微软(MSFT.O)：自7月28日起，Edge浏览器中的Copilot支持自然语音导航，该模式将于7月28日起在 Windows和Mac电脑的Copilot市场中限时免费开放。 ...

微软暂停向俄罗斯石油公司Rosneft支持的印度炼油商提供服务。 ...

Core Viewpoint - Microsoft is expected to report strong Q4 FY2025 earnings driven by AI infrastructure investments and robust cloud computing demand, with revenue projected to grow by 13.88% year-over-year to $73.71 billion and earnings per share increasing by 13.56% to $3.35 [1] Group 1: Revenue Growth by Segment - Productivity and Business Processes segment revenue is expected to grow by 12.2% year-over-year to $32.1 billion, with Microsoft 365 commercial cloud projected to grow approximately 14% at constant currency [1] - Intelligent Cloud segment remains the main growth engine, with revenue expected to increase by 21.5% year-over-year to $28.89 billion, driven by Azure's anticipated growth of 34% to 35% at constant currency [2] - Personal Computing segment revenue is projected to grow by 1% year-over-year to $12.43 billion, benefiting from new features and improved PC demand trends [2] Group 2: Strategic Initiatives and Investments - Microsoft has planned $80 billion in capital expenditures for FY2025, primarily for building new data centers globally, with most investments focused in the U.S. [2] - At the Build 2025 developer conference, Microsoft showcased its comprehensive AI platform strategy, reinforcing its leadership in enterprise AI adoption and laying a solid foundation for FY2026 [2] - The company’s leading position in AI and dominance in cloud services reflect its sustainable competitive advantages, despite high valuations and increasing competition [3]

微软CEO纳德拉（Satya Nadella）的一份内部公开信正在揭示科技行业的残酷转型现实：在AI驱动的变 革中，即使业绩蒸蒸日上的公司也将大规模裁员，软件行业将首当其冲承受这一冲击。 Nadella在备忘录中写道： "从任何客观标准来看，微软都在蓬勃发展：我们的市场表现、战略定位和增长都指向上升 趋势。我们在资本支出上的投资比以往任何时候都多。这就是在一个没有特许价值的行业中 成功的谜题。" 据见闻此前文章，今年7月，微软针对销售岗的9000人削减，恰发生在一季度营收加速增长后。公司今 年累计裁员1.5万人创历史记录，同期AI基础设施投入激增至800亿美元。 这段话试图为一个困难的问题提供答案：一家公司如何能够"比以往更成功"的同时却要裁员？ 在这份为9000名员工裁员进行辩护的1150字备忘录中，纳德拉试图调和两个看似矛盾的现实——公 司"比以往任何时候都更成功"，却仍要削减就业岗位。这一叙述框架反映出AI理论上将让公司更有盈利 能力，但雇佣更少员工的严峻现实。 纳德拉在备忘录中反复提及"忘却旧知识"和"学习新技能"，暗示部分员工的技能已经过时，公司选择雇 用更少但更符合AI战略的专业人才。 分析指出， ...

Group 1 - Multiple companies are scheduled to release their earnings reports throughout the week, indicating a busy earnings season [1] - On Monday, companies like 铿腾电子 are set to report their performance [1] - On Tuesday, Stellantis and AstraZeneca will release their earnings before the European market opens [1] Group 2 - Major U.S. companies such as Boeing, UnitedHealth, and Procter & Gamble are expected to report earnings before the U.S. market opens on Tuesday [1] - Following that, Visa, Booking, and Starbucks will report their earnings after the U.S. market closes on Tuesday [1] - On Wednesday, significant tech companies including Microsoft, Meta Platforms, Qualcomm, and Arm Holdings are scheduled to release their earnings after the U.S. market closes [1] Group 3 - Mastercard is set to report its earnings before the U.S. market opens on Thursday [1] - Apple, Amazon, MicroStrategy, Coinbase, and Coherent will report their earnings after the U.S. market closes on Thursday [1] - On Friday, ExxonMobil, Chevron, and Regeneron Pharmaceuticals are expected to release their earnings before the U.S. market opens [1]

Core Insights - Microsoft CEO Satya Nadella wrote a memo explaining the paradox of significant profits and ongoing layoffs, referring to it as the "mystery of success" [1] - The company has made substantial profits of $75 billion over the past three fiscal quarters and plans to invest $80 billion in AI infrastructure by 2025 [1] - Despite layoffs, Microsoft expects its total employee count to remain stable [1] Employee Sentiment - Employees are speculating about the implications of the memo, questioning if further layoffs are forthcoming or if it is a response to upcoming financial reports [1][3] - Internal surveys indicate that employee sentiment is being monitored, although the company acknowledges the challenge of gauging emotions across its large workforce of approximately 220,000 employees [3] Leadership Response - Nadella's memo has received mixed feedback from employees, with some appreciating his leadership while others feel uncertain about the company's focus on key performance indicators over employee well-being [3][5] - Criticism of the memo includes perceptions of insensitivity and a lack of adequate explanation for the layoffs, with some employees suggesting it serves to signal to Wall Street rather than address internal concerns [5]

市场消息：微软(MSFT.O)调查其警报系统泄漏是否导致黑客攻击。 ...

智通财经7月26日电，微软调查警报程序信息泄露是否导致黑客攻击。 ...

Core Viewpoint - Morgan Stanley's report indicates that Microsoft's risk-reward profile is attractive due to its leading position in artificial intelligence, robust core business growth, and operational efficiency, supporting a medium to high single-digit total return in the long term [1] Group 1: Financial Performance and Projections - Microsoft is expected to achieve a total return rate of 15%-20% driven by its extensive investments in generative AI and strong operational cost management [2] - The company reported a strong performance in Q3 2025, with Azure achieving a 35% growth rate, surpassing the expected 31% [3] - For Q4 2025, Azure is projected to maintain a growth rate of 34%-35%, contributing significantly to Microsoft's revenue growth [3][4] Group 2: Azure Cloud Services - Azure is anticipated to achieve a 35%-36% year-over-year growth in Q4 2025, supported by positive feedback from channel partners and increased AI server production [4] - The demand for Azure remains strong, with 52% of CIOs planning to deploy workloads on the platform, indicating a stable spending intention [4] Group 3: Microsoft 365 Business Cloud - Microsoft 365 is expected to see approximately 15% year-over-year growth in Q4 2025, driven by average revenue per user [5] - The Microsoft 365 Copilot tool is gaining traction, with 72% of CIOs planning to use it in the next 12 months, indicating a growing adoption rate [5][6] Group 4: Security Business - Microsoft's security business is projected to grow by 9.8% in enterprise security spending, significantly outpacing overall software spending growth [7] - The demand for security solutions is driven by the increasing attack surface and regulatory compliance requirements, positioning Microsoft as a preferred choice for integrated security tools [7]

大摩维持对微软"增持"评级 目标价530美元 智通财经7月25日电，摩根士丹利近日发布研报，对微软第四财季业绩进行前瞻分析，认为其当前风险 回报具吸引力，核心逻辑在于微软在人工智能(AI)领域的领先布局、核心业务的稳健增长及运营效率优 势，有望支撑中长期实现中高个位数总回报。维持对微软"增持"评级，目标价530美元。 ...