内容来源：https://www.wired.com/story/openai-chatgpt-docusign-saas-market/

内容总结：

（本报讯）人工智能巨头OpenAI近日发布内部工具“DocuGPT”引发行业震动，尽管其命名与电子签名巨头Docusign高度相似，但Docusign首席执行官Allan Thygesen对此反应平静。他在接受采访时表示，这款工具仅展示了基础功能，“并未触及Docusign核心竞争力的皮毛”。

然而资本市场反应剧烈。消息公布后Docusign股价应声下跌12%，同为SaaS服务商的HubSpot股价重挫50点，Salesforce也出现小幅下跌。市场分析认为，OpenAI展示的系列内部工具虽属基础应用，但其技术辐射力已对传统企业软件供应商形成威慑。

RBC资本市场分析师Rishi Jaluria指出：“当前市场完全由技术叙事驱动，企业基本面反被忽视。”这一观点在Docusign得到印证——尽管股价波动，该公司近期推出的AI驱动合同管理平台已实现从文件创建到签署身份核验的全流程智能化，其技术架构同时整合自研工具与OpenAI等第三方模型。

面对竞争疑虑，企业软件巨头展现出不同应对策略。Salesforce投资者关系高级总监Valmik Desai强调“合作优于对抗”，指出大语言模型在复杂场景中需要规范框架，而Salesforce正可提供企业级解决方案。值得注意的是，与OpenAI的合作同样能带来市值提升，设计平台Figma在获OpenAI首席执行官Sam Altman公开推荐后，股价单日飙升7%。

历史经验表明技术叙事的影响往往短暂。Jaluria回忆此前Salesforce推出数据可视化工具时，市场曾预言Tableau终结，但后者最终被Salesforce以157亿美元全股票收购。分析师认为，当新技术未能如期转化为实际收益时，市场情绪将逐步回归理性，“扎实的业绩表现终将修正所有偏离基本面的市场判断”。

（本文编译自科技通讯《模范行为》）

中文翻译：

当看到OpenAI上周推出名为DocuGPT的内部工具时，电子签名巨头Docusign首席执行官艾伦·蒂格森并未感到过分担忧。虽然他对OpenAI为这款合同工具选择如此相近的名称略有微词，但在他看来，DocuGPT所能实现的功能不过触及了Docusign业务体系的皮毛。"这不过是个浅显的演示案例，众所周知这类功能本就可实现，对我们的核心业务与竞争格局构不成实质影响。"他在得知消息时如是思忖。

然而资本市场显然持不同看法。消息公布后Docusign股价应声下跌12%，这并非个例。除DocuGPT外，OpenAI同期披露了多款自研AI工具，包括智能销售助理、客户反馈机器人及AI客服系统。受此影响，HubSpot股价下挫50点，Salesforce也出现小幅下跌。

这场风波彰显出OpenAI在当前市场的威慑力。尽管该公司展示的只是基于公共API构建的基础内部工具，但其官方博文仍被部分市场观察者解读为向企业软件供应商宣战。对蒂格森这样的企业领袖而言，当前挑战不仅在于跟进人工智能技术演进，更需主导行业话语权。

"眼下这个市场完全由叙事逻辑主导，"加拿大皇家银行科技股分析师里希·贾卢利亚指出，"基本面分析反而被普遍忽视。"

据蒂格森介绍，Docusign的业务基础比以往更加坚实。在保持电子签名核心业务优势的同时，公司新近推出了覆盖合同全流程的AI平台，从文件生成到签署方身份核验无所不包。该平台既融合了自研工具，也整合了包括OpenAI在内的第三方AI模型。

尽管今年股价持续震荡，但蒂格森对前景充满信心："我对Docusign的未来，特别是AI技术带来的赋能效应持非常乐观的态度。"

Salesforce同样对与OpenAI的竞争传言不以为意。"这并非零和博弈，而是共生关系。"该公司投资者关系高级总监瓦尔米克·德赛强调，"大语言模型本身具有不确定性——在复杂应用场景中若缺乏规范框架就难以掌控。对企业客户而言，与Salesforce合作显然是更明智的选择。"

