3 6 Ke·2025-10-21 09:13Core Insights - Microsoft has officially ended support for Windows 10, marking the decline of an era where Windows was central to its business model [1] - The company is undergoing a significant transformation, shifting focus from Windows to AI, which is attracting global capital and attention [1] Windows Business Overview - Windows 10 still holds a 44.59% market share in the global PC market as of July 2025, but the overall PC market is maturing and growth is slowing [4] - The Windows business is transitioning into a "managed decline," as it remains a crucial revenue source but is no longer the primary focus of innovation [4][5] - The operating profit margin for the "More Personal Computing" segment is only 23.72%, significantly lower than Microsoft's overall operating margin of 45% [4] Financial Performance - The Windows business generated $54.649 billion in revenue for the fiscal year 2025, with a year-on-year growth of 7%, indicating limited growth potential [5] - The migration to Windows 11 is slow due to strict hardware requirements, leaving approximately 240 million PCs unable to upgrade [5][6] AI Business Growth - Microsoft plans to invest $80 billion in AI infrastructure by fiscal year 2025, with 70% allocated for AI chips and cloud data centers [9] - Azure AI is the cornerstone of Microsoft's AI strategy, with service revenue growth reaching 157% in certain quarters of fiscal year 2025 [9][10] - AI-related business has achieved an annual revenue of $130 billion, with a staggering year-on-year growth rate of 175% [10] Strategic Transition - The end of Windows 10 support is part of a broader strategy to transition users to a cloud and AI-centric ecosystem [15] - Windows 11 is designed to integrate deeply with Microsoft's cloud services, acting as a gateway to its extensive cloud ecosystem [16][17] - The future operating system is expected to evolve into a subscription-based service delivery portal, emphasizing seamless cloud connectivity and AI value creation [17]