$MSFT · Schwab Network · 2026-11-02
微软确实表现突出：Azure 增长 48%；在早前承压之后——股价 390 美元、早期错失 Copilot 机会——如今它因纪律性而受到称赞，大部分支出靠现金流融资、仅少量借贷，从投资角度看构成一层安全网，而 Satya Nadella 在转型期领导得当。
逐段跳播
Azure 增长了48%。如你所知，Azure 增长了48%。
Azure grew by 48%. As you know, " Azur" is growing by 48%.
我认为 Microsoft 在这方面确实很突出。很有意思的是，他们今年早些时候承受了很大的压力；他们的股价当时在每股390美元。
I think Microsoft really stands out here. It's really interesting that they were under a lot of pressure earlier this year; you know, their stock was trading at $390 a share.
他们完全有理由去努力追赶市场，并且过度支出，他们今年早些时候错过了 Microsoft Copilot 的一个简单机会。
They had every reason to try to catch up with the market, and overspend, you know, they missed a simple opportunity with Microsoft Copilot earlier in the year.
看看他们如今的处境。他们最受称赞的恰恰是他们的纪律性。他们会少量借助借款，但绝大部分实际上是由现金流来融资的。
Look where they are today. They are praised for their discipline more than anything else. They will resort to borrowing a little, but the vast majority of it is actually financed from cash flow .
因此，无论是像 Meta、Google 还是 Microsoft 这样的公司，每一家管理现金流的方式都略有不同，但对我来说，从投资的角度看，这构成了一层安全网。
Thus, whether it's companies like Meta, Google, or Microsoft, each one manages its cash flows slightly differently , but for me, this represents a safety net when I look at it from an investment perspective.
很明显，在 Microsoft 的转型时期，Satya Nadella 把公司领导得非常好。
It is clear that Satya Nadella is leading the company very well during a transformative period at Microsoft.
这个频道对 $MSFT 的历次判断
Schwab Network 在这只股票上共 27 条判断，这里只列相邻的几条。