来源：滚动播报 美股科技"七姐妹"盘前多数上涨，Meta涨1%，英伟达涨0.7%，亚马逊涨0.3%，特斯拉涨0.2%，谷歌A 涨0.1%，微软、苹果持平。 ...

After a long wait, investors got some clarity on Microsoft's relationship with OpenAI.Microsoft (MSFT 1.45%) began investing in OpenAI in 2019, long before ChatGPT was launched. For years, it was unclear what Microsoft actually owned, how much it had invested in OpenAI, or what that stake was worth. Microsoft said in a statement in 2023 that it doesn't own any portion of OpenAI, but it is entitled to a share of profit distributions. OpenAI had an unusual corporate structure. It was founded as a non-profit a ...

Market Overview - The global accounting software market was valued at USD 15.23 Billion in 2025 and is projected to reach USD 29.38 Billion by 2033, growing at a CAGR of 8.60% from 2026 to 2033 [1][14] - The U.S. accounting software market size is expected to grow from USD 3.84 Billion in 2025 to USD 7.19 Billion by 2033, with a CAGR of 8.21% during the same period [2][14] Growth Drivers - The primary driver for the growth of the accounting software market is the increasing adoption of cloud-based solutions that provide real-time financial tracking, accessibility across devices, and cost-effectiveness for businesses of all sizes [1] - In the U.S., factors such as widespread cloud usage, AI-driven automation, and integration with enterprise systems are significantly contributing to market growth [2] Segmentation Analysis - By Component: In 2025, software accounted for 70.24% of the market share, while services are the fastest-growing segment with a CAGR of 10.04% [3] - By Enterprise Size: Large enterprises held the largest share at 64.06%, while small and medium enterprises (SMEs) are the fastest-growing segment with a CAGR of 11.24% [4][6] - By Type: The ERP segment led the market with a share of 42.50%, while custom accounting software is the fastest-growing segment with a CAGR of 10.14% [7] - By End-Use Industry: The BFSI segment dominated with a share of 28.64%, while IT & Telecommunication is the fastest-growing segment with a CAGR of 11.84% [8] Regional Analysis - North America held the largest share of the accounting software market at 34.96% in 2025, driven by higher digital adoption and demand for cloud and AI-enabled functions [9] - The Asia Pacific region is expected to grow at the fastest rate with a predicted CAGR of 9.95%, attributed to increased digitalization and higher adoption rates among SMEs [10] Key Players - Major companies in the accounting software market include Intuit Inc., Microsoft Corporation, Oracle Corporation, SAP SE, and The Sage Group plc among others [11][13] Recent Developments - In July 2025, Intuit Inc. launched Agentic AI experiences to enhance financial management capabilities for mid-market businesses [16] - In March 2025, Oracle introduced AI Agent Studio for Fusion Applications, aimed at creating and managing AI agents across enterprises [16]

Core Insights - Microsoft reported a total revenue of $77.7 billion for Q1 of FY2026, representing an 18% year-over-year growth, surpassing both market and internal expectations of 15% growth [1] - The GAAP net profit for the same quarter increased by 13% to $27.7 billion, aligning with expectations, driven by strong demand for AI products including Azure, M365, Windows, and search [1] - The company is optimistic about Microsoft's deep synergistic effects in the AI technology revolution, leading to an upward revision of revenue forecasts for FY2026 and FY2027 by 2.7% and 3.2% to $329.1 billion and $367.9 billion, respectively [1] - Net profit forecasts for FY2026 and FY2027 were also raised by 8.1% and 3.5% to $127.5 billion and $145.9 billion, respectively [1] - The rating remains "outperform" with a target price increase of 4.6% to $586 [1]

日前，据微软2026财年Q1财报显示，Xbox硬件销售收入同比骤降29%，连续第四年下滑，拖累整体游戏业务营收同比下降2%至约55亿美元，这也意味着， Xbox Series X和Series S 主机的市场吸引力正在持续减弱。 而与Xbox硬件销售收入骤降形成鲜明对比的是，以Game Pass为核心的内容与服务业务的稳中有增，财报数据显示，该部分收入同比增长了1%。这意味着， 尽管主机卖不动，但微软通过订阅服务和数字内容销售，依然维持住了部分收入增长。 值得一提的是，微软似乎也在主动调整其游戏业务模式，逐步减少对硬件的依赖。微软目前转而支持华硕 ROG Ally 等 OEM 厂商推出的掌机设备，并大力 推行跨平台发行策略，旨在将 Xbox 游戏带给更广泛的玩家群体。这种从封闭硬件生态向开放内容服务的转变， ...

