UPDATE: Microsoft opens its kimono a bit and embraces more of an open-source and interoperable mindset. Yawn. Allen has a nice summary of the conference call here.

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Who needs Yahoo! when you have billions sitting around ready to be invested in other companies? Microsoft has never been famous for sitting on their hands.

Allen Stern is reporting on a wire story that Ballmer and team are making a “significant company announcement” this morning at 8:30 AM PDT. And no, it’s NOT about Yahoo. Hmm.

The details and the conference number can be found at Center Networks.

My guess is something related to gaming or home entertainment.