2026年Build大会 - 全面推进全栈战略

MicrosoftReuters 3 June 2026 RatingBuyNorth America United States MSFT.OQ MSFTUS Software Build2026-FullStackAhead ResearchAnalyst Microsoft is deepening its platform strategy across the entire Al stack.Asexpected, the eventfeatured a numberof product announcements,but mostnotably offered insight into what Mustafa Suleyman's MAl team has beenbuilding,whichto us was perhapsthe most strategicof theupdatesparticularlygiven investor focus on the internal allocation of scarce Azure Al capacity. Webelieve the broader vision was clear -- Microsoft is well equipped to become theprimary distribution layer for Al in a cost effective, performant, and controlledway.We see this evidenced by the introduction of new MAl models and Frontierworkflows, and a compute strategy with optionality to extend beyond Azurecapacity toward more inference at the edge. Below, we highlight our keytakeawaysfromthe event. +1-212-250-8563 Research Analyst+1-212-250-6775 Research Associate+1-415-2622041 ResearchAssociate+1-212-250-1203 announcements, in our view. The event offered a closer look into what MAl CEOMustafa Suleyman and team have been building, with Microsoft introducing 7new MAl models, including its first thinking and coding models alongside a newgeneration of voice, transcription,and image models.We would by no meanscharacterize these as Microsoft suddenly leapfrogging thefrontiermodel labsbutrather as the company building incremental control over model cost,performance, and 1P integration, all of which become more important asinference scales and the debate shifts toward optimizing what Microsoft has longbeen focused on:tokens per dollar per watt.More importantlyMicrosoftreinforced that thevalueof enterprise Alwill not only come fromrunning modelson top of proprietary context/data but from allowing companies to continuouslyimprovemodelsagainsttheirownworkflows,outcomes,andbusinessobjectives.That is the strategic relevance of Frontier Tuning and the company's "hillclimbing"framing in our view, where Microsoft istryingto give enterprises a pathto turn institutional knowledge into compounding Al systems they own andcontrolratherthan simplyconsuming intelligencefrom shared models. TheCopilot storycontinuestoevolvewithAutopilots,WebIQ,andapotentialSuperApp.Takentogether,we seeMicrosoft continuing to evolve Copilot beyonda chat based assistant and towards agentic orchestration for enterprise work.While the company previously leaned in this direction with Copilot Cowork, theintroductionof Autopilots(powered byOpenClaw)take it onestepfurther inourview with long running agents that have context,memory, and customconnectors.Separately,Microsoft also announced what it refers to as Web IQ, web which we view as an important building block if agents are going to movefromsimpletaskexecutiontoinformeddecisionsupport.Similartostrategiesthatwehave seenfrom others inthe industry,Microsoft also hintedtowards a Copilot"Super App" coming this summer that would bring chat, cowork, and code all intoa unified experience. Net/net, we view these announcements as reinforcing thesame broader direction that Microsoft has taken of positioning Copilot as thegoverned Al layer for enterprise work. cloud infrastructure remains central to the Al story particularly given investorfocus on capex and returns on the Al business, Microsoft for the first time pointedtoward a more distributed compute architecture which was the most focalkeynote topic.The company leaned into the idea of "unmetered intelligence"atthe edge through Windows, locally running models, and NVDA enabled developerfairly topical with debate in the software landscape shifting toward token basedpricing and the long term cost of serving inference at scale. Along with anappearance from NVDA CEO Jensen Huang, CEO Satya Nadella emphasizedthat not every Al workload needs to originate in the cloud, with the newparameter LLMs with a context window of up to 1m tokens and developersmarking a meaningful shift in edge computing. A number of other announcements further reinforcedMicrosofts platformbreadth.The new GitHub Copilot app was notable,with Microsoft trying tosimplify the increasingly fragmented developer workflow as the number of CLland agent sessions running in parallel per developer increase over time. ProjectSolara also embodied a broader vision for Al native devices, where agents movebeyond traditional apps and outside the boundaries of compute today intospecializedrealworldenterpriseworkflowsacrossstationaryandportableformfactors.Microsoft also spent timethe agent runtime layer, introducingMicrosoftExecutionContainers(MXC),),whicharedesignedtogiveagents asafer,governed sandbox environmentWindowswhichlikelybecomeskeyifoperatemoreautonomously.Finally.thecompany highlighteda number of improvements comingtoWindows that servethe interests of both end users and developers. Appendix 1 exchanges via Reuters, Bloomberg and other vendors.Other information is sourcedfrom Deutsche Bank,subj