COMPARED with IBM, Microsoft is a mere stripling.Founded in 1975, it rose swiftly to dominate the world of personal computing with itsWindows operating system and Office suite of word-processing and other productivity tools.But the company is now showing some worrying signs of middle-age fatigue. In particular, itis struggling to find a growth strategy that will enthuse disgruntled shareholders.

　　與IBM相比，微軟還只是個年輕人。成立于1975年的微軟因其Windows操作系統和包括文字處理及其他生產工具的Office系列迅速崛起并主導個人電腦世界。但是該公司如今呈現出一些人到中年疲憊了的跡象，引人擔憂。特別是，它正努力尋找一種可以激發不滿的股東們熱情的增長策略。

　　Grumbles are understandable. Since Steve Ballmer took over from Bill Gates as chiefexecutive in 2000, Microsofts share price has languished and the company has lost itsreputation as a tech trend-setter. It has been left behind in hot areas such as search andsocial networking by younger companies, some of which love to thumb their noses at theirolder rival. Eric Schmidt, the executive chairman of Google, recently proclaimed that leadershipin the tech world had passed from Microsoft and others to a Gang of Four fast-growing,consumer-oriented businesses: Google, Apple, Amazon and Facebook.

　　抱怨是可以理解的。自從2000年史蒂夫??鮑爾默從比爾??蓋茨手中接掌微軟總裁一職以后，微軟的股價就一蹶不振，公司也失去了作為科技弄潮兒的聲譽。在諸如搜索和社交網絡等熱門領域中，它被年輕一代的公司甩在了后面，這些公司中的有一些熱衷于嘲笑這位年紀大的對手。谷歌的執行主席埃里克??施密特最近宣稱科技世界的領導力量已經從微軟和其他公司傳遞到一個發展迅速、以消費者為導向的四人組公司手中：谷歌，蘋果，亞馬遜和臉譜網。

　　Few would quibble with that. The question is: what, if anything, can Microsoft do to change it?In at least some respects, the company appears to be suffering from similar ailments to thosethat laid IBM low before Lou Gerstner was hired in 1993 to get it back on its feet. These includearrogance bred of dominance of a particular areamainframe computers at IBM, personalcomputers at Microsoftand internal fiefs that hamper swift change. For instance, thedivision that champions cloud computing must deal with one that is the cheerleader forWindows, which is likely to want computing to stay on desktops for as long as possible tomaximise its own revenues.

　　幾乎沒人會對這個觀點吹毛求疵。問題是：微軟能做些什么來改變它呢?至少在某些方面，該公司看起來罹患一些疾病，類似的疾病曾擊倒IBM，直到1993年路易??郭士納：上任才使其重新恢復元氣。它們包括因為控制某一領域而滋生的驕傲自大于IBM是大型計算機，于微軟則是個人電腦以及阻礙迅速轉變的公司內部的各個陣營。比如，支持云計算的部門必須應對Windows系統的支持者，后者可能希望計算在臺式電腦上停留越長越好，以便獲得最多的收入。

　　As IBMs experience shows, rejuvenation in thetech world is possible. And some observers seeencouraging glimmers of progress at Microsoft.Sarah Rotman Epps of Forrester, a research firm,reckons that Windows 8, a forthcoming version ofMicrosofts operating system, could be a seriouscompetitor to Googles Android on tablet computersif the company can get it to market next year.Microsoft is also in far better shape financially thanIBM was at its nadir, so it can afford to splash outon acquisitions such as its recent $8.5 billionpurchase of Skype, an internet-phone and video-calling service.

　　IBM的經驗證明，在科技世界重新煥發青春是可能的。一些觀察者在微軟身上看到了些許鼓舞人心的進步。市場研究Forrester公司的莎拉??羅特曼??埃普斯認為如果微軟能讓接下來的新操作系統 Windows8在明年上市，那么它很可能在平板電腦領域與谷歌的安卓系統一決高。與IBM出于最低點時的金融構架相比，微軟的要好得多，所以它才可以花大價錢進行收購，比如最近它用85億美元收購了網絡電話及視頻服務提供商Skype公司。

　　That bet and an alliance with Nokia in mobile phones show that Microsoft is trying to bulk up inpromising areas. Yet sceptics worry that such initiatives are not the product of an overarchingstrategic vision, but are instead tactical moves designed to placate critics who fear Microsoftis drifting downwards. David Einhorn, a prominent hedge-fund manager whose fund holdsshares in Microsoft, has publicly called for a change at the top of the firm, arguing that MrBallmer is stuck in the past. So far, the companys board, chaired by Mr Gates, has backed itschief executive. But if IBMs history is a guide, Microsoft may yet end up jettisoning its leader.

　　這筆賭注再加上在移動電話領域同諾基亞合作證明微軟正力圖在有前途的領域積累力量。但是懷疑者擔心這種舉動不是出于一個總體的戰略，而是為了撫慰擔心微軟正走下坡路的批評者的巧妙舉措。頗有影響力的對沖基金經理人大衛??埃因霍溫公開呼吁微軟上層改朝換代，稱鮑爾溫先生 固步自封，埃因霍溫先生的基金擁有微軟的股份。到目前為止，由蓋茨先生任主席的董事會仍支持他們的總裁。但若以IBM的歷史為鑒，那么微軟也許最終仍然會拋棄它的領導者。

　　COMPARED with IBM, Microsoft is a mere stripling.Founded in 1975, it rose swiftly to dominate the world of personal computing with itsWindows operating system and Office suite of word-processing and other productivity tools.But the company is now showing some worrying signs of middle-age fatigue. In particular, itis struggling to find a growth strategy that will enthuse disgruntled shareholders.

