Core Viewpoint - Morgan Stanley's report indicates that Microsoft's risk-reward profile is attractive due to its leading position in artificial intelligence, robust core business growth, and operational efficiency, supporting a medium to high single-digit total return in the long term [1] Group 1: Financial Performance and Projections - Microsoft is expected to achieve a total return rate of 15%-20% driven by its extensive investments in generative AI and strong operational cost management [2] - The company reported a strong performance in Q3 2025, with Azure achieving a 35% growth rate, surpassing the expected 31% [3] - For Q4 2025, Azure is projected to maintain a growth rate of 34%-35%, contributing significantly to Microsoft's revenue growth [3][4] Group 2: Azure Cloud Services - Azure is anticipated to achieve a 35%-36% year-over-year growth in Q4 2025, supported by positive feedback from channel partners and increased AI server production [4] - The demand for Azure remains strong, with 52% of CIOs planning to deploy workloads on the platform, indicating a stable spending intention [4] Group 3: Microsoft 365 Business Cloud - Microsoft 365 is expected to see approximately 15% year-over-year growth in Q4 2025, driven by average revenue per user [5] - The Microsoft 365 Copilot tool is gaining traction, with 72% of CIOs planning to use it in the next 12 months, indicating a growing adoption rate [5][6] Group 4: Security Business - Microsoft's security business is projected to grow by 9.8% in enterprise security spending, significantly outpacing overall software spending growth [7] - The demand for security solutions is driven by the increasing attack surface and regulatory compliance requirements, positioning Microsoft as a preferred choice for integrated security tools [7]