智通财经APP获悉，在微软(MSFT.US)公布2026财年第一季度业绩后，Truist Securities分析师Terry Tillman重申对其"买入"评级，目标价675美元。该公司认为微软是具有财务灵活性的"锄与铲"投资佳选 之一。Truist对微软的 Azure 云平台以及商业订单增长势头持乐观态度，并指出在各种终端市场和产品 领域，需求趋势正在不断加速。 它认为，微软是"兼具增长潜力与盈利表现的最出色的人工智能企业之一"，并且拥有强大的资产负债表 灵活性。因此，它建议投资者在当前的市场疲软时期买入其股票。 "锄与铲"策略并不是直接投资某个行业的最终产品，而是投资那些支持该行业的基础技术、工具或服务 的公司。这样做的好处是，投资者可以间接参与某个行业，而不必承担直接投资最终产品的风险。 此外，摩根士丹利此前也重申对微软的"增持"评级，并将目标价从625美元上调至650美元。同样地，摩 根大通也重申"增持"评级，并将目标价从565美元小幅上调至575美元。美银则重申其"首选股"买入评级 及640美元目标价。 与此同时，Wedbush也加入唱多阵营，认为微软将是下一家加入英伟达5万亿美元市值俱乐部的公司 ...

Core Insights - The conversation between Satya Nadella and Sam Altman highlights the significant partnership between Microsoft and OpenAI, focusing on their collaboration and future plans in AI technology [3][4][5] - OpenAI's ambitious commitment to invest $1.4 trillion in computing power over the next few years raises questions about its revenue model and growth potential [4][20][19] - The structure of OpenAI as a nonprofit organization with a for-profit subsidiary is designed to ensure that advancements in AGI benefit humanity while also generating substantial financial returns [13][12] Investment and Financial Structure - Microsoft has invested approximately $130 to $140 billion in OpenAI since 2019, acquiring a 27% stake in the company [11][12] - The partnership includes a revenue-sharing agreement where OpenAI pays Microsoft a portion of its income, which is expected to continue until AGI is achieved [16][21] - OpenAI's revenue is projected to grow significantly, with Altman asserting that the company is not limited to its current income figures [20][21] Computing Power and Infrastructure - The discussion emphasizes the critical need for computing power, with Nadella stating that the biggest challenge is not a surplus of computing resources but rather the availability of electricity and data center construction [24][26] - OpenAI plans to allocate $500 billion to NVIDIA, $300 billion to AMD and Oracle, and $250 billion to Azure for computing resources [19][20] - The conversation suggests that the demand for computing power will continue to grow, and the ability to scale effectively will be crucial for both companies [22][23] AGI and Future Prospects - The partnership aims to ensure that AGI is developed responsibly and benefits all of humanity, with a focus on health and AI resilience [13][14] - Altman expresses confidence in the future development of consumer-grade devices capable of running advanced AI models locally [28][20] - The potential for AI to revolutionize various sectors, including healthcare and scientific research, is highlighted as a key area of focus for both companies [35][36] Regulatory Environment - Concerns are raised about the fragmented regulatory landscape in the U.S., with both leaders advocating for a unified federal approach to AI regulation [31][32] - The potential impact of state-level regulations on innovation and competition is discussed, emphasizing the need for coherent policies [32][33] Market Position and Competitive Landscape - The partnership between Microsoft and OpenAI positions them as leaders in the AI space, with Nadella noting that OpenAI's growth is comparable to the emergence of a new Google [19][21] - The exclusive distribution of OpenAI's models on Azure is expected to attract customers who might have otherwise chosen AWS [45][46]

