AP TechnologyCodex · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·源无时间·以抓取为准·⟳ 抓取 15:23:53·⚡ 决策 09-04 15:28:35 +4m42s·53.4 天前
美国司法部在纽约时报诉OpenAI版权案中支持OpenAI的合理使用立场
事件方向对OpenAI偏正、对纽约时报偏负,但不是最终裁决,也没有可量化的收入、赔偿或业务增量;直接主体不可交易,间接标的边际影响不足。
📄 原文AP Technology↗ 原文
Trump administration backs OpenAI in New York Times’ copyright case over training of chatbots
WASHINGTON (AP) — The Trump administration is wading into a legal fight between OpenAI and the New York Times, backing…
不做 纽约时报公司(NYT.US)
司法部意见对诉讼立场偏负面,但不是判决或赔偿变化,做空催化不够强。
不做 微软(MSFT.US)
事件对OpenAI偏利好但微软只是间接受益,体量过大且无可量化基本面增量。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
美国司法部支持AI训练合理使用降低了OpenAI版权诉讼压力,但该事件仍处诉讼意见阶段,未改变判决结果或商业合同;OpenAI不可直接交易,微软体量过大,纽约时报受损也不足以构成强做空催化,因此不做。
消息传播链
- AP稿件经ABC转载显示司法部支持OpenAI合理使用立场,时间早于本次抓取约两天。
- AP Technology信号再次推送同一版权诉讼报道,未见新增判决或金额事实。
关键理由
- 司法部立场对OpenAI及大型AI训练模式的法律风险边际偏正。
- 对纽约时报公司的版权诉讼筹码边际偏负,但尚未形成实际损益或现金流损害。
- 微软间接受益链条太弱,相对其市值和云业务基本面增量不可交易。
主要风险
- 法院不受司法部意见约束,后续判决、和解或赔偿条款才是更强催化。
- 若市场把该事件解读为AI版权诉讼系统性降风险,可能短线利好大型AI链,但主标的缺少纯度。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-09-02 · 影响 weakens
报道仅显示政府支持OpenAI法律论点,未披露微软收入、赔偿或云业务订单增量。
检索:OpenAI New York Times copyright lawsuit Justice Department fair use Microsoft material impact 原文 ↗ - 做空前查反向 · 来源 web · 日期 2026-09-02 · 影响 weakens
纽约时报反对政府立场,但事件并非法院裁决或诉讼败诉,直接做空催化强度不足。
检索:New York Times OpenAI copyright lawsuit Justice Department fair use government position 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例不足强化了不追微软或纽约时报的结论。
方向:缺少足够对齐的公开市场先例,无法用历史事件校准短线胜率。
涨幅量级:未取得高相似、同市场、同诉讼阶段且锚点干净的先例,不能据此设定收益幅度。
形态:此类法律意见阶段事件通常需要后续法院裁定验证,但本轮未用事件研究确认可重复价格模式。
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原文全文
展开原文 · 3,940 字
Trump administration backs OpenAI in New York Times’ copyright case over training of chatbots
WASHINGTON (AP) — The Trump administration is wading into a legal fight between OpenAI and the New York Times, backing the ChatGPT-maker’s argument in a closely watched case over how it builds its AI technology by ingesting and processing millions of news articles.
In court papers filed Tuesday, the Justice Department supported OpenAI’s argument that training its models on troves of writings found on the internet is protected by the “fair use” doctrine of copyright law.
The Justice Department wrote that “the creative possibilities and public benefits” of training large language models on such content “far outweigh any competitive harm.”
It told the court that siding with The New York Times and other publishers who argue OpenAI’s practice violates copyright law would thwart “creative and scientific progress while hindering American prosperity and economic mobility.”
“The entire reason that AI models are rapidly reshaping the economy and national security is that they help people, including those working in creative fields, make things and get things done,” Justice Department attorneys wrote. The “creative benefits often overlap with national security interests,” the department added, because AI models can “help national security officials analyze and draw inferences from (unprotected) real-world facts such as those conveyed in New York Times articles.”
The Times criticizes the government’s position
The lawsuit, and the government’s involvement in it, are symptoms of something happening all over the world, particularly in recent months: the rush to keep up with the rapid rise of AI tools over the past five years. In many cases, disputes about AI and its practices are winding their way through courts that still lack precedents — and in some cases language — to match the subject matter.
