刚刚！利好突袭，直线爆拉！

Core Insights - Microsoft and OpenAI have signed a new agreement, with OpenAI committing to purchase an additional $250 billion worth of Azure services [1][5] - OpenAI has completed a capital restructuring, establishing a new organizational structure where a non-profit entity holds controlling interest over its for-profit operations [4] Group 1: Organizational Changes - OpenAI's non-profit entity is now named OpenAI Foundation, holding approximately $130 billion in equity of the for-profit segment [4] - The for-profit entity is now designated as a Public Benefit Corporation (PBC), named OpenAI Group PBC, with the OpenAI Foundation owning 26% of the equity [4] - Microsoft has supported this restructuring and now holds an investment in OpenAI Group PBC valued at approximately $135 billion, equating to about 27% of the company on a fully diluted basis [5][6] Group 2: Microsoft’s Rights and Investments - Microsoft no longer has priority purchasing rights for OpenAI's computing resources but has secured a commitment from OpenAI for $250 billion in Azure services [5][9] - The agreement extends Microsoft's intellectual property (IP) rights related to models and products until 2032, including models developed post-AGI [6][7] - Microsoft retains IP rights related to research until AGI is verified by an independent expert panel or until 2030, whichever comes first [7] Group 3: Collaboration and Development - OpenAI remains a key model partner for Microsoft, with exclusive IP rights and access to Azure API until AGI is achieved [6] - OpenAI is now permitted to co-develop certain products with third parties, with API-related products being exclusive to Azure [9] - Revenue-sharing agreements will continue until AGI verification, although payment cycles will be extended [9]