微软在截至9月的三个月里，从与OpenAI的业务中录得100亿美元收入，约占其总收入的11%。微软周三在季度文件中披露了这一金额，即其发布财报的当天。
Microsoft recorded $10bn of revenue from its business with OpenAI in the three months to September, about 11% of its total revenue. Microsoft disclosed the amount in its quarterly filing on Wednesday, the day it reported its results.
据GeekWire的Todd Bishop报道，这是微软首次给出该安排的季度数据。TechCrunch的Rebecca Bellan也报道了这一数字。
It is the first time Microsoft has given a quarterly figure for the arrangement, Todd Bishop reported for GeekWire. Rebecca Bellan also reported the figure for TechCrunch.
文件称：“截至2026年9月30日的三个月里，我们从与OpenAI的商业安排中录得收入（含收入分成款项）100亿美元。”
“For the three months ended September 30, 2026, we recorded revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, of $10.0 billion,” the filing says.
文件未将该金额在收入分成与OpenAI在Azure（微软云平台）上的支出之间拆分。
The filing does not split that between revenue sharing and OpenAI’s spending on Azure, Microsoft’s cloud.
超过Xbox 两家媒体均报道，在截至6月的12个月里，微软从OpenAI录得241亿美元收入。这意味着平均每季度约60亿美元。GeekWire报道，上一季度来自OpenAI的100亿美元收入，超过了Xbox带来的收入（54亿美元），也超过了搜索与广告业务（66亿美元）。
Bigger than Xbox In the 12 months to June, Microsoft recorded $24.1bn from OpenAI, both outlets reported. That is about $6bn a quarter on average. Last quarter’s OpenAI revenue of $10bn was more than Xbox brought in ($5.4bn) and more than search and advertising ($6.6bn), GeekWire reported.
文件显示，截至9月底，OpenAI欠微软72亿美元，较6月的60亿美元有所增加。微软持有OpenAI约24%的股份，并已支付其承诺投资的130亿美元中的120亿美元。
OpenAI owed Microsoft $7.2bn at the end of September, the filing shows, up from $6.0bn in June. Microsoft owns about 24% of OpenAI, and has paid $12.0bn of the $13.0bn it committed to invest.
TechCrunch报道，该股份比例在6月约为25%，在OpenAI于2025年10月重组后约为27%。微软未说明稀释的原因。GeekWire报道，根据会计规则，OpenAI属于关联方，因此微软必须披露该业务。
That stake was about 25% in June and about 27% after OpenAI’s restructuring in October 2025, TechCrunch reported. Microsoft did not say what caused the dilution. Microsoft must disclose the business because OpenAI counts as a related party under accounting rules, GeekWire reported.
关系放松 两家媒体均报道，两家公司已放松合作伙伴关系。2025年10月，微软放弃了向OpenAI供应算力的优先拒绝权。OpenAI承诺再采购2500亿美元的Azure服务。2026年4月的一项协议赋予OpenAI更广泛的自由使用其他云服务提供商的权利，OpenAI最近已将其模型引入竞争对手Google Cloud。
Looser ties The two companies have loosened their partnership, both outlets reported. In October 2025, Microsoft gave up its right of first refusal to supply OpenAI’s computing capacity. OpenAI committed to buy another $250bn of Azure services. An April 2026 agreement gave OpenAI broader freedom to use other cloud providers, and OpenAI recently brought its models to rival Google Cloud.
据TechCrunch报道，OpenAI将在2030年前继续与微软分享收入，但设有上限。TechCrunch指出，此前有报道称OpenAI分享其收入的20%，但两家公司均未证实这一数字。
OpenAI will keep sharing revenue with Microsoft through 2030, subject to a cap, TechCrunch reported. It noted earlier reports that OpenAI shares 20% of its revenue, a figure neither company has confirmed.
