$MSFT · The Motley Fool · 2026-10-30
微软云业务增长48%，仅为谷歌云的一半，但市场仍感放心，因为它避免了不必要的风险，且支出主要靠自由现金流支撑，本季度自由现金流几乎达到分析师预期的两倍。其以CPU为主的服务器基础应在智能体AI中发挥优势，因为智能体AI大量使用CPU。
逐段跳播
Microsoft 公布了财报，我对 Microsoft 的反应没那么负面，但对 Asit、也就是 Alphabet 财报的反应相当奇怪。股价已经下跌了 13%。他们报告云业务增长了 100%。
Microsoft reported that my reaction to Microsoft was a little less negative, but the reaction to Asit, Alphabet's report, is quite strange. The share price has fallen by 13%. They reported 100% growth in their cloud business.
但再看看 Microsoft。市场在寻求 Microsoft 给出一些 reassurance。他们的云增长率是惊人的 48%。这是 Google Cloud 业务增长率的一半。
不过，市场是满意的，因为 Microsoft 没有承担不必要的风险。他们大部分支出都是用自由现金流覆盖的。
But then look at Microsoft. The market is looking for some reassurance from Microsoft. Their cloud growth rate is an astonishing 48%. This is half the growth rate of Google Cloud's business.
However, the market is happy because Microsoft is not taking unnecessary risks. They are mostly covering expenses from free cash flow.
Jason，就在不久前，Microsoft 还是一家花钱不够快的公司。我记得他们暂停资本支出两周，市场就非常不满，因为他们没有尽可能多地把钱花在构建这个 AI 上。
Jason, it wasn't that long ago when Microsoft was a company that wasn't spending fast enough. I think they stopped their capital spending for two weeks, and the market was very unhappy that they weren't spending as much as they could on building this AI.
而 Microsoft 的自由现金流是正的。这让我想起过去几年的 Apple。
Whereas Microsoft is in positive free cash flow. It reminds me of Apple from the last few years.
就 Microsoft 而言，他们的做法有所改进。Microsoft 本季度的自由现金流几乎是分析师估计的两倍，这是一个很大的利好。你看，我们仍然在花钱，但我们也在赚钱，对吧？
and in the case of Microsoft, they have improved their approach a little. Microsoft's free cash flow this quarter was almost double what analysts had estimated, and that's a big positive.
Look, we're still spending, but we're also earning it, right?
Microsoft 有大量基于 CPU 的服务器。他们在这个 agentic 领域会做得非常好。事实证明，正如 Jason 和我几周前讨论的那样，agent 会使用大量 CPU。所以，这很好，这对 Microsoft 有利。
Microsoft has a lot of CPU-based servers. They will do very well in this agentic space. It turns out that agents, as Jason and I were discussing a few weeks ago, use a lot of CPU.
So, that's great, which is going in Microsoft's favor.
这些交易中有很多都是与我们今天已经谈过的公司做的。
a lot of these deals are with companies that we've already talked about today. Alphabet, Amazon, Microsoft.
如果你看看 EA 目前值多少，看看 Activision Blizzard 在 Microsoft 旗下大概值多少，那肯定连他们支付的 690 亿美元都远远不到。
If you look at what EA is currently worth, what Activision Blizzard is probably worth under Microsoft, which is certainly not even close to the $69 billion they paid.
这个频道对 $MSFT 的历次判断
The Motley Fool 在这只股票上共 2 条判断，这里只列相邻的几条。