当地时间 1 月 28 日，微软发布了第二季度财报，明明财报营收暴涨，但是市场并不买账。 财报显示，公司第二季度营收 813 亿美元，同比增长 17%，净利润更是飙升 60% 至 385 亿美元。 其中，微软云业务收入首次突破 500 亿美元大关，达到 515 亿美元，同比增长 26%。 这无疑是一份强劲的财报。然而，市场的反应却是股价在盘后一度下挫超过 8%。 CNBC 分析指出，下跌源于「云增长放缓以及微弱的利润率指引」。具体来看，被视为增长引擎的 Azure 云服务收入同比增长 39%，略低于市场预期的 40% 门槛。 投资者似乎对这家「AI 最大赢家」抱有永不满足的期待，任何增长放缓的迹象都会被放大。 但财报中一个更值得玩味的数据是：微软云的合同积压（Remaining Performance Obligation）暴增 110%，达到惊人的 6250 亿美元。 据 The Information 报道，其中约 45%（约 2812 亿美元）是与 OpenAI 的交易驱动的。这意味着，微软未来收入的很大一部分，已经和 OpenAI 的发展深 度捆绑。 01 深度绑定的「共生」与「风险」 微软与 Ope ...

格隆汇1月29日｜微软公布财报后，其在法兰克福上市的股票下跌6%。 ...

Core Insights - Microsoft reported a strong overall performance for Q4 of fiscal year 2025, with total revenue increasing by 17% year-over-year to $81.3 billion, driven primarily by robust growth in cloud computing and other high-margin businesses [1][3] Group 1: Business Segment Performance - The "Productivity and Business Processes" segment, which includes products like Word, Excel, and PowerPoint, generated $34.1 billion in revenue, reflecting a 16% year-over-year increase, continuing to provide stable income for the company [3] - The "Intelligent Cloud" segment, powered by Azure services, showed significant growth with revenue reaching $32.9 billion, marking a 29% year-over-year increase, highlighting the effectiveness of Microsoft's strategic shift towards cloud computing [3] - In contrast, the gaming segment faced challenges, with Xbox hardware revenue declining by 32% year-over-year, leading to an overall revenue drop of 9% for the Xbox division, although subscription services like Game Pass remained a stable growth point [3] Group 2: Strategic Focus - With the continuous decline in Xbox business performance, its priority within Microsoft's overall strategy is decreasing, as the company shifts its focus towards high-value areas such as Azure cloud services and Microsoft 365 commercial subscriptions [4]

Core Viewpoint - The Austrian data protection authority (DSB) ruled that Microsoft illegally implanted tracking cookies on devices used by underage students without consent, constituting a violation of data protection laws [1][2] Group 1: Legal Findings - The DSB has ordered Microsoft to cease tracking activities on the affected students within four weeks [1] - The ruling stems from a complaint filed by the digital privacy organization "noyb," which highlighted that Microsoft shifted data protection responsibilities to schools and failed to ensure students' rights to access their data [1] - This is not the first time Microsoft has lost a case regarding student tracking; a previous ruling in October 2022 also found Microsoft guilty of illegal tracking through its education platform [2] Group 2: Microsoft’s Response - A Microsoft spokesperson stated that Microsoft 365 Education complies with all necessary data protection standards and that educational institutions can continue to use it in accordance with GDPR [2] - Microsoft is currently reviewing the latest ruling and will decide on subsequent actions in due course [2] Group 3: Privacy Concerns - Felix Mikolasch, a lawyer from noyb, emphasized that tracking minors clearly violates privacy protection principles, suggesting that Microsoft does not genuinely prioritize privacy protection [2]

Core Viewpoint - Citigroup's report indicates that Microsoft's revenue and profit performance last quarter was robust, with Azure cloud business growing 38% year-on-year, slightly below market expectations of 39% to 40% growth [1] Group 1: Financial Performance - Microsoft's strong business order growth of 228% year-on-year was a key driver of performance, supported by the previously announced partnership with OpenAI and new contracts with Anthropic [1] - Capital expenditure reached $37.5 billion, exceeding market expectations of $34 billion [1] Group 2: Outlook - The quarterly performance outlook for Microsoft is mixed, with memory and supply chain issues leading to weakness in the personal computing (MPC) segment, which negatively impacted earnings per share [1] - However, the outlook for Azure shows a slight increase in growth expectations compared to the previous quarter and is slightly above market expectations [1] Group 3: Investment Rating - Citigroup currently maintains a "Buy" rating for Microsoft with a target price of $660 [1]

巴克莱：将微软(MSFT.US)目标价从610美元下调至600美元。 ...