据GeekWire报道，在财报电话会议上，伯恩斯坦分析师马克·莫德勒询问Azure的AI增长来自何处。首席执行官萨提亚·纳德拉没有提及OpenAI。他表示，他不希望Azure的AI业务依赖少数几个大客户。
On the earnings call, Bernstein analyst Mark Moerdler asked where Azure’s AI growth was coming from. Chief executive Satya Nadella did not mention OpenAI, GeekWire reported. He said he did not want Azure’s AI business to depend on a few big customers.
据GeekWire报道，纳德拉表示，依靠“从你这里购买大量算力的四个客户”来支撑几个季度的增长，“在我看来算不上是一门生意”。
Relying on “four customers who buy a lot of capacity from you” for a few quarters of growth is “not a business as far as I’m concerned”, Nadella said, according to GeekWire.
在电话会议后在X上发布的一篇帖子中，纳德拉写道，Azure的增长是广泛的，涵盖大中小企业。
In a post on X after the call, Nadella wrote that Azure’s growth was broad-based across large and small businesses.
4/ 在基础设施方面，我们拥有一个可灵活调配的资源池，使我们能够将算力动态分配给计算、数据、Foundry和Copilot领域价值最高的机会。我们正在更快地上线算力，并从现有基础设施中获取更多产出。
4/ When it comes to infrastructure, we have a fungible fleet that allows us to dynamically allocate capacity to the highest value opportunities across compute, data, Foundry, and Copilot. We are bringing capacity online faster, and getting more from the infrastructure we already have.
Azure的增长在企业客户和中小企业中广泛分布，涵盖核心云服务和AI基础设施。我对我们面前的机遇从未如此充满信心。
Azure growth was broad-based across enterprise and SMB, spanning both core cloud services and AI infra. I have never been more confident in the opportunity ahead of us.
2026年10月28日 据GeekWire报道，微软还在文件中扩大了关于其依赖外部AI模型制造商的警告。文件称，微软对这些模型的设计、训练、安全防护和测试“了解有限或无法控制”。文件还补充说，其中一些合作伙伴同时也是Azure的重要客户。
October 28, 2026 Microsoft also widened a warning in the filing about its reliance on outside AI model makers, GeekWire reported. It says Microsoft has “limited visibility into or control over” how those models are designed, trained, secured and tested. Some of those partners are also significant Azure customers, it adds.
支出预测下调 据阿什利·斯图尔特为《商业内幕》报道，首席财务官艾米·胡德将微软2026年的资本支出预测从1750亿美元下调至1700亿美元。胡德表示，一些与外部算力供应商签订的“GPU即服务合同”已推迟到本财年下半年。
Spending forecast trimmed Chief financial officer Amy Hood cut Microsoft’s 2026 capital spending forecast to $170bn, from $175bn, Ashley Stewart reported for Business Insider. Hood said some “GPU-as-a-Service contracts” with outside capacity providers had slipped to the second half of the fiscal year.
资本支出（包括融资租赁）在该季度为452亿美元，CNBC的乔丹·诺维特报道。据路透社报道，这一数字低于微软自身的500亿美元预测。文件显示，现金部分——即房地产和设备支出——为394亿美元。
Capital spending, including finance leases, was $45.2bn in the quarter, Jordan Novet reported for CNBC. That was below Microsoft’s own $50bn projection, according to Reuters. The cash part, spending on property and equipment, was $39.4bn, the filing shows.
彭博社的布罗迪·福特和马特·戴报道，胡德表示，本季度支出将超过500亿美元。路透社报道，投资者关系主管乔纳森·尼尔森将这一缺口归因于延误，而非支出计划的任何变化。
Hood said spending would top $50bn in the current quarter, Brody Ford and Matt Day reported for Bloomberg. Investor relations chief Jonathan Neilson put the shortfall down to delays rather than any change in spending plans, Reuters reported.
据商业内幕引用公司幻灯片报道，微软在该季度的员工人数下降了2%。本周，微软向6万名员工提供了买断方案。
Its headcount fell 2% in the quarter, according to Business Insider, which cited company slides. This week Microsoft offered buyouts to 60,000 employees.