刚刚，利空来袭！科技巨头，暴跌！

Core Viewpoint - Microsoft experienced a significant stock drop of over 8% following the release of its Q2 fiscal report, which revealed record-high spending and a slowdown in cloud business growth, raising investor concerns about the return on AI investments taking longer than expected [1][5][6]. Financial Performance - For the second fiscal quarter ending December 31, 2025, Microsoft reported revenues of $81.27 billion, a year-on-year increase of 17%. Net profit reached $38.46 billion, translating to earnings per share of $5.16, up from $24.11 billion (earnings per share of $3.23) in the same period last year [3]. - Capital expenditures for the quarter hit $37.5 billion, a 66% increase year-on-year, surpassing analyst expectations of $36.2 billion [3]. - The Azure cloud computing segment's revenue grew by 38% year-on-year, but this growth rate was a slowdown compared to previous quarters, with market expectations set at 39.4% and 38.9% [3]. Cloud Business and AI Investments - Microsoft's commercial remaining performance obligations reached $625 billion, reflecting a year-on-year increase of approximately 110%, largely due to a $250 billion cloud services partnership with OpenAI. About 45% of these obligations are related to OpenAI [4]. - The slowdown in Azure's growth has led to investor concerns regarding the extended return cycle on AI investments. Analysts noted that Azure's growth is primarily driven by core non-AI cloud workloads, which provide data storage, management, and processing services [6][7]. - Increased capital spending reflects strong demand for both AI-related and non-AI workloads, but investors are wary of whether Azure's growth can outpace spending increases to justify current investment levels [7].