$MSFT · Mark Roussin, CPA · 2026-11-01
微软的季度表现是Alphabet、微软和亚马逊三者中最好的：Azure营收同比增长48%，云营收约640亿，增长30%；尽管第三方产能出现延迟，Azure仍超出预期，而约6,770亿的商业RPO是庞大的已签约未来营收。
逐段跳播
接下来，我们会讨论 Alphabet、Microsoft 和 Amazon 刚刚告诉我们的关于 AI 投资周期的情况。
Then, we'll discuss what Alphabet, Microsoft, and Amazon just told us about the AI investment cycle.
当像 Alphabet、Microsoft 和 Nvidia，或者 Apple 这样的公司出现大幅下跌时，即使许多其他股票表现相当不错，它们也可能把指数拉低。
When companies like Alphabet, Microsoft, and Nvidia, or Apple, per se, when they have large declines, they can pull the index lower even when many other stocks are performing quite well.
过去一周，全球最大的三家科技公司公布了财报。Alphabet，你可以说它是一家通信公司，还有 Microsoft，然后是 Amazon，它同时也属于可选消费板块。我仍然把它们看作科技股。
Over the past week, three of the largest tech companies in the world reported earnings. Alphabet, which you could say is a communications company, Microsoft, and then Amazon, which is also consumer discretionary. I still look at them as tech stocks.
正如你在这张图上看到的，这些股票走势截然不同，但我认为它们的基本面业绩揭示了一些极其重要的事情：AI 基础设施建设仍在扩张。
And as you can see here on this chart, these stocks went in very different directions, but I believe the underlying results revealed something extremely important. The AI infrastructure buildout is still expanding.
现在，我们来看看 Microsoft。我认为 Microsoft 的业绩特别有意思，显然是我们提到的三家公司中最好的。
Now, let's look at Microsoft. And I believe Microsoft's results were particularly interesting. Easily the best of the three companies we mentioned.
Azure 收入同比增长了48%。对于一家在 Microsoft 这种规模上运营的业务来说，这是非凡的增长。公司报告 Microsoft 云收入约为640亿，增长30%。
Azure revenue. It increased 48% year-over-year. That's extraordinary growth for a business operating at Microsoft scale. And the company reported approximately 64 billion in Microsoft cloud revenue, representing growth of 30%.
但真正引起我注意的是这一点。Microsoft 也谈到了产能限制。公司指出，本季度某些第三方计算能力上线出现延迟，而尽管存在这些限制，Azure 仍然超出了预期。
But here's what really caught my attention. Microsoft discussed capacity constraints as well. The company noted delays in bringing certain third-party computing capacity online during the quarter and despite those constraints, Azure still exceeded expectations.
Microsoft 还报告商业剩余履约义务，也就是 RPOS，约为6770亿。这是一笔规模巨大的已签约未来收入。
Microsoft, they also reported commercial remaining performance obligation or RPOS of approximately 677 billion. That is a massive amount of contracted future revenue.