiple hospital computer systems and the exposure of sensitive data for over 5 million patients [1]. - Wyden's office found that the attack was initiated when a contractor clicked on a malicious link returned by Bing, allowing hackers to infiltrate Ascension's network [1]. Group 2: Microsoft’s Response and Actions - A Microsoft spokesperson stated that RC4 accounts for less than 0.1% of their traffic and that the company is gradually phasing it out, with plans to disable it by default in new Active Directory installations starting in 2026 [2]. - Despite previous inquiries from Wyden regarding Kerberos security issues, the update to disable RC4 has not yet been officially released, leaving many customers vulnerable to attacks [2]. - Wyden warns that if the FTC does not take action, Microsoft's culture of neglecting cybersecurity and its monopolistic position in the operating system market could pose a national security threat [2].

Core Insights - The true growth engine of Microsoft is Azure, generating $80 billion in annual revenue, rather than its traditional products like Windows and Office [2] - Azure has penetrated critical industries globally, supporting various sectors from Fortune 500 companies to NASA, highlighting its importance in the digital economy [2] Group 1: Azure's Evolution - Azure was conceptualized in 2008, during the early stages of cloud computing, as a response to competitors like AWS and Google Cloud, focusing on enterprise-level customer needs [3] - The unique positioning of Azure targets high-value verticals such as finance, healthcare, and aviation, addressing specific regulatory and operational requirements [4] Group 2: Business Model and Financial Performance - Azure's "pay-as-you-go" model significantly reduces upfront costs for enterprises, enhancing cash flow and operational efficiency, with a reported 70% reduction in initial capital expenditure [4] - In FY2023, Azure's revenue surpassed $75 billion, contributing to 45% of Microsoft's total revenue, with a gross margin of 68%, outperforming traditional business lines [6] Group 3: Market Trends and Competitive Advantages - The global enterprise cloud services market is projected to exceed $1.2 trillion by 2025, with Azure holding significant potential for market share growth [7] - Azure's integration with Microsoft products like Office 365 enhances customer retention and positions it as a comprehensive solution provider [7] - Compliance capabilities are crucial for Azure's success, having obtained over 90 industry certifications, allowing access to high-margin sectors like finance and healthcare [7] Group 4: Strategic Implications for Investors - Azure represents a shift in investment focus towards foundational infrastructure, akin to historical investments in railroads and electricity, emphasizing the importance of cloud computing in the modern economy [8] - The demand for computing infrastructure will continue to rise with advancements in AI, the metaverse, and industrial internet, making Azure a key player in future investment opportunities [8]

格隆汇9月10日丨阿尔卡季·沃洛日花了两年时间，才将自己与让他跻身俄罗斯最富有人士之列的科技企 业Yandex彻底剥离。他最终离开了俄罗斯。如今，他成为最新一位从人工智能热潮中获得财富的大 亨。沃洛日创立的Nebius Group NV宣布，将在未来五年内为微软公司提供其位于新泽西州新数据中心 的算力接入。该合同价值最高可达194亿美元。受此消息推动，总部位于阿姆斯特丹的Nebius的股价周 二在纽约交易中飙升49%，收于95.72美元。通过家族信托，沃洛日持有Nebius13%的股份，目前价值29 亿美元，自交易宣布以来增加了约10亿美元。自今年1月以来，这些股份的价值几乎增长了两倍。 ...

