当地时间10月28日，OpenAI宣布完成为期近一年的重组，为首次公开募股（IPO）奠定了基础，有望筹集巨额资金，用于支持其庞大的算力投入和科研计 划。 在新的架构下，OpenAI仍由非营利董事会——OpenAI基金会实际控制，其持有营利部门——OpenAI Group PBC（OpenAI集团公共利益公司）26%股 权，按公司近期5000亿美元估值计算，价值约1300亿美元。 此次重组将此前投资转为普通股权，解除投资者潜在收益上限，同时确保非营利方在安全和治理等关键事务上保持监督权。 新OpenAI股权架构示意图 股权结构方面，微软成为第一大股东，持有约27%股权，价值约1350亿美元。 在OpenAI宣布完成资本结构重组的同时，该公司还与微软就合作架构达成新协议。 OpenAI承诺向微软追加采购2500亿美元的Azure云计算服务；且OpenAI仍是微软的前沿模型合作伙伴。微软对OpenAI模型和产品的知识产权授权延长至 2032年，其中包含了通用人工智能实现之后的模型（需配备适当的安全护栏）。 此外，微软现在可以独立或与第三方合作推进通用人工智能，而OpenAI可以与第三方联合开发某些产品。 OpenA ...

Core Viewpoint - Microsoft and OpenAI have restructured their partnership, marking a transition from a deep collaboration to a more independent development phase while retaining a core cooperation framework [3][4][5]. Group 1: Agreement Details - The new agreement extends Microsoft's intellectual property (IP) licensing to 2032 and commits Microsoft to provide OpenAI with $250 billion in Azure cloud services, while Microsoft relinquishes its status as the preferred cloud provider [1][6][7]. - The restructuring is seen as a "friendly separation," allowing both companies to pursue independent paths while maintaining essential collaboration [4][5]. Group 2: Market Reactions - JPMorgan views the agreement as a significant reduction of uncertainty for Microsoft, suggesting that the stock's recent stagnation was influenced by concerns over the OpenAI partnership [6]. - Morgan Stanley emphasizes a strategic shift, indicating that the agreement signifies a transition from alliance to competition among tech giants in the AGI race [10][11]. Group 3: Implications for Microsoft - The extension of the IP licensing period to 2032 is crucial, as it alleviates the risk of immediate termination upon OpenAI achieving AGI, which previously posed a significant threat to Microsoft's business continuity [6][7]. - The $250 billion commitment is seen as a positive surprise, helping to rebalance concerns about Microsoft's competitive position against Oracle [7][10]. Group 4: OpenAI's New Flexibility - OpenAI gains the ability to collaborate with third parties and develop non-API products, as well as provide API access to U.S. government clients, regardless of the cloud service provider [8][9]. - This flexibility allows OpenAI to explore new revenue streams and partnerships, enhancing its operational independence [8][9]. Group 5: Future Considerations - Morgan Stanley raises questions about the revenue-sharing mechanism, accounting details, and the timeline for AGI verification, which could impact the financial dynamics between Microsoft and OpenAI [12][13]. - The timeline for AGI realization is critical, as it will determine the potential revenue cliff for Microsoft related to OpenAI [13].

Core Viewpoint - Microsoft and OpenAI have restructured their partnership, transitioning from a deep collaboration that began in 2019 to a more independent development phase while retaining a core cooperation framework [1] Group 1: Microsoft and OpenAI Relationship - The restructuring marks the end of a significant partnership that initiated the AI era, with both companies now pursuing independent paths while maintaining essential collaboration [1] - The new agreement extends Microsoft's intellectual property rights until 2032, providing a seven-year certainty window for business continuity, even in scenarios involving AGI [2][3] - OpenAI gains flexibility to collaborate with third parties and develop non-API products, which allows it to operate independently in sensitive areas like national security [3][4] Group 2: Market Reactions - JPMorgan views the restructuring as a "liberation moment" for Microsoft, reducing key uncertainties that have affected its stock performance [2] - Morgan Stanley emphasizes the strategic shift towards a competitive landscape, indicating a transition from alliance to competition in the AGI race [4] - Both firms maintain a bullish outlook on Microsoft, with JPMorgan setting a target price of $565 and Morgan Stanley a higher target of $625, reflecting confidence in the company's future prospects [6] Group 3: Financial Implications - The $250 billion Azure cloud services commitment is seen as a significant rebalancing of Microsoft's position, especially after concerns about competition from Oracle [2] - Morgan Stanley anticipates that the new contract will substantially increase Microsoft's commercial bookings and remaining performance obligations in the upcoming fiscal quarter [5] - The revenue-sharing arrangement and the timeline for AGI verification are critical factors that could impact future financial outcomes for both companies [7]

