微软（MSFT）股价飙升4%，因Copilot重大升级瞄准Anthropic

Core Points

Microsoft shares rose about 4% after announcing a comprehensive Copilot transformation plan. The updated platform integrates conversational artificial intelligence, development tools and autonomous agents, and is designed to compete with Anthropic's Claude platform. Jacob Andreou, head of Copilot, admitted that the introduction of development features represents Microsoft's determination to work hard to close the artificial intelligence gap.

Premium Copilot subscriptions reached 30 million, an increase of 10 million in three months. Wall Street was generally optimistic, with price targets indicating potential gains could be between 15% and 40%.

Acknowledges the competitive landscape

Microsoft's share price rose about 4% this week, thanks to the company's announcement of a comprehensive Copilot transformation strategy. The strategic move puts the technology giant in direct competition with Anthropic's Claude platform.

The September 25 release integrates multiple independent artificial intelligence products into a unified integrated platform. This strategic integration is designed to provide a unified experience that competes with Claude and OpenAI integrated solutions.

The completely renovated platform has three main parts:

• Home Center: Combine conversation capabilities with Cowork (productivity assistant) and complete Microsoft's flagship Office applications, including Word, Excel and PowerPoint.
• Code: 专注于开发的模块，使用户能够通过对话命令创建应用程序和可视化工具。此功能利用了支撑 GitHub Copilot 的相同底层基础设施。
• Autopilot（自动驾驶仪）：前身为 Scout，这是第三个组成部分。该功能使组织能够部署在云环境中运行的自主智能体，以独立管理重复性工作流。

微软首席执行官 Satya Nadella 今年 6 月在 Build 开发者大会上首次预览了这一整合平台。在 7 月的投资者电话会议上，他确认将在本季度内发布，公司成功兑现了这一承诺。

Copilot 项目负责人 Jacob Andreou 公开承认，纳入开发功能表明微软在这一特定领域是追随者而非创新者。OpenAI 和 Anthropic 此前已将对话、编码和智能体功能统一在一起。

Meta 的 Muse 应用也崭露头角，在其最近推出后登上了苹果 App Store 的榜首。微软的策略侧重于利用企业安全和合规资质，而不是纯粹在技术优势上竞争。

Andreou 强调，对于企业客户而言，将机密文档传输到本地设备是不可接受的，这似乎是在引用 Claude Cowork 之前的架构。Nadella 还批评 Anthropic 的 Claude Fable 模型对于创新应用来说限制过多。

Interestingly, despite competitive tensions, Microsoft maintains its partnership with Anthropic. The company continues to embed the Claude model in Copilot and generate Azure revenue from Anthropic's $30 billion cloud infrastructure agreement.

Financial Performance Indicators

Earlier this year, Microsoft's share price fell as much as 17%, the most difficult period the company has faced since the 2008 financial crisis. During this period, premium Copilot subscriptions accounted for only 3.3% of Microsoft's approximately 450 million commercial Microsoft 365 subscribers.

Before the platform redesign, daily interaction metrics had tripled year-on-year. More than 1500 enterprise organizations simultaneously deploy Anthropic and OpenAI models through Microsoft's infrastructure.

The company had 30 million premium Copilot subscribers at the end of its most recent quarter, 10 million more than three months ago. GitHub Copilot also has more than 50 million independent registered users.

This month, Stifel upgraded Microsoft's rating to "buy" from "hold", and analyst Brad Reback said the company had reached a turning point after its second-quarter performance. Goldman Sachs predicts that Copilot and artificial intelligence automation could contribute more than $35 in earnings per share by fiscal 2030.

Fourth-quarter revenue increased 18% year-on-year to US$90 billion, Azure grew 43%, and annualized revenue exceeded US$100 billion. 33 of the 36 financial analysts monitoring Microsoft maintain buy recommendations.

共识目标价在 558 美元至 573 美元之间，表明从当前交易水平来看，潜在升值幅度约为 15% 至 40%。值得注意的是，重新设计的 Copilot 平台允许用户在开发相关任务中选择 OpenAI 的 GPT 模型或 Anthropic 的 Opus 模型。