Before 1995, although Microsoft had shown its hegemony in the operating system software market, its annual turnover was actually only more than $2 billion, and its main competitor, Apple, had an annual turnover of more than $1 billion. Windows 95 is still more than a year away, and although Microsoft is very optimistic about this new operating system, no one in the world except Eric could have predicted how Windows 95 will be devastating before it goes on sale.

At this time, in the small restaurant near the library of Harvard Business School, Bill Gates, who had calmed down, knew that although Yahoo was just a little sheep with little resistance ability compared to Microsoft at this time, there was a 'giant beast' standing behind this sheep that was more ferocious than Microsoft at this time. ”

"It's Yahoo Browser right away, and I think you already know that I've just integrated three companies. ”

Bill Gates was a little unhappy with Eric's sudden interjection, but he patiently said: "Okay, Yahoo Browser, if Yahoo Browser wants to be pre-installed software for Windows, it must be in the form of a permanent Windows exclusive." ”

Although Eric is aware of the development trend of the operating system market in the next few years, the current market share of Microsoft's Windows system is only 60%, and MacOS, Linux, Unix and even the original DOS are still in large use. It's already the biggest concession I've been able to make, and if you follow your suggestion, unless Windows can completely dominate the OS market, Yahoo will automatically abandon more than 40% of the operating system platforms that are now available, which is obviously impossible. ”

At this time, if you completely abandon other platforms, it is equivalent to completely tying the Yahoo browser software to Microsoft. If Microsoft suddenly turns around, Yahoo will be very passive. Microsoft's business credit in this area has never been great.

Windows 95 has not yet been released, and even Bill Gates himself does not have the confidence to absolutely dominate the operating system market, although he did not agree to Eric's words, but he did not continue to refute, saying: "I will consider this matter." However, Microsoft is unlikely to get a company app that has nothing to do with it on the Windows platform, and if Yahoo Browser wants to be pre-installed for Windows, Microsoft needs to get at least a 40% stake in Yahoo. ”

"Yahoo will choose an IPO next year. If you sell 40% of your shares to Microsoft, you become the largest shareholder of Yahoo, which is no different from selling Yahoo to Microsoft. Moreover, Microsoft's offer at this time is much lower than my personal expectations. Eric was going to refuse to sell his shares, but with that, a thought crossed his mind and he decided to throw a good bait to Bill Gates: "I can promise Microsoft a 30% stake in Yahoo at most, but not now." Rather, it is a 30% share option after five years. Five years later, Microsoft could be based on Yahoo's then-market capitalization. Acquire 30% of Yahoo's shares at your discretion by cash, share exchange, or any other means. ”

Bill Gates quickly calculated in his mind that he was very optimistic about Yahoo, but he did not believe that Yahoo would be able to surpass Microsoft in five years. Microsoft's internal estimates of Yahoo Network's value are between $8 and $1 billion, and even the best estimates show that Yahoo's market value will increase tenfold in five years. Microsoft wants to acquire a 30% stake and only needs about $3 billion. Based on Microsoft's annual market value growth of more than 30% at this time, Microsoft's market value may rise to $800 to $100 billion in five years, and $3 billion is nothing to Microsoft at that time. Microsoft would become Yahoo's largest shareholder, and then it would be easy to take a hostile takeover to swallow up the whole of Yahoo.

Eric has been quietly paying attention to the change in Bill Gates's expression, seeing that the other party's expression gradually relaxed, and maybe even thought of something good, and showed a smug smile, he knew that the gate classmate had fallen into the pit.

Feeling that there was nothing wrong with his calculations, Bill Gates said, "Eric, I can consider this, and in addition, Yahoo must open up some of the browser software patents to Microsoft." ”

"Of course it's fine if you insist," Eric seemed to speak very well, and continued, "anything else?"

