Wedbush 升级点燃微软反弹，在人工智能协作上升的背景下关注 575 美元基准

Table of Contents A significant restructuring of the partnership between Microsoft and OpenAI has captured Wall Street’s attention, prompting upgraded forecasts from prominent analysts. Microsoft Corporation, MSFT Under the renegotiated terms, OpenAI has committed to a ceiling of $38 billion in total revenue-sharing obligations to Microsoft extending through 2030. This framework supersedes the earlier arrangement, which carried the potential for substantially higher aggregate payments over an extended timeline. The updated agreement additionally grants OpenAI freedom to offer its artificial intelligence models via competing cloud infrastructure providers—namely AWS, Google Cloud, and Oracle—thereby diminishing Microsoft’s previous exclusive positioning.韦德布什表示，华尔街仍然低估了微软的人工智能增长故事。 The firm kept its Outperform rating on $MSFT, calling it one of its favorite large-cap AI plays for 2026. 🔥 pic.twitter.com/kEQrtTtmK9 — Trader Edge (@Pro_Trader_Edge) May 15, 2026 Daniel Ives from Wedbush characterized the partnership revision as “a net positive” for Microsoft. The analyst elevated his price objective on MSFT shares to $575, representing approximately 42% potential appreciation from present trading levels, while maintaining an Outperform stance.目前股价为 409.43 美元，较年初至今下跌 15%。最重要的修改集中在支付加速上。微软今年将从 OpenAI 筹集约 60 亿美元，超过此前预期的 40 亿美元。 This enhancement stems from eliminating OpenAI’s ability to postpone certain obligations until 2032. Additionally, Microsoft has secured intellectual property access to OpenAI’s technological infrastructure and offerings through 2032, independent of any formal declaration regarding artificial general intelligence achievement.艾夫斯将其描述为消除了先前框架中固有的“开放式风险”。此外，在向云基础设施客户许可 OpenAI 模型时，微软将不再将 Azure 产生的收入与 OpenAI 分成。 Ives 认为这消除了 Azure 人工智能货币化能力的“重大拖累”。微软在 OpenAI 的股权保持不变，在潜在的公开发行之前保留了潜在价值创造的机会。 “Microsoft is reducing its dependency on a single highly concentrated commercial arrangement while maintaining strategic alignment with OpenAI,” Ives said. In a separate development, TD Cowen reaffirmed its Buy designation on MSFT with a $540 price objective following virtual discussions with Microsoft’s investor relations representatives. The investment firm highlighted Microsoft’s projection of capacity constraints persisting through at minimum the conclusion of 2026. However, operational efficiency improvements have liberated additional computational resources, with the company channeling increased capacity toward Azure operations. Microsoft indicated Azure growth acceleration is anticipated during the latter portion of 2026. Expedited deployment of its Fairwater data center infrastructure has contributed to this outlook, alongside a $30 billion commitment finalized in November 2025 to construct capacity for Anthropic—establishing a fresh AI workload revenue stream beyond OpenAI. Copilot 用户获取在最近一个季度也表现出势头。微软预计 6 月份季度的净用户增长将高于 3 月份的约 500 万。促成因素包括现已推出的 E7 捆绑包和即将推出的 Copilot Cowork 产品。对于 GitHub Copilot，Microsoft 部署了按用户加消费的定价结构，以通过扩展代理使用模式来增强收入捕获。在整个华尔街，MSFT 给出了 32 项买入建议和 2 项持有评级，建立了强烈买入的共识观点。 12 个月平均价格预测为 559.98 美元，较当前估值水平有约 37% 的上涨潜力。据路透社报道，微软旗下的 LinkedIn 同时计划裁员，作为组织重组工作的一部分，影响到约 5% 的员工。