西风 发自 凹非寺 量子位 | 公众号 QbitAI 2025年已成为名副其实的Agent元年。 不论是Operator、Manus、Genspark等爆款Agent的相继出现，还是各大厂商陆续发布MCP协议支持，种种迹象都在印证着AI Agent正经历 从"玩具"到"工具"的关键转折。 不过现实也有骨感的一面，仍有大把Agent项目卡在POC阶段，开发周期长、商业价值验证难成为两大拦路虎。 就在6月25日的阿里云飞天发布时刻中，阿里云百炼带来3.0全新升级，为开发者提供从技术落地到商业变现的全链路解法，满足企业和开发 者大模型应用和大模型Agent开发的"一切所需"。 而这次发布最让人眼前一亮的——当属阿里云百炼联合支付宝推出的业内首个" Agent打赏 "功能。 凡是基于阿里云百炼 创建 的Ag ent，用 户只要觉得好用，动动手指就能给它打赏 。 Agent，从此可以直接为开发者赚钱了！ 敲重点： 打赏接口还能集成到企业开发者自己的生态或渠道中 ，无论是网页、社交软件还是其它平台，都能加上打赏功能。 咱们拆开细看—— 阿里云百炼全新升级：Agent属性拉满 在最新版本的发布中，阿里云百炼应用开发平台的架 ...

Key Takeaways IBM launched watsonx AI Labs in NYC to accelerate enterprise AI adoption and innovation. The lab connects IBM experts with startups and enterprises to develop agentic AI solutions. IBM aims to tap NYC's tech talent via academic partnerships to shape the future of AI.International Business Machines Corporation (IBM) is aiming to accelerate AI adoption by unlocking its global network of engineering labs for AI developers with the launch of watsonx AI Labs in New York City. This collaborative h ...

Core Viewpoint - Microsoft has achieved a solid 9.2% year-to-date return, raising questions about its valuation and potential entry points for investors as it reports record quarterly results and accelerates its AI initiatives [1] Financial Performance - Microsoft reported $70.1 billion in quarterly revenues for fiscal Q3 2025, reflecting a 13% growth, with Cloud revenues reaching $42.4 billion and a 22% constant currency growth [2] - The Intelligent Cloud segment, including Azure, generated $26.8 billion in revenues with a 21% growth rate, while Azure itself saw a 33% growth rate, significantly driven by AI services [3] - Free cash flow for the quarter was $20.3 billion, showcasing the company's ability to convert growth into shareholder value [4] - The Zacks Consensus Estimate for fiscal 2025 revenues is $278.8 billion, indicating a year-over-year growth of 13.47%, with earnings estimated at $13.33 per share, a 12.97% increase [5] AI and Innovation - Recent product launches, including the Agent Store, highlight Microsoft's commitment to AI, potentially creating new revenue streams beyond traditional software licensing [9] - Microsoft's gaming initiatives, such as Edge Game Assist, leverage AI to enhance user engagement and support future advertising revenue growth [10][11] Capacity Constraints and Investment - Microsoft faces AI capacity constraints that may limit near-term growth acceleration, with management indicating expectations for some limitations beyond June 2025 [13] - The company is investing $400 million in Switzerland to develop its cloud computing and AI infrastructure, reflecting the need for significant capital expenditure [12][14] Valuation Considerations - Current valuation reflects optimistic expectations for AI monetization and cloud market share gains, with a forward price-to-earnings ratio that appears elevated compared to historical averages [15] - The stock's current valuation of 11.2 times forward sales exceeds the Zacks Computer - Software industry average of 9.8 times, indicating a fully priced near-term growth potential [15] Competitive Landscape - Microsoft faces significant competitive pressure in the AI space from tech giants like Alphabet, Nvidia, and Amazon, despite outperforming its competitors year-to-date [19] Investment Recommendation - Current shareholders are advised to hold their positions due to Microsoft's strong competitive advantages and diversified revenue streams [21] - Prospective investors may benefit from waiting for potential pullbacks in the second half of 2025 before establishing new positions, given elevated valuations and capacity constraints [22][23]