10月28日消息，OpenAI宣布已完成其资本结构重组，巩固了其作为非营利组织，对旗下的营利性业务拥有控股权的结构。 这家人工智能初创公司表示，其非营利组织现已更名为OpenAI基金会（the OpenAI Foundation），并持有其营利性部门约1300亿美元的股权。 OpenAI称，其营利性部门现已成为一家公益公司，名为OpenAI Group PBC（OpenAI集团公共利益公司）。在新架构下，OpenAI基金会将持有 营利性实体26%的股权，而现有和前任员工及投资者将持有47%。 微软已向OpenAI投资超过130亿美元，并早在2019年就支持了该公司。微软表示，支持OpenAI的资本结构重组，并现持有该公共利益公司 （PBC）价值1350亿美元的股权，按转换后稀释基础计算，约占其27%的股份。OpenAI表示，在排除OpenAI最近的几轮融资后，微软在已转 换基础上持有该营利性实体32.5%的股权。 OpenAI在博客文章中表示："OpenAI作为一家公司越成功，该非营利组织的股权价值就越高，非营利组织将利用这笔资金来开展其慈善工 作。"OpenAI称，OpenAI基金会将做出初始250亿美元的 ...

以下文章来源于科创板日报 ，作者夏军雄 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 当地时间周二（10月28日），微软和人工智能（AI）研究公司OpenAI宣布达成协议，内容主要涉及OpenAI架构重组以及双方在AI领域的合 作等。 根据公司新闻稿件，OpenAI已完成重组，其非营利实体现更名为OpenAI基金会（OpenAI Foundation），并持有约1300亿美元的营利部 门股权。OpenAI的营利部门则改制为一家公益性公司（Public Benefit Corporation），名为OpenAI Group PBC。 在新架构下，OpenAI基金会将持有26%的股权，现任及前任员工与投资者合计持有47%。 而作为OpenAI最大股东的微软将获得27%股 权， 价值约1350亿美元。 此前，微软在不含最新融资轮的情况下，持股比例约为32.5%。根据目前的公开信息，微软自2019年起即支持OpenAI，并已累计投资超过 130亿美元。 OpenAI去年12月对外公布了拟进行架构重组的消息，此举旨在更好地吸引外部投资。在完成最新一次二级售股交易后，OpenAI在 私募市 ...

2、 英伟达CEO黄仁勋在华盛顿举行的GTC大会上表示，英伟达公司发布一套将量子计算机与其人工智能芯片连接起来的全新系统，这一名为NVQLink 的产品将为新一代超级计算机铺路，有助于降低量子比特的错误率。 此外他还宣布英伟达将与美国能源部合作，开发七台新一代超级计算机，这些设备 将配备英伟达AI芯片并在联邦研究机构运行。英伟达公司还宣布与斯泰兰蒂斯、Lucid Group和梅赛德斯-奔驰、Uber、Palantir等多家公司合作。 1、 中国与东盟签署自贸区3.0版升级议定书。 3.0版升级议定书全面拓展新兴领域互利合作，新增数字经济、绿色经济、供应链互联互通、竞争和消费者 保护、中小微企业5个领域，并加强标准和规制领域互融互通，促进区域贸易便利化及包容发展。 2、外媒称中欧将于本周四在布鲁塞尔就稀土问题进行会谈。 外交部发言人郭嘉昆对此表示，希望欧方恪守支持自由贸易、反对贸易保护主义的承诺，不 要动辄采取限制性措施，而应坚持通过对话协商妥善解决贸易分歧。 3、 国务院副总理何立峰会见金融监管总局国际咨询委员会委员时应询介绍了中美经贸形势，并表示，中国坚定不移扩大金融领域高水平对外开放，加快 建设现代化金融 ...

OpenAI与微软已达成新合作协议。 当地时间10月28日，微软与OpenAI宣布签署新协议，微软宣布将支持OpenAI推进其营利部门OpenAI Group PBC（OpenAI集团公共利益公司）的组建和资本重组。 根据协议，股权方面，微软目前持有该营利部门的投资权益约为1350亿美元，按稀释后转换的股份比例 约为27%。在不考虑OpenAI最近几轮融资的情况下，微软在该营利实体中的持股比例为32.5%，仍旧是 重要股东。 消息传出后，微软盘前股价一度涨超4%，开盘后涨超3%，市值回到四万亿美元上方。 同时，OpenAI宣布，非营利组织OpenAI基金会将继续控制营利性组织OpenAI，目前OpenAI基金会股权 估值约1300亿美元。 不久后，OpenAI获得了来自微软的10亿美元投资。根据双方当时签订的协议，微软向OpenAI提供包括 现金和Azure云计算资源在内的总计10亿美元，用于支持OpenAI的研发和模型训练。 彼时协议还提出，OpenAI要将其服务迁移至微软Azure云平台，微软成为其独家云提供商；此外，微软 拥有OpenAI技术的独家使用权，并从OpenAI的收入中获得20%的分成，协议有 ...

