高盛重申微软(MSFT.US)“买入”评级：AI投资将推动长期增长

Core Viewpoint - Goldman Sachs analyst Kash Rangan reiterated a "Buy" rating on Microsoft (MSFT.US) and raised the target price by $70 to $550, citing increased confidence in the company's AI investments following the four-day Microsoft Build 2025 developer conference [1] Group 1: AI Investments and Ecosystem - The investments in AI position Microsoft as a leader in the developer tools ecosystem, particularly in early generative AI applications, and help establish a robust and interoperable AI ecosystem [1] - Microsoft's model context protocol is highlighted as a significant evolution in its AI ecosystem, allowing developers to integrate AI models with external systems [1] - Key highlights of Microsoft's rapid AI business expansion include GitHub Copilot, Copilot Studio, Azure AI Foundry platform for AI agents, and ongoing investments in expanding Azure cloud regions and data centers [1] Group 2: Market Position and Revenue Model - Microsoft is well-positioned to capitalize on the transition of generative AI from infrastructure to platform/application layers, which may lead to more capital-efficient and higher-margin recurring revenue models [2]