The New York Times said Wednesday that the administration “is siding with a handful of trillion-dollar AI companies at the expense of the countless American creators whose work they stole.”
“Both AI and creators can thrive — AI companies simply need to pay fairly for the content that makes their products possible, as copyright law requires,” Graham James, a spokesperson for the paper, said in an emailed statement. “The Administration’s proposal to let companies take that content without permission or compensation would undermine the sustainability of the human-created content that a healthy society depends on, and which AI needs to function.”
The New York Times says OpenAI threatens its financial livelihood
The Times sued OpenAI in 2023, arguing that the company was threatening its journalists’ livelihoods by effectively stealing billions of dollars’ worth of their work, in some cases spitting out The Times’ material verbatim to people seeking answers from generative artificial intelligence like ChatGPT. The threat to news publications became even more apparent when, in 2024, Google introduced AI-generated summaries at the top of online search results, cutting off the advertising dollars that come when people click a link to the information’s original source.
The Times has since been joined by other news organizations, including MediaNews Group-owned newspapers the New York Daily News and the Chicago Tribune, digital media publisher Ziff Davis and the nonprofit Center for Investigative Reporting. The company has been sued by several writers — including comedian Sarah Silverman — who say their books were ingested to train OpenAI’s AI models without their permission.
The Times’ arguments differ from those brought by book authors. In its original lawsuit and an amended complaint filed earlier this year, it focused on the unfair competition of companies that “seek to free-ride on The Times’s massive investment in its journalism by using it to build substitutive products without permission or payment.”
WASHINGTON (AP) — The Trump administration is wading into a legal fight between OpenAI and the New York Times, backing the ChatGPT-maker’s argument in a closely watched case over how it builds its AI technology by ingesting and processing millions of news articles.
In court papers filed Tuesday, the Justice Department supported OpenAI’s argument that training its models on troves of writings found on the internet is protected by the “fair use” doctrine of copyright law.
The Justice Department wrote that “the creative possibilities and public benefits” of training large language models on such content “far outweigh any competitive harm.”
It told the court that siding with The New York Times and other publishers who argue OpenAI’s practice violates copyright law would thwart “creative and scientific progress while hindering American prosperity and economic mobility.”
“The entire reason that AI models are rapidly reshaping the economy and national security is that they help people, including those working in creative fields, make things and get things done,” Justice Department attorneys wrote. The “creative benefits often overlap with national security interests,” the department added, because AI models can “help national security officials analyze and draw inferences from (unprotected) real-world facts such as those conveyed in New York Times articles.”
The Times criticizes the government’s position
The lawsuit, and the government’s involvement in it, are symptoms of something happening all over the world, particularly in recent months: the rush to keep up with the rapid rise of AI tools over the past five years. In many cases, disputes about AI and its practices are winding their way through courts that still lack precedents — and in some cases language — to match the subject matter.
The New York Times said Wednesday that the administration “is siding with a handful of trillion-dollar AI companies at the expense of the countless American creators whose work they stole.”
“Both AI and creators can thrive — AI companies simply need to pay fairly for the content that makes their products possible, as copyright law requires,” Graham James, a spokesperson for the paper, said in an emailed statement. “The Administration’s proposal to let companies take that content without permission or compensation would undermine the sustainability of the human-created content that a healthy society depends on, and which AI needs to function.”
The New York Times says OpenAI threatens its financial livelihood
The Times sued OpenAI in 2023, arguing that the company was threatening its journalists’ livelihoods by effectively stealing billions of dollars’ worth of their work, in some cases spitting out The Times’ material verbatim to people seeking answers from generative artificial intelligence like ChatGPT. The threat to news publications became even more apparent when, in 2024, Google introduced AI-generated summaries at the top of online search results, cutting off the advertising dollars that come when people click a link to the information’s original source.
The Times has since been joined by other news organizations, including MediaNews Group-owned newspapers the New York Daily News and the Chicago Tribune, digital media publisher Ziff Davis and the nonprofit Center for Investigative Reporting. The company has been sued by several writers — including comedian Sarah Silverman — who say their books were ingested to train OpenAI’s AI models without their permission.
The Times’ arguments differ from those brought by book authors. In its original lawsuit and an amended complaint filed earlier this year, it focused on the unfair competition of companies that “seek to free-ride on The Times’s massive investment in its journalism by using it to build substitutive products without permission or payment.”
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