微软是唯一预计能保持正自由现金流的云公司，不过未给出具体数字，也不保证一定实现；Azure 增长可能使第一季度业绩好于往常，Copilot 也可能带来正面惊喜；股价处于历史高位，回调即可买入。
逐段跳播
这对领先的 AI 公司意味着什么？比如 Nvidia、Microsoft 和 Amazon。这些公司都将在未来几周公布财报。
What does this mean for leading AI companies? Such as Nvidia, Microsoft, and Amazon. All of these companies will announce their earnings in the next few weeks.
上周我们在 Microsoft 身上看到了这一点。
We saw this at Microsoft last week.
再看 Microsoft，该股本周开盘报 541 美元，本周下跌约 5.2%，至 529 美元。Microsoft 将是唯一一家预计不会出现负自由现金流的云计算公司。负自由现金流就是你的经营现金流减去你花在数据中心上的资本支出。
Turning to Microsoft, the stock started the week at $541 and has fallen by about 5.2% this week to $529. Microsoft will be the only cloud computing company that does not expect negative free cash flow.
Negative free cash flow is your operating cash flow less the capital expenditures you spend on data centers.
Microsoft 在最近一次电话会议上表示，进入明年它将保持正现金流。但他们没有给出具体数字，只说会是正的。可能是正的 18 美元或更多，你真的没法对 Microsoft 打包票，尽管他们两周后就会公布财报。我相信他们在那里会面对很多问题。
Microsoft stated during its latest conference call that it will maintain a positive cash flow as we enter next year. But they did not provide an exact figure, only saying that it would be positive.
It could be positive at $18 or more, you really can't guarantee it with Microsoft, although they will announce their earnings in two weeks. I'm sure they'll face a lot of questions there.
现在，由于他们的云计算部门 Azure 的增长，该公司第一季度的业绩可能比往常更好。这是一些分析师的说法。大约一周前，我们还看到分析师表示，Copilot 订阅也可能带来正面惊喜。
Now, the company’s first-quarter results may be even better than usual due to the growth of Azure, their cloud computing division . This is according to some analysts. We also saw, about a week ago, analysts saying that Copilot subscriptions might bring positive surprises as well.
Azure 负责人正寻求在明年将成本降低至少 20%。现在，该公司还通过推出人工智能芯片“Maya 300”进入了定制芯片领域。这未必是相对较大的规模。
The head of Azure is seeking to reduce costs by at least 20% over the next year. Now, the company has also entered the field of custom chips with the launch of the artificial intelligence chip "Maya 300" .
This is not necessarily in relatively large sizes.
我猜 Microsoft 很可能在内部使用这些芯片，而不是在 Azure 平台上大量销售它们来做生意。不过，如果这最终类似于 Google 的“TPU”（处理单元），他们可以在“Azure”平台上出租这些芯片，或许最终还能卖给“OpenAI”等外部机构，那这可能是一门好生意。
My guess is that Microsoft will most likely use these chips internally , rather than making much of a business of selling them on the Azure platform . However, if this turns out to be something similar to Google's "TPUs" (Processing Units), where they can rent them out on the "Azure" platform, and perhaps eventually sell them to external groups such as " OpenAI", then that could be a good business.
“Microsoft”，哇，哇，哇，哇。刚刚得到确认，是的，这是新高。天哪，看看那张图。该公司将在 12 天内公布利润。即使你在这里卖出，你也会在突破点附近找到支撑。你在这里沿途的移动均线处有支撑。
是的，你完全可以在 Microsoft 价格下跌时买入。
"Microsoft," wow, wow, wow, wow. It has just been confirmed, yes, it is a new record high. Oh my God, look at that graph. The company will announce its profits within 12 days. Even if you sell here, you will find support at approximately the breakout point.
You have support along the path here at the moving averages. Yes, you can definitely buy when Microsoft's price drops.
观察点
这个频道对 $MSFT 的历次判断
The Investor Channel 在这只股票上共 5 条判断，这里只列相邻的几条。