Core Insights - The current challenge in the AI industry is not an oversupply of computing resources but a lack of sufficient electricity to power GPUs, as stated by Microsoft CEO Satya Nadella [2] - The demand for electricity in AI data centers is projected to increase significantly, with a forecasted growth of 160% by 2030, leading to a need for an additional $50 billion in capital expenditure in the U.S. [2] - The competition for electricity resources among AI data centers is causing a rise in residential electricity costs, impacting ordinary citizens [5] Group 1: Electricity Supply and Demand - Nadella emphasized that the main issue is the inability to provide adequate power for the existing GPU inventory, rather than a shortage of chips [2] - Goldman Sachs reported that the share of electricity demand from U.S. data centers is expected to rise from 3% in 2022 to 8% by 2030 [2] - The U.S. Energy Information Administration (EIA) predicts an addition of 63 GW of power supply this year, with major AI companies accounting for approximately 41.3% of this new capacity [3] Group 2: Impact on AI Development - If electricity supply does not keep pace with the growing demand from AI data centers, it could become a bottleneck for AI development [4] - Dell Technologies noted that some clients have delayed delivery times for AI servers due to power supply issues, highlighting the critical need for sufficient energy alongside computing power [4] - OpenAI has called for the U.S. government to add 100 GW of generating capacity annually to maintain competitiveness with China in AI [5] Group 3: Future Considerations - There is speculation about the potential for advanced edge AI hardware to replace the need for large data centers, which could change the landscape of AI infrastructure [5] - Sam Altman mentioned the possibility of developing consumer hardware capable of running advanced AI models at low power, which could pose a risk to large centralized computing clusters [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported FY26Q1 results with total revenue of $77.7 billion, an 18% year-over-year increase, exceeding Bloomberg's expectations by 2.81% [5] - Operating income reached $38 billion, up 24% year-over-year, also surpassing Bloomberg's expectations by 8.15% [5] - Azure's revenue grew by 40% year-over-year, significantly exceeding the company's guidance and Bloomberg's expectations of 37% [5][6] - The company signed a substantial agreement with OpenAI for an additional $250 billion in Azure services, indicating strong demand for cloud services [6][8] Financial Performance Summary - FY26Q1 revenue: $77.7 billion (yoy +18%) [5] - Operating income: $38 billion (yoy +24%) [5] - GAAP net income: $27.7 billion (yoy +12%) [5] - Non-GAAP EPS: $4.13 (yoy +23%) [5] - CapEx (including leases): $34.9 billion, exceeding expectations of $30.1 billion [5] Business Segment Performance - Productivity and Business Processes revenue: $33 billion (yoy +17%) [5] - More Personal Computing revenue: $13.8 billion (yoy +4%) [5] - Intelligent Cloud revenue: $30.9 billion (yoy +28%) [5] - Azure revenue growth: 40% (fixed currency +39%) [5][6] Future Outlook - The company expects FY26 CapEx to accelerate, with Q1 CapEx at $34.9 billion (yoy +74%) [6] - The guidance for Azure growth in the next quarter is set at 37% (fixed currency) [6] - Revenue projections for FY2026-FY2028 are $327.1 billion, $376 billion, and $430.5 billion, respectively, with year-over-year growth rates of 16.1%, 14.9%, and 14.6% [8]

11 月 2 日消息，微软首席执行官萨提亚・纳德拉（Satya Nadella）近期在 BG2 播客中表示，尽管市场 对 AI 芯片的需求持续高涨，但微软当前面临的并非算力过剩，而是数据中心的供电和物理空间已接近 极限，导致大量 AI 芯片只能滞留在库存中，无法"通电运行"。 这一表态揭示了一个新兴行业困境：即便英伟达等厂商持续交付高性能 AI 芯片，科技巨头也难以将其 全部投入使用。此前，英伟达首席执行官黄仁勋曾指出，在未来两到三年内，行业不会出现算力过剩。 纳德拉认为，当前真正的瓶颈并非芯片供应，而在于"电力供给"。 纳德拉指出："归根结底，长期趋势是什么？正如山姆（Sam Altman）所说，我们目前面临的最大问题 不是算力过剩，而是电力短缺。如果你无法提供足够的电力，那么即使拥有大量芯片，也只能让它们闲 置在仓库里。这正是我今天面临的问题 —— 并非芯片供应不足，而是缺乏可以接入的'温节点'（warm shells），即具备足够供电和冷却能力的机架空间。" 显然，这场算力基础设施的竞赛已进入新阶段：像微软这样的企业，其数据中心已达到容纳新硬件的物 理与能源极限。 据IT之家了解，以英伟达为例，其机架级 ...