微软支持OpenAI推进公共利益公司（PBC）形式的成立。在OpenAI完成资本重组后， 微软对PBC的投资权益被明确估值在1350亿美元。按"转换稀释基准"并包含所有所有者（员工、投资 者及OpenAI基金会）计算，微软持有约27%的股权。微软对OpenAI模型和产品的知识产权授权延长 至2032年，其中包含了AGI实现之后的模型（需配备适当的安全护栏）。 OpenAI与其最大投资者微软已就合作架构达成新协议。 当地时间周二，微软和OpenAI发布联合声明。作为合作协议的关键部分，OpenAI承诺向微软追加采 购2500亿美元的Azure云计算服务。 微软支持OpenAI推进公共利益公司（PBC）形式的成立。在OpenAI完成资本重组后，微软对PBC的 投资权益被明确估值在1350亿美元。按"转换稀释基准"并包含所有所有者（员工、投资者及OpenAI基 金会）计算，微软持有约27%的股权。若不计算OpenAI近期融资轮的影响，微软在OpenAI营利实体 中的持股比例为32.5%（按转换基准计算）。 此外，OpenAI仍是微软的前沿模型合作伙伴。根据声明，微软对OpenAI模型和产品的知识产权授权 延长至20 ...

OpenAI与英伟达的合作可追溯至2016年。当时，黄仁勋曾亲自将首台AI超级计算机DGX-1交付给刚起步的 OpenAI。 "除了英伟达，没有任何合作伙伴能够以这种规模和速度做到这一点。"OpenAI联合创始人兼首席执行官阿 尔特曼（Sam Altman）表示，"一切始于计算，计算基础设施将成为未来经济的基石。" 根据公告，此次千亿美元合作的第一阶段部署预计将于2026年下半年上线，使用英伟达下一代Rubin架构 的平台。未来几周，双方将敲定这一战略合作的细节。 按照官方说法，英伟达与OpenAI的这项合作，将作为"星际之门"（Stargate）项目的补充。该项目在今年1 月推出，由甲骨文、OpenAI和日本软银集团三家公司组成的合资企业，将在未来四年投资5000亿美元，在 美国建设10吉瓦电力容量的AI基础设施。OpenAI在该项目中负责运营，并与微软、英伟达、甲骨文等公司 保持密切合作。 当地时间9月22日，英伟达宣布将逐步向OpenAI投资高达1000亿美元，用于建设电力容量达10吉瓦 （gigawatt）的AI数据中心，以训练和运行下一代模型。 英伟达创始人兼首席执行官黄仁勋介绍，建设10吉瓦的数据 ...

Core Viewpoint - The article discusses the competitive landscape among the world's most influential business leaders, highlighting the rise of artificial intelligence and the critical role of companies like Nvidia in shaping the future of technology and business [3][5][6]. Group 1: Nvidia and AI Leadership - Jensen Huang, CEO of Nvidia, is recognized as the most influential business leader, with Nvidia becoming the highest-valued company on the U.S. stock exchange due to the demand for its AI chips [3][6][7]. - The demand for Nvidia's chips is described as nearly infinite, with major tech companies building large data centers equipped with thousands of Nvidia GPUs [7]. - Nvidia's stock price has reached historic highs, making it the first company to surpass a market capitalization of $4 trillion [7]. Group 2: Competitive Dynamics - The article emphasizes the intense competition among top business leaders, with many closely ranked, indicating a fierce battle for market dominance [4][5]. - The rankings reveal that even slight differences in position can signify significant competition, as seen with leaders from Amazon and Walmart, and Tesla and BYD [4]. - The historical context shows that past advantages can quickly become liabilities, with emerging startups posing threats to established giants [5][6]. Group 3: Transformations in Major Companies - Microsoft, under Satya Nadella, has successfully transitioned from personal computing to cloud services and now to AI, maintaining a market cap of over $3.7 trillion [9][10]. - Meta, led by Mark Zuckerberg, has pivoted towards generative AI, with projected revenues nearing $190 billion, despite facing social media-related challenges [12]. - Tesla's Elon Musk continues to innovate, with significant advancements in SpaceX and Neuralink, despite controversies affecting Tesla's brand image [14]. Group 4: Emerging Leaders and Market Trends - BYD, led by Wang Chuanfu, has become the largest seller of new energy vehicles, with sales exceeding 4 million units in 2024 [16]. - Alphabet's Sundar Pichai is navigating regulatory challenges while pushing for AI advancements within Google, which has a profit of $100 billion [17]. - OpenAI's Sam Altman has transformed the company into a $300 billion entity, leading the AI arms race against competitors like Meta and Google [21]. Group 5: Financial Sector Insights - Jamie Dimon of JPMorgan Chase wields significant influence in the financial sector, with the bank reporting revenues of $279 billion in 2025 [24]. - Citigroup's Jane Fraser is restructuring the bank with a focus on technology modernization, achieving an 8% revenue growth [32]. - Accenture's Julie Sweet has positioned the company as a leader in generative AI, reporting $1.8 billion in AI-related revenue [30].