这些投资将是发生在传奇投资人孙正义掌舵的日本投资巨头软银集团(SoftBank Group Corp.)计划投资 300亿美元之外的新增投资。在软银宣布即将再投资OpenAI之前，软银已经对OpenAI进行了多轮投资， 早在2024年9月就有报道过，软银旗下Vision Fund在OpenAI当时的融资轮中投资5亿美元，之后则是软 银在2025年3月31日与OpenAI签署"跟投最高400亿美元"的协议，并最终多期投资推进之下于2025年12 月完成这一投资协议。 OpenAI与软银都是"Stargate"(星际之门项目)的最核心参与者;"Stargate"是一项价值高达5000亿美元计 划，旨在在美国境内建设用于训练与推理的超大规模AI数据中心。 （原标题：?疯狂烧钱的OpenAI又来融资了! 前有软银斥300亿美元加码 后有英伟达、微软与亚马逊携手 砸钱） 智通财经APP获悉，有媒体援引知情人士透露的消息报道称，英伟达(NVDA.US)、微软(MSFT.US)以及 亚马逊(AMZN.US)正在商谈作为一轮重大新融资的一部分，向全球AI应用领军者OpenAI投资高达600亿 美元。知情人士表示，这家Chat ...

智通财经APP获悉，有媒体援引知情人士透露的消息报道称，英伟达(NVDA.US)、微软(MSFT.US)以及 亚马逊(AMZN.US)正在商谈作为一轮重大新融资的一部分，向全球AI应用领军者OpenAI投资高达600亿 美元。知情人士表示，这家ChatGPT开发者计划本轮融资500亿美元或更多，意味着估值将达到约7500 亿美元至8300亿美元的超级独角兽区间。 能够持续筹集到愈发庞大的新资金支持GPT系列AI大模型训练进程以及无比庞大的人工智能推理工作负 载，对于覆盖OpenAI不断上升的训练与运行其最前沿AI大模型成本而言至关重要，因为来自Alphabet旗 下谷歌的竞争压力正在不断加剧，迫使OpenAI加快节奏推出万众瞩目的"AGI"或者"ASI"。 据媒体报道称，现有投资方英伟达正洽谈投资最高300亿美元;同样已是投资方的微软则可能追加投资， 预计将低于100亿美元。此外，作为OpenAI新投资者的亚马逊可能投资逾100亿美元，甚至可能超过200 亿美元。 知情人士表示，亚马逊对OpenAI的投资规模可能取决于两家公司正在谈判的其他大型交易。OpenAI正 在初步讨论从亚马逊筹集至少100亿美元并使用 ...

Core Insights - OpenAI is planning an unprecedented financing round, with potential investments from Nvidia, Microsoft, and Amazon totaling up to $60 billion, aimed at addressing increasing computational demands and cash consumption pressures [1][2] - The total financing could reach up to $100 billion, with a pre-money valuation of OpenAI at $730 billion [1][3] Group 1: Potential Investors - Nvidia is negotiating to invest up to $30 billion, while Microsoft plans to invest less than $10 billion, and Amazon may invest over $10 billion, potentially exceeding $20 billion [1][2] - All three companies have significant technological partnerships with OpenAI, with Nvidia providing chips for AI model computations and Microsoft holding exclusive rights to sell OpenAI models to cloud customers [2] Group 2: Financial Implications - The financing will provide OpenAI with sufficient resources to cover operational and training costs for AI models, with estimated costs exceeding $430 billion from 2026 to 2030, and cash consumption nearing $70 billion during this period [3] - Successful completion of this financing round would significantly enhance OpenAI's financial advantage over competitors like Anthropic, which has projected revenues exceeding OpenAI's by 2029 [3]

英伟达、微软、亚马逊商谈投资 OpenAI。 ...