Microsoft(US:MSFT) 美股IPO·2026-03-25 23:04Core Viewpoint - Microsoft's stock has experienced a significant decline, reaching its lowest closing price since April 2025, with a year-to-date performance heading towards the worst start on record and the largest quarterly drop since Q4 2008 [2] Group 1: Stock Performance - Microsoft's stock price fell by 0.46% to $371.04, marking a nearly 32% drop from its historical high of $542.07 in October 2025 [2] - The company's market capitalization has decreased by approximately $1.28 trillion since its peak [4] Group 2: AI Product Development - The market sentiment has weakened due to the underwhelming progress of Microsoft's AI products, particularly Microsoft 365 Copilot, which has not met expectations for market acceptance [2] - UBS analysts have downgraded the 12-month target price for Microsoft from $600 to $510, emphasizing the need for significant improvement in Copilot's performance to regain valuation premium [2] - Currently, Copilot has around 15 million subscription seats, which is below market expectations, especially in the Asian market where enterprise clients feel the value is not fully realized [2] Group 3: Cloud Business Outlook - There are mixed views on the growth prospects of Microsoft's cloud business, Azure, with the company maintaining an optimistic outlook but lacking guidance on future revenue growth or capacity expansion [3] - Analysts suggest that changes in GPU resource allocation may limit Azure's growth pace in the short term [3] - Microsoft's strategy of "open collaboration," such as partnering with Anthropic for Copilot features, is seen as a necessary and wise response, but the market is still waiting for clearer commercialization results [3]