"That's all for the time being, if we think of anything else, we can add it when we negotiate formally. ”

"Okay," Eric said, "Now that you've made it to the table, I'll tell you mine, and if we can reach a cooperation, we can no longer consider details such as exclusive licensing fees, but Yahoo promises that the version of Yahoo on Windows will continue to be ahead of other platforms, but Microsoft must also promise that it will not launch its own browser software for five years." ”

Eric originally planned that some of Yahoo's technical software would be the first to rely on the Windows platform for development, so that Windows would have the latest technology of Yahoo Browser, and for Yahoo itself, it would not even need to make any layout adjustments, but could use it as a 'bargaining chip' in exchange for some benefits.

Bill Gates suddenly felt that Eric was still too young, and as long as Yahoo stepped into the capital market, Yahoo would be almost in Microsoft's pocket in five years. Moreover, five years is enough time for Microsoft to thoroughly understand all the technical details of Yahoo Browser and develop alternative technologies, so that even if things change, Microsoft can drive Yahoo Browser out of the Windows platform without any scruples.

But as a shrewd businessman who is naturally cautious, Bill Gates still did not immediately agree, although he felt that it was not a big deal, but he still planned to take these terms to Microsoft's special strategic development department to study the pros and cons. So he continued to say ambiguously: "No problem, I can think about it." ”

Eric doesn't have as much calculation as Bill Gates, and he doesn't mind that Bill Gates' words are full of wordplay like 'can be considered'. In any case, both parties understand that any promise at this point has no legal effect until the contract is finally signed in black and white. Moreover, Eric is well aware that in the new century, browser software will be more of a vassal service of Internet giants. Compared to the 90s, the role of the interface has been greatly weakened. What's more, in the original time and space, even if Microsoft basically dominated the browser market in the early stage and always occupied a large market share, its own network business was still beaten by Yahoo, Google, Amazon and other companies in turn, and basically did not generate any profits, and the original best MSN online service finally ended up.

The general intention of cooperation was determined, and it was already dark outside the window. Neither side had any intention of staying in the small restaurant.

When saying goodbye, Bill Gates also hoped to visit Yahoo's headquarters next year, and Eric was going to entertain John Chambers and Steve Keys tomorrow.

Seeing the Gates and his wife leave in a luxury car, Eric walked a few steps to the quiet lawn next to him, felt in his pocket and took out a box of cigarettes, lit it and sat down on the lawn casually, taking advantage of the darkness to casually look at the occasional passers-by. There is still some curiosity in my heart, he and Bill Gates have revealed their identities. But it didn't attract any onlookers, which was beyond his expectations.

Caroline, who had been reluctant to leave like a little tail, sat down next to Eric, originally wanting to remind Eric not to smoke on campus, but seeing that Eric seemed to be thinking about things seriously, she didn't bother. Looking at the sparks dangling in Eric's hand, Caroline was at first a little worried that Eric would litter his cigarette butts everywhere. But then I decided that if he waited to throw it away, I would pick it up for him. The thought of being able to help Eric with something trivial made her feel much happier.

Eric recalled the negotiations with Bill Gates, and although the two sides have reached some initial cooperation intentions, the specific terms of the contract will definitely be adjusted in the future negotiation process. The biggest risk in this cooperation may be the 30% share option clause, which is also the biggest bait that Eric threw to the students. What Bill Gates can figure out, Eric can't think of. However, after more than two years in advance, and has the prophetic advantage of the reborn, if five years later, taking advantage of the Internet wave, Yahoo's market value still cannot reach the point where Microsoft is discouraged, then he will simply sell Yahoo and continue to return to Hollywood.

As for the rest, Eric didn't care too much, Bill Gates, who made a fortune by software, still cared most about browser software at this time, and the students could see that even if Yahoo Browser was completely free, it could still play a very big role in promoting the promotion of Windows, so he was eager to come and take Yahoo in person before the release of Windows95. And the facts in the original time and space have proven that having the supremacy of browser software does not bring much advantage to Microsoft's Internet business.