当然，OpenAI引发的市场热潮也能为合作伙伴带来积极效应。当奥特曼在周一旧金山开发者大会上提及Figma时，这家设计公司的股价瞬间飙升7%。"当用户使用ChatGPT时，只需说出应用名称即可调用相应功能。"奥特曼演示道，"比如先勾勒产品流程图，然后指令'Figma将草图转化为可编辑图表'，Figma应用便会接管并完成操作。"

此类引发市场震荡的软件发布并非首例。贾卢利亚回忆道，当Salesforce早年推出数据可视化工具时，不少观察者曾断言Tableau气数将尽。然而数年后，Salesforce反而以157亿美元全股票交易将Tableau收入麾下。

多数情况下市场波动仅是暂时现象。当投资者意识到当前流行叙事未能转化为实质收益或成本节约时，市场情绪便会逐渐平复。"好消息是亮眼业绩能消解所有质疑，通常只需两三个财季便足以扭转市场叙事。"贾卢利亚总结道。

本文节选自《行为范式》时事通讯，往期内容可通过此处查阅。

英文来源：

Allan Thygesen, the CEO of Docusign, was not particularly concerned when he saw the news last week that OpenAI had created an internal tool called DocuGPT. He might have preferred that OpenAI choose a different name for its contracting tool. But still, he thought, DocuGPT barely scratched the surface of what Docusign can do. “This is a fairly obvious demo, and it's well-known that these things are possible, and it's not really material to our story or competitive position," he recalls thinking when he saw the announcement.
Docusign’s investors, however, did not appear to agree. The company’s stock dropped 12 percent following the news. It wasn’t the only software firm to take a hit. In addition to DocuGPT, OpenAI detailed a number of other custom AI programs the company uses, including an AI sales assistant, a customer feedback bot, and an AI support agent. HubSpot shares fell 50 points following the news, while Salesforce saw a smaller decline.
The episode underscores OpenAI’s power in the current market. The company was showcasing fairly basic internal tools built on its public API, but its blog post was interpreted by some as a declaration of war against enterprise software providers. For leaders like Thygesen, the episode suggests the challenge isn’t just keeping up with advances in artificial intelligence, but also staying ahead of the narrative.
“This is a market where everything is driven by narratives right now,” says Rishi Jaluria, an analyst at RBC Capital Markets who focuses on tech stocks. “The fundamentals are kind of getting overlooked.”
Docusign’s fundamentals, according to Thygesen, are stronger than ever. While the company is known primarily as a platform for signing legally binding contracts, it recently launched an AI-powered platform that helps customers manage every aspect of the contract process, from creating documents to verifying the identities of signatories. The company uses a mix of in-house tools and AI models from third-party firms, including OpenAI.
Docusign’s stock price has been volatile this year, but Thygesen assures me the future is bright. “I'm feeling very bullish about the future of Docusign and what AI in particular has done for us,” he says.
Salesforce also brushed off concerns about needing to compete with OpenAI. "It isn't us versus them, it's a partnership," says Valmik Desai, senior director on the investor relations team at Salesforce. He added: "LLMs are inherently non-deterministic—they can be hard to control without guardrails, without structure, for complex use cases. Partnering with Salesforce makes a lot of sense” for enterprise customers.
Of course, the frothy narrative surrounding OpenAI can also have a positive effect on companies it works with. After Altman mentioned Figma at OpenAI’s 2025 developer conference in San Francisco on Monday, shares of the design company popped 7 percent. “When someone’s using ChatGPT, you’ll be able to find an app by asking for it by name,” Altman said. “For example, you could sketch out a product flow for ChatGPT and then say, ‘Figma, turn this sketch into a workable diagram.’ The Figma app will take over, respond, and complete the action.”
This isn’t the first time an eyebrow-raising software announcement has spooked investors. Jaluria remembers when Salesforce debuted its own data visualization tool, which some market watchers thought signaled the end for Tableau. A few years later, however, Salesforce ended up acquiring Tableau for $15.7 billion in an all-stock deal.
In many cases, market shifts prove to be only temporary, and investors start to relax once it becomes clear that the current popular wisdom isn’t translating into meaningful revenue or cost savings for customers. “The good news is that good numbers cure all manners of sin, and all it takes is just a couple quarters to kind of disprove those sorts of narrative,” Jaluria says.
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