{"id":27259,"date":"2026-07-31T00:15:06","date_gmt":"2026-07-30T16:15:06","guid":{"rendered":"https:\/\/theplutustimes.com\/?p=27259"},"modified":"2026-07-31T00:15:11","modified_gmt":"2026-07-30T16:15:11","slug":"%e3%80%90%e4%b8%89%e5%8d%83%e4%b8%96%e7%95%8c%e3%80%91%e7%95%99%e4%bf%be%e5%80%8b%e5%ad%ab","status":"publish","type":"post","link":"https:\/\/theplutustimes.com\/?p=27259","title":{"rendered":"\u3010\u4e09\u5343\u4e16\u754c\u3011\u7559\u4ffe\u500b\u5b6b"},"content":{"rendered":"\n

\u5fae\u8edf\uff08<\/strong>MSFT\uff09\u696d\u7e3e\u626d\u8f49\u4e00\u5207\uff0c\u5fae\u8edf\u6b63\u5c07\u9f90\u5927\u7684<\/strong> AI \u7b97\u529b\u6295\u8cc7\u5be6\u8cea\u8f49\u5316\u70ba\u5229\u6f64\uff0c\u5c55\u73fe\u4e86\u6975\u9ad8\u7684\u8cc7\u672c\u56de\u5831\u6548\u7387\u3002<\/strong><\/p>\n\n\n\n

MSFT\u5404\u9805\u6838\u5fc3\u6307\u6a19\u4e0d\u50c5\u5168\u9762\u64ca\u6557\u5e02\u5834\u9810\u671f\uff0c\u5148\u524d\u66fe\u53d7\u5916\u754c\u5be9\u8996\u7684<\/strong> Azure \u8207<\/strong> Copilot \u4ea6\u96d9\u96d9\u6253\u7834\u6b77\u53f2\u7d00\u9304\uff0c\u5145\u5206\u53cd\u6620\u51fa\u5176\u96f2\u7aef\u57fa\u790e\u8a2d\u65bd\u8207<\/strong> AI \u61c9\u7528\u7aef\u696d\u52d9\u5f37\u608d\u7684\u8b8a\u73fe\u52d5\u80fd\uff1a<\/strong><\/p>\n\n\n\n

\u8ca1\u52d9\u6307\u6a19<\/strong><\/td>\u5be6\u969b\u6578\u64da<\/strong>(Q4)<\/td>\u540c\u6bd4<\/strong>(YoY)<\/td>\u6838\u5fc3\u4eae\u9ede\u8207\u9810\u671f\u5dee<\/strong><\/td><\/tr>
\u71df\u6536<\/strong><\/td>$900.1 \u5104<\/strong><\/td>+18%<\/td>\u8d85\u8d8a\u5e02\u5834\u9810\u671f\u7684<\/strong> $876.1 \u5104\uff0c\u7dad\u6301\u9ad8\u96d9\u4f4d\u6578\u589e\u9577\u3002<\/strong><\/td><\/tr>
\u71df\u696d\u5229\u6f64<\/strong><\/td>$406.0 \u5104<\/strong><\/td>+18%<\/td>\u5229\u6f64\u7387\u7a69\u5b9a\u7dad\u6301\u5728<\/strong> 45% \u7684\u7d55\u5c0d\u9ad8\u4f4d\u6c34\u5e73\u3002<\/strong><\/td><\/tr>
\u6de8\u5229\u6f64<\/strong><\/td>$352.8 \u5104<\/strong><\/td>+22%<\/td>Non-GAAP \u57fa\u6e96\uff0c\u6392\u9664<\/strong> OpenAI \u6295\u8cc7\u4e4b\u975e\u7d93\u5e38\u6027\u5f71\u97ff\u3002<\/strong><\/td><\/tr>
Azure \u71df\u6536\u589e\u9577<\/strong><\/td>–<\/td>+43%<\/td>\u986f\u8457\u64ca\u6557\u5e02\u5834\u9810\u671f\u7684<\/strong> ~40%\uff0c\u5168\u5e74\u9996\u7834\u5343\u5104\u7f8e\u5143\u5927\u95dc\u3002<\/strong><\/td><\/tr>
\u81ea\u7531\u73fe\u91d1\u6d41<\/strong>(FCF)<\/td>$196.0 \u5104<\/strong><\/td>–<\/td>\u71df\u904b\u73fe\u91d1\u6d41\u9054<\/strong> $554 \u5104\uff0c\u5728\u6fc0\u9032\u8cc7\u672c\u958b\u652f\u4e0b\u4ecd\u5177\u5f37\u5927\u97cc\u6027\u3002<\/strong><\/td><\/tr>
\u8cc7\u672c\u652f\u51fa<\/strong>(CapEx)<\/td>$410.0 \u5104<\/strong><\/td>+70%<\/td>\u7565\u4f4e\u65bc\u9810\u671f\u7684<\/strong> $423.7 \u5104\uff0c\u5728\u7522\u80fd\u64f4\u5f35\u8207\u8cc7\u91d1\u914d\u7f6e\u4e2d\u53d6\u5f97\u5e73\u8861\u3002<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n


