-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：OpenAI和微软宣布对其合作协议进行重大调整，允许OpenAI限制支付给微软的收入分成，并可向包括亚马逊和谷歌在内的任何云服务提供商的客户提供服务。OpenAI将继续向微软支付20%的收入分成，直至2030年，但需设定总额上限；而微软将不再向OpenAI支付收入分成。尽管失去了独家合作权，微软仍保留了OpenAI知识产权的许可，并继续作为OpenAI的主要云服务提供商，拥有优先托管新工作负载的权利。此次重组预计将通过免除向OpenAI支付收入分成来提高微软在Copilot等人工智能服务上的利润率。我们认为，这种更加平衡的合作结构有助于提升长期可持续性，同时，微软持有OpenAI 27%的股份以及持续的知识产权使用权，确保其即使在亚马逊和谷歌等云服务提供商的竞争日益激烈的情况下，也能凭借OpenAI的成功而保持战略优势。
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