“若GPU管够，增速早超40%！”微软电话会回应市场担忧：我们缺产能，不缺订单

Core Viewpoint - Microsoft reported strong Q2 FY2026 earnings with revenue of $81.3 billion and EPS of $4.14, exceeding Wall Street expectations, yet the stock price fell over 6% post-announcement due to concerns over high capital expenditures and slower growth in cloud services [2][3]. Group 1: Financial Performance - Microsoft’s capital expenditures surged approximately 66% year-over-year to a record $37.5 billion, raising investor concerns about the return on investment (ROI) in relation to Azure's revenue growth of 39% [3][5]. - The company emphasized that the current growth limitation is not demand but supply, indicating a tight supply-demand relationship in the market [3][6]. Group 2: Strategic Insights - CFO Amy Hood stated that if all newly launched GPUs were allocated to Azure, growth rates would exceed 40%, highlighting a resource allocation challenge between external customer demands and internal AI product needs [5][6]. - CEO Satya Nadella stressed the importance of customer lifetime value (LTV) over short-term growth in individual business units, advocating for a balanced approach to resource allocation [7][8]. Group 3: AI and Product Development - Microsoft reported a 160% year-over-year increase in paid seats for Microsoft 365 Copilot, reaching 15 million users, and a tenfold increase in daily active users, countering concerns about declining AI tool usage [9][10]. - GitHub Copilot also saw a 75% increase in paid subscribers, indicating strong growth in AI productivity tools across both consumer and business sectors [11]. Group 4: Cost Management and Infrastructure - Microsoft introduced its self-developed Maya 200 accelerator, claiming a 30% reduction in total cost of ownership (TCO) compared to existing hardware, as part of its strategy to control AI infrastructure costs [12][13]. - The company highlighted the critical role of data storage and management in AI, with Microsoft Fabric achieving an annual revenue run rate exceeding $2 billion and a 60% year-over-year growth [15]. Group 5: Market Outlook - Microsoft expressed strong confidence in long-term AI demand, framing the current landscape as a "arms race" for computing power, where efficiency in deployment will determine market leaders [16][17].