In addition to wanting to take advantage of next year's Windows95 east wind to promote Yahoo Browser, Eric is mainly worried that Microsoft will rely on the market advantage of the Windows system to launch new browsers to create different technical standards, hindering the development of the Internet industry. If Microsoft now launches a new browser, a completely different web decoding kernel, then this incompatibility will be even more serious, and Eric does not want to have a technical standard war with Microsoft that will last for many years, which will only hurt both sides.

Caroline's gaze swayed with the cigarette in Eric's hand, but Eric suddenly turned his head, waved the cigarette in his hand that was about to burn out, and asked, "You want to try it too?"

Caroline hurriedly shook her head: "No, I don't want to." ”

Eric smiled, got up and extinguished the cigarette butt in his hand, threw it into the trash can on the side of the road, and said to Caroline, "Which dormitory do you live in, shall I send you back?"

Caroline's gaze followed the cigarette butt into the entrance of the dumpster, and when she heard Eric's words, she turned her face and replied, "I don't have a dormitory, I live in an apartment on the east side." ”

Eric followed Caroline's guidance and walked to the east, saying, "Why do you live outside, you are not safe as a girl?"

"No, it's not me, I live with my classmates, and it's very close to the school. ”

Eric snorted and said nothing.

The two walked forward for a while, and Caroline found another topic: "Eric, why did you agree to sell a 30% stake in Yahoo to Microsoft, even after five years, it seems to be very risky?"

The market value of Yahoo in the original time and space was once close to 100 billion US dollars, Eric believes that after integrating a series of plans in his memory, as long as the Internet wave comes as scheduled, there is absolutely no problem in doubling the market value of Yahoo in this time and space, even if it is only 200 billion, then 30% of the shares will be 60 billion US dollars, equivalent to 10% of the market value of Microsoft at the highest point in the original time and space , Microsoft will definitely not be able to come up with $60 billion in cash, Eric remembers that in the original time and space in 1999, Microsoft's turnover at the peak of the Internet bubble was only $19 billion, Bill Gates will be willing to exchange 10% of the shares for 30% of Yahoo's shares, it will also be difficult to determine, after all, 10% of the shares, for Microsoft, which has gradually become a mass holding company, is equivalent to introducing a major shareholder to Microsoft, which will affect Bill Gates' control of Microsoft. Moreover, even if the transaction is successful, Eric will definitely not lose, after all, Windows is an operating system platform that is about to achieve a monopoly, as long as the PC is not eliminated, Microsoft will be able to continue to bring stable huge profits, as Bill Gates continues to reduce his holdings of Microsoft shares, Eric may also make a single shareholder of Microsoft.

Moreover, even if Microsoft did not encounter an antitrust investigation at this time, according to the madness of the Internet bubble at that time, the bubble will inevitably burst one day. After the bursting of the Internet bubble, as the stock prices of Internet companies plummeted, Eric could still use the funds cashed out during the bubble to easily complete the second Internet industry layout.

However, these are not things that can be told to the girl next to him, Eric just said very casually: "The greater the risk, the greater the gain." ”

Caroline used the information she had accumulated in her little brain, but she only saw the risks, and she didn't think Eric could get anything out of the deal. However, imagining the series of miracles that Eric has created in just a few years, Caroline has no doubt about any of Eric's opinions, she thinks, she can't think of it, it must be too stupid.

Walking all the way, looking at the red brick apartment building that was getting closer and closer to the soldier's factory community, Caroline became more and more uneasy, she knew that if she didn't take the initiative to grab something, Eric would send her back, and she would definitely disappear from her life again, thinking that she could only see him again from some newspapers and magazines in the future, Caroline felt a little flustered, and walked a few more steps, the girl finally mustered up the courage, grabbed Eric and said: "Eric, you just said in the restaurant that you want to hire me as your personal assistant." (To be continued.) )