$MSFT · Parkev Tatevosian, CFA · 2026-11-03
MSFT 本季度表现喜忧参半：云业务加速，而 Windows OEM 下滑且进一步恶化；它仍是四大巨头之一，也是唯一预计在 2027 年实现正自由现金流的公司。说话者对 AI 软件持乐观态度，理由是 Copilot 日活用户环比增长近 50%、同比增长 5 倍，满意度环比提升约 20% 并创下纪录，预计 Office 会有类似谷歌套件的改进，用户愿意在低于 20 美元的产品上多付 5 至 10 美元，并且有很长的跑道来加入 AI 并形成正向循环。
逐段跳播
微软公布了季度财务业绩，表现喜忧参半。一些业务板块，比如云业务收入，已经加速增长，而另一些板块，比如 Windows OEM 销售，则出现下滑，而且情况还在恶化。
Microsoft announced its quarterly financial results, which showed mixed performance. Some sectors, such as cloud revenues, have accelerated , while others, such as Windows OEM sales, have declined and are getting worse .
总体而言，微软仍然是四大巨头公司之一，另外三家是 Amazon、Meta 和 Alphabet。它仍然是唯一一家预计在2027年实现正自由现金流的公司。
Overall, Microsoft remains one of the Big Four companies, which also include Amazon, Meta, and Alphabet. It remains the only company projected to have positive free cash flow in 2027.
我知道很多投资者都很好奇微软接下来会怎样。本期视频我们就开始深入分析，详细梳理微软最近一个季度业绩的最新进展。
So, I know many investors are curious to see what happens with Microsoft. Let's begin our in-depth analysis in this video, where we will cover the details of the latest developments in Microsoft's most recent quarterly performance.
在微软身上，我密切关注的一点是他们对 AI 增强软件的采用情况。我指的是像“Copilot”这样的产品，对吧？还有 Microsoft Office。这款产品的采用率是否在不断提高？
他们是否通过用更多人工智能改进产品、让产品对商业用户更有价值，从而实现了更高的每用户平均收入？
One of the things I'm watching closely at Microsoft is their adoption of AI-enhanced software. I mean things like "Copilot", right? And Microsoft Office. Is this product gaining increasing adoption?
Do they achieve higher average revenue per user by improving the product with more artificial intelligence, making it more valuable to business users?
答案是肯定的，他们确实做到了。本季度他们宣布了 Copilot 迄今为止最大的一次更新，而且已经在这一类别中展现出强劲增长。
The answer is yes, they do . They announced the biggest update to Copilot this quarter, and they have already shown strong growth in this category.
管理团队表示，日活跃用户较上一季度增长了近50%，较去年同期增长了5倍。用户满意度较上一季度提升了约20%，目前处于历史最高水平。
The management team stated that daily users increased by nearly 50% compared to the previous quarter, and by 5 times compared to the same period last year. User satisfaction has improved by about 20% compared to the previous quarter, and is now at its highest level ever.
所以，我们看到有证据表明，人们很喜欢他们对 AI 集成服务所做的这些更新和改进。我之前在征求大家对 Microsoft Office 产品如何演进和改进的反馈，因为我自己用的是 Google 的生产力套件，我看到它有了很大的改进。因此，我也期待微软的表现在这方面有类似的提升。
So, we are seeing evidence that people love these updates and improvements to their AI-integrated services. Now, I was asking for your feedback on how Microsoft Office products have evolved and improved, because I use Google's productivity suite and I see a great improvement in it.
Therefore, I expect a similar improvement in performance at Microsoft as well.
如果商业用户在这些产品中看到更大的价值，他们就愿意每月多付5美元或10美元。对于一款每月本来就不到20美元的产品来说，这是相当大的涨幅。
If a business user sees greater value in these products, they will be willing to pay an additional $5 or $10 per month. This is a significant increase for a product that already costs less than $20 a month.
在这个领域，我认为微软还有很长的路要走，需要继续用更多人工智能增强这些产品，提升它们的价值，并形成这种有效的正向循环。
This is the area where I see Microsoft having a long way to go to continue enhancing those products with more artificial intelligence, increasing their value and creating this effective positive cycle.
管理团队表示，在医疗健康领域，他们本季度实现了3000万次患者互动的自动化，同比增长70%。
The management team said that in the healthcare sector , they automated 30 million patient interactions during the quarter, a 70% year-over-year increase.
这个频道对 $MSFT 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 10 条判断，这里只列相邻的几条。