\u5546\u696d\u5269\u9918\u5c65\u7d04\u7fa9\u52d9 (Commercial RPO)\uff1a\u6309\u5e74\u98c6\u5347<\/strong> 84%\uff0c\u9ad8\u9054<\/strong> 6,780 \u5104\u7f8e\u5143\u3002\u9019\u4ee3\u8868\u4f01\u696d\u5ba2\u6236\u7c3d\u7f72\u4e86\u5927\u91cf\u591a\u5e74\u7684\u9577\u671f\u96f2\u7aef\u5408\u7d04\uff0c\u986f\u8457\u964d\u4f4e\u4e86\u672a\u4f86<\/strong> 12\u81f3<\/strong>24 \u500b\u6708\u71df\u6536\u9810\u6e2c\u7684\u6ce2\u52d5\u7387\u3002<\/strong><\/p>\n\n\n\n

\u7e31\u89c0\u6574\u9ad4\u8ca1\u5831\uff0c\u5fae\u8edf\u7684\u5404\u9805\u6578\u64da\u5747\u5168\u9762\u8d85\u8d8a\u9810\u671f\uff0c\u4e26\u5c31\u76ee\u524d\u5e02\u5834\u5c0d<\/strong>AI\u516c\u53f8\u7684\u7a2e\u7a2e\u7591\u616e\u90fd\u4ea4\u51fa\u4e86\u5b8c\u7f8e\u7b54\u6848\u3002<\/strong><\/p>\n\n\n\n

\u9996\u5148\u662f\u5e02\u5834\u5c0d<\/strong> AI \u8cc7\u672c\u652f\u51fa\u56de\u5831\u7387\u7684\u6182\u616e\u3002\u6b64\u524d\u5e02\u5834\u4e00\u76f4\u64d4\u6182\u5fae\u8edf\u5728<\/strong> AI \u57fa\u790e\u8a2d\u65bd\u4e0a\u7684\u9f90\u5927\u6295\u5165\u6703\u62d6\u7d2f\u5229\u6f64\u7387\uff0c\u8cea\u7591\u5176\u8b8a\u73fe\u80fd\u529b\u3002\u4f46\u6b64\u6b21\u8ca1\u5831\u986f\u793a\uff0c<\/strong>Azure \u7684\u589e\u9577\u5927\u5e45\u8d85\u8d8a\u9810\u671f\uff0c\u5168\u5e74\u6536\u5165\u66f4\u9996\u6b21\u7a81\u7834\u5343\u5104\u7f8e\u5143\u5927\u95dc\uff0c\u8b49\u660e\u4e86\u5176\u5f37\u5927\u7684<\/strong> AI \u57fa\u790e\u8a2d\u65bd\u6b63\u5728\u8f49\u5316\u70ba\u5be6\u8cea\u71df\u6536\uff0c\u7ba1\u7406\u5c64\u6307\u5f15\u4ea6\u986f\u793a\u5c0d<\/strong>Azure\u672a\u4f86\u7684\u589e\u9577\u52a0\u901f\u4fdd\u6301\u5f3a\u52c1\u4fe1\u5fc3\u3002\u6839\u64da\u516c\u53f8\u8ca1\u5831\uff0c\u73fe\u6642<\/strong> 32% \u7684\u71df\u6536\u589e\u9577\u4f86\u81ea<\/strong> Azure\u3002\u5176\u6b21\uff0c<\/strong>Copilot \u4ed8\u8cbb\u5e2d\u4f4d\u7a81\u7834<\/strong> 3,000 \u842c\uff0c\u986f\u793a\u5176<\/strong> AI \u6a21\u578b\u4e5f\u9010\u6f38\u5f97\u5230\u5e02\u5834\u7684\u5be6\u8cea\u8cc7\u91d1\u652f\u6301\u3002<\/strong><\/p>\n\n\n\n