Macro News - The Ministry of Finance plans to issue the fourth phase of the 2025 ultra-long-term special government bonds with a total face value of 35 billion yuan, with a fixed interest rate of 1.92% [1] - Significant breakthroughs in mineral exploration have been reported, with the discovery of 10 large oil fields and 19 large gas fields during the 14th Five-Year Plan period [1] Health Sector - The domestically developed nine-valent HPV vaccine has started administration in Xiamen, priced at approximately 1,000 yuan for the full vaccination course, making it more accessible compared to imported vaccines [2] - The number of tax refund stores for departing tourists in China has exceeded 10,000, with a significant increase in the number of people enjoying tax refunds and sales figures [2] Market Movement - The A-share market experienced a slight increase with a trading volume of 1.98 trillion yuan, down 140.4 billion yuan from the previous trading day [4] - The global first cultural paper financial derivatives have been listed, with futures and options for offset printing paper starting trading [4] Company Developments - Apple held a product launch event, introducing the iPhone 17 series with a starting price of 5,999 yuan for the domestic version [5] - China Telecom announced that it is fully prepared to launch eSIM services for users, including support for the newly released iPhone 17 [6] - Microsoft will require employees to work at least three days a week in the office starting next year [6] - Gaode released the "Gaode Street Ranking," a new credit system aimed at increasing foot traffic to offline stores, with a commitment to never commercialize the ranking [7]

Group 1 - Microsoft plans to deeply integrate Anthropic's AI technology into its Office 365 suite, marking a shift away from exclusive reliance on OpenAI since 2019 [1][3] - The integration will embed Anthropic's Claude series models into applications like Word, Excel, Outlook, and PowerPoint, enhancing features such as document generation, data analysis, email responses, and presentation design [3] - Microsoft CEO Satya Nadella emphasized the company's strategy to build "the most open AI ecosystem" in the next three years, collaborating with multiple top model providers, including Anthropic and French AI startup Mistral AI [3] Group 2 - OpenAI recently launched OpenAI Jobs, a platform allowing companies to post jobs and use AI for candidate matching, which overlaps significantly with Microsoft's LinkedIn [3] - The launch of OpenAI Jobs has raised concerns for Microsoft, indicating heightened competition in the AI recruitment space [3]

【#微软Office365将接入AnthropicAI技术# 不再依赖OpenAI】#微软Office365将不再依赖OpenAI#《科创 板日报》10日讯，据知情人士透露，微软将在Office 365套件中引入Anthropic的AI技术。此举意味着， Anthropic的技术将与OpenAI的技术一同为Word、Excel、Outlook和PowerPoint等应用的新功能提供支 持，这一举措标志着微软在办公软件领域对ChatGPT开发商OpenAI的独家依赖局面正式终结。另一方 面，OpenAI也在努力摆脱微软的影响。上周，OpenAI推出了一个招聘平台，与微软的领英展开竞争。 (智通财经) ...

【#微软明年起将要求员工每周至少三天在办公室办公# 】微软9月9日发布博客文章称，明年起公司将 要求员工每周至少三天在办公室办公。微软首席人事官艾米·科尔曼表示，该政策将分三个阶段推行： 首先从美国普吉特海湾地区的员工开始，然后是美国其他办公地点的员工和国际员工。（智通财经） ...

格隆汇9月10日｜据The Information引述消息称，微软将向AI初创Anthropic购买技术。据报，微软旗下 Office 365 Copilot软件将部分运行在Anthropic模型上，因为微软发现电子表格任务和PowerPoint简报在 Anthropic模型上运行得比OpenAI模型更好。 ...

微软的AI工具价格预计将保持不变，即每位用户每月30美元。OpenAI预计仍将为微软的Copilot生成式 AI应用提供支持。 目前，微软Azure和AWS是全球最大的两家云计算服务提供商，其次是谷歌的Cloud Platform。在生成式 AI聊天机器人领域，OpenAI的ChatGPT与Anthropic的Claude形成竞争。 微软与OpenAI在OpenAI拟重组其盈利部门的计划上，已经谈判数月。目前尚不清楚微软此次转向是否 是一种谈判策略，但知情人士补充称，微软高管也发现Anthropic的模型在Office AI功能中表现更好。例 如，Anthropic的Claude Sonnet4在PowerPoint演示文稿的生成方面表现更佳。 据报道，微软(MSFT.US)似乎正准备在其Office365应用中，用Anthropic的部分人工智能(AI)技术取代 OpenAI的部分技术。这将打破OpenAI自2023年1月微软对其投资数十亿美元以来在微软内部的垄断地 位。此前，OpenAI的技术一直被用于微软生产力软件套件(包括Word、Excel、Outlook和PowerPoint)的 新功能开发。 A ...