　　與IBM相比，微軟還只是個年輕人。成立于1975年的微軟因其Windows操作系統和包括文字處理及其他生產工具的Office系列迅速崛起并主導個人電腦世界。但是該公司如今呈現出一些人到中年疲憊了的跡象，引人擔憂。特別是，它正努力尋找一種可以激發不滿的股東們熱情的增長策略。

　　Grumbles are understandable. Since Steve Ballmer took over from Bill Gates as chiefexecutive in 2000, Microsofts share price has languished and the company has lost itsreputation as a tech trend-setter. It has been left behind in hot areas such as search andsocial networking by younger companies, some of which love to thumb their noses at theirolder rival. Eric Schmidt, the executive chairman of Google, recently proclaimed that leadershipin the tech world had passed from Microsoft and others to a Gang of Four fast-growing,consumer-oriented businesses: Google, Apple, Amazon and Facebook.

　　抱怨是可以理解的。自從2000年史蒂夫??鮑爾默從比爾??蓋茨手中接掌微軟總裁一職以后，微軟的股價就一蹶不振，公司也失去了作為科技弄潮兒的聲譽。在諸如搜索和社交網絡等熱門領域中，它被年輕一代的公司甩在了后面，這些公司中的有一些熱衷于嘲笑這位年紀大的對手。谷歌的執行主席埃里克??施密特最近宣稱科技世界的領導力量已經從微軟和其他公司傳遞到一個發展迅速、以消費者為導向的四人組公司手中：谷歌，蘋果，亞馬遜和臉譜網。

　　Few would quibble with that. The question is: what, if anything, can Microsoft do to change it?In at least some respects, the company appears to be suffering from similar ailments to thosethat laid IBM low before Lou Gerstner was hired in 1993 to get it back on its feet. These includearrogance bred of dominance of a particular areamainframe computers at IBM, personalcomputers at Microsoftand internal fiefs that hamper swift change. For instance, thedivision that champions cloud computing must deal with one that is the cheerleader forWindows, which is likely to want computing to stay on desktops for as long as possible tomaximise its own revenues.

　　幾乎沒人會對這個觀點吹毛求疵。問題是：微軟能做些什么來改變它呢?至少在某些方面，該公司看起來罹患一些疾病，類似的疾病曾擊倒IBM，直到1993年路易??郭士納：上任才使其重新恢復元氣。它們包括因為控制某一領域而滋生的驕傲自大于IBM是大型計算機，于微軟則是個人電腦以及阻礙迅速轉變的公司內部的各個陣營。比如，支持云計算的部門必須應對Windows系統的支持者，后者可能希望計算在臺式電腦上停留越長越好，以便獲得最多的收入。

　　As IBMs experience shows, rejuvenation in thetech world is possible. And some observers seeencouraging glimmers of progress at Microsoft.Sarah Rotman Epps of Forrester, a research firm,reckons that Windows 8, a forthcoming version ofMicrosofts operating system, could be a seriouscompetitor to Googles Android on tablet computersif the company can get it to market next year.Microsoft is also in far better shape financially thanIBM was at its nadir, so it can afford to splash outon acquisitions such as its recent $8.5 billionpurchase of Skype, an internet-phone and video-calling service.

　　IBM的經驗證明，在科技世界重新煥發青春是可能的。一些觀察者在微軟身上看到了些許鼓舞人心的進步。市場研究Forrester公司的莎拉??羅特曼??埃普斯認為如果微軟能讓接下來的新操作系統 Windows8在明年上市，那么它很可能在平板電腦領域與谷歌的安卓系統一決高。與IBM出于最低點時的金融構架相比，微軟的要好得多，所以它才可以花大價錢進行收購，比如最近它用85億美元收購了網絡電話及視頻服務提供商Skype公司。

　　That bet and an alliance with Nokia in mobile phones show that Microsoft is trying to bulk up inpromising areas. Yet sceptics worry that such initiatives are not the product of an overarchingstrategic vision, but are instead tactical moves designed to placate critics who fear Microsoftis drifting downwards. David Einhorn, a prominent hedge-fund manager whose fund holdsshares in Microsoft, has publicly called for a change at the top of the firm, arguing that MrBallmer is stuck in the past. So far, the companys board, chaired by Mr Gates, has backed itschief executive. But if IBMs history is a guide, Microsoft may yet end up jettisoning its leader.

　　這筆賭注再加上在移動電話領域同諾基亞合作證明微軟正力圖在有前途的領域積累力量。但是懷疑者擔心這種舉動不是出于一個總體的戰略，而是為了撫慰擔心微軟正走下坡路的批評者的巧妙舉措。頗有影響力的對沖基金經理人大衛??埃因霍溫公開呼吁微軟上層改朝換代，稱鮑爾溫先生 固步自封，埃因霍溫先生的基金擁有微軟的股份。到目前為止，由蓋茨先生任主席的董事會仍支持他們的總裁。但若以IBM的歷史為鑒，那么微軟也許最終仍然會拋棄它的領導者。