\u6700\u5f8c\uff0c\u5118\u7ba1\u55ae\u5b63\u8cc7\u672c\u652f\u51fa\u9ad8\u9054<\/strong> 410 \u5104\u7f8e\u5143\uff0c\u4f46\u4ecd\u7565\u4f4e\u65bc\u9810\u671f\uff0c\u4e14\u81ea\u7531\u73fe\u91d1\u6d41\u7e7c\u7e8c\u4fdd\u6301\u5145\u88d5\u3002\u9019\u4f7f\u5fae\u8edf\u6210\u70ba\u7576\u524d\u5e02\u5834\u4e0a\u6975\u5c11\u6578\u80fd\u505a\u5230\u300c<\/strong>CapEx \u4f4e\u65bc\u9810\u671f\u3001\u81ea\u7531\u73fe\u91d1\u6d41\u537b\u9ad8\u65bc\u9810\u671f\u300d\u7684<\/strong>Mega Tech\u3002\u6b64\u6578\u64da\u6253\u6d88\u4e86\u5e02\u5834\u5c0d\u5176<\/strong> AI \u8b8a\u73fe\u80fd\u529b\u7684\u8cea\u7591\uff0c\u66f4\u51f8\u986f\u4e86\u5fae\u8edf\u5728\u63a8\u52d5<\/strong> AI \u696d\u52d9\u5546\u696d\u5316\u7684\u540c\u6642\uff0c\u5177\u5099\u4e86\u6975\u5f37\u7684\u6295\u8cc7\u7d00\u5f8b\u8207\u6210\u672c\u63a7\u5236\u80fd\u529b\u3002<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

\u5fae\u8edf\uff08MSFT\uff09\u696d\u7e3e\u626d\u8f49\u4e00\u5207\uff0c\u5fae\u8edf\u6b63\u5c07\u9f90\u5927\u7684 AI \u7b97\u529b\u6295\u8cc7\u5be6\u8cea\u8f49\u5316\u70ba\u5229\u6f64\uff0c\u5c55\u73fe\u4e86\u6975\u9ad8\u7684\u8cc7\u672c\u56de\u5831\u6548\u7387\u3002 MSFT\u5404\u9805\u6838\u5fc3\u6307\u6a19\u4e0d\u50c5\u5168\u9762\u64ca\u6557\u5e02\u5834 […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"_exactmetrics_skip_tracking":false,"spay_email":""},"categories":[194,13,6],"tags":[],"modified_by":"\u80a1\u4e2d\u4eba","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/posts\/27259"}],"collection":[{"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27259"}],"version-history":[{"count":1,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/posts\/27259\/revisions"}],"predecessor-version":[{"id":27260,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/posts\/27259\/revisions\/27260"}],"wp:attachment":[{"href":"https:\/\/theplutustimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}