计算机行业点评报告：微软：全球AI竞赛加剧，微软800亿美元率先出击

Investment Rating - The report maintains a "Buy" rating for Microsoft (MSFT O) [2][12] Core Viewpoints - Microsoft plans to invest $80 billion in AI infrastructure in FY2025 to support AI training and deployment as well as cloud-based applications [4][5] - Microsoft s capital expenditure reached $20 billion in the first quarter of FY2025 a 78 57% YoY increase and 5 26% QoQ growth driven by AI infrastructure expansion [5] - Tech giants including Amazon Google Microsoft and Meta are expected to invest a total of $300 billion in capital expenditure by 2025 primarily for generative AI and large language models [6][9] - Microsoft purchased over 500 000 H-series GPUs from NVIDIA in 2024 significantly more than other major tech companies [9] - The global number of public data centers is projected to grow from 5 697 in 2024 to 8 410 by 2030 with Microsoft and Amazon owning more than half of the existing hyperscale data centers [9] Market Performance - The computer industry (Shenwan) showed a 1-month decline of 11 6% but a 12-month gain of 12 7% [3] - The CSI 300 index had a 1-month decline of 2 9% and a 12-month gain of 16 4% [3] Investment Recommendations - Microsoft s increased capital expenditure in AI infrastructure is expected to drive growth in its cloud and AI businesses [10] - The company s business ecosystem and deep integration of AI technology are anticipated to support long-term growth [10] - Tech giants like Microsoft and Google are well-positioned for steady growth in the future information industry due to their leadership in AI and cloud computing [10] Related Research - CES 2025 NVIDIA s RTX 5090 release and Cosmos driving AI into the "Physical AI" era [4] - Shanghai s significant plan to lead the new wave of intelligent computing power [4] - Tesla s dual-driven AI and energy storage business with increasing demand for computing power in autonomous driving [4]