Matthew Flake: Thanks, Josh. I'll start today's call by sharing our third quarter results and highlights from across the business. I'll then hand it over to Jonathan to discuss our financial results and guidance in more detail. In the third quarter, we generated strong financial results coming in above the high end of our guidance. We generated non-GAAP revenue of $175 million, up 13% year-over-year. We saw continued strength in subscription revenue, which was up 18% year-over-year. And we had another quart ...

作者 Yiannis Zourmpanos ，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意 味着本公众号对文中观点结论认可。 微软不仅在持续增长，更在实现 复利式扩张 ：巨额未履约合同储备（RPO）锁定未来收入， Azure、Foundry、Copilot 从基础设施到应用层形成互补，大幅提升客户粘性 。公司主动加 大投入，正在搭建具备长期生命力的 AI 基础设施。值得注意的是，微软股价回调，而长期投 资逻辑并未改变。 6250 亿美元未履约合同：12 个月内将转化约 1560 亿美元收入 微软凭借一体化云服务与 AI 规模化，形成独特运营优势，核心在于 Azure 云基础设施、自研 模型平台（Foundry）、终端应用（Copilot） 三者深度协同，推动多业务板块营收复利增 长。 2026 财年第二季度，微软云业务收入达 515 亿美元，同比增长 26%，公司正从技术栈的每 一层实现商业化变现。 其中，Azure 及其他云服务同比大增 39%，AI 服务是核心增长引 擎，远超行业 9.22% 的收入增速中位数。这种多层级变现模式包括：销售底层算力 （Azure）、模型访问权限（Foundry）、 ...

Every earnings season, investors look for proof that legacy tech giants like Microsoft (MSFT) are still a worthy investment for the long term. With its second quarter of fiscal 2026, Microsoft showed that it is still one of the strongest businesses in technology. The company is no longer just a legacy tech giant but a rapidly expanding AI and cloud powerhouse with multiple growth engines firing at once. Valued at $3.05 trillion, Microsoft has dipped 14% so far this year. This could be a good opportunity to ...

Group 1 - The core viewpoint of the article indicates a slight decrease in yarn production for December 2025, while fabric production shows an increase both year-on-year and month-on-month [1] Group 2 - In December 2025, the yarn production from large-scale enterprises reached 2.132 million tons, representing a year-on-year decrease of 0.1% and a month-on-month increase of 4.56% [1] - The total yarn production for the year 2025 was 22.158 million tons, which is a year-on-year decrease of 1.1% [1] - In December 2025, the fabric production amounted to 3.01 billion meters, reflecting a year-on-year increase of 3.8% and a month-on-month increase of 7.12% [1] - The cumulative fabric production for the year 2025 was 30.67 billion square meters, also showing a year-on-year increase of 3.8% [1]

Financial Data and Key Metrics Changes - Revenue for the quarter was $81.3 billion, up 17% year-over-year and 15% in constant currency [25] - Gross margin dollars increased by 16% and operating income rose by 21% [25] - Earnings per share was $4.14, reflecting a 24% increase year-over-year [25] - Company gross margin percentage was 68%, slightly down year-over-year due to investments in AI infrastructure [26] - Operating expenses increased by 5%, driven by R&D investments [26] Business Line Data and Key Metrics Changes - Microsoft Cloud revenue reached $51.5 billion, growing 26% year-over-year [31] - Productivity and Business Processes revenue was $34.1 billion, up 16% year-over-year [31] - M365 Commercial Cloud revenue increased by 17%, with paid M365 commercial seats growing 6% to over 450 million [32] - Intelligent Cloud segment revenue was $32.9 billion, growing 29% year-over-year [33] - More Personal Computing revenue declined by 3% to $14.3 billion [36] Market Data and Key Metrics Changes - Commercial bookings increased by 230%, driven by large Azure commitments from OpenAI [30] - Commercial remaining performance obligation (RPO) increased to $625 billion, up 110% year-over-year [30] - Azure revenue grew by 39%, slightly ahead of expectations [34] - LinkedIn revenue increased by 11%, driven by marketing solutions [24] Company Strategy and Development Direction - The company is focusing on AI diffusion and its impact on GDP, with significant investments in AI infrastructure [6] - Microsoft aims to build a comprehensive AI business that integrates across its platforms, enhancing customer experiences [10] - The strategy includes expanding sovereignty solutions to meet local data residency needs [9] - The company is investing in both first-party and third-party AI models to enhance its offerings [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of AI and its integration into various business lines, emphasizing the importance of infrastructure investments [6][9] - The company anticipates continued strong demand across its cloud services, with a focus on balancing supply and demand [34] - Management highlighted the importance of long-term investments in R&D and product innovation to drive future growth [50] Other Important Information - Capital expenditures for the quarter were $37.5 billion, with a significant portion allocated to short-lived assets like GPUs and CPUs [27] - The company returned $12.7 billion to shareholders through dividends and share repurchases, a 32% increase year-over-year [29] - The company is seeing strong momentum in its Copilot offerings, with significant increases in daily active users and paid seats [18] Q&A Session Summary Question: Concerns about CapEx growth and Azure revenue - Management acknowledged the correlation between CapEx and Azure revenue, emphasizing long-term investments in infrastructure to meet demand [48][50] Question: Line of sight from hardware CapEx to revenue and margins - Management clarified that much of the capital spent is already contracted for the useful life of the hardware, reducing risk [60][61] Question: Durability of OpenAI-related backlog - Management expressed confidence in the breadth and diversification of their RPO, highlighting strong growth across various customer segments [68] Question: Capacity additions and their impact - Management confirmed ongoing efforts to add capacity globally, emphasizing the need for efficient operations across multiple locations [75] Question: Performance of Maia 200 accelerator - Management highlighted the significance of silicon innovation and its role in enhancing performance and cost efficiency for AI workloads [80]

Core Viewpoint - Palantir Technologies has emerged as a significant player in the generative AI boom, with a market cap of $400 billion, and is expected to leverage its software-as-a-service tools for military and public sector clients while also gaining traction with enterprise customers [1][2]. Business Performance - Palantir's shares have increased over 1,700% since its IPO in 2020, indicating strong past performance, but future growth potential remains a question for new investors [2]. - The company's third-quarter earnings showed a revenue increase of 63% year-over-year, reaching $1.18 billion, with U.S. commercial sales growing by 121% to $397 million, representing approximately 33% of total revenue [8]. Competitive Edge - Palantir specializes in analyzing unstructured data to extract actionable insights, which is distinct from generative AI but can be enhanced by it [3]. - The integration of generative AI allows users to interact with data analytics software using simple text prompts, improving efficiency and real-time insights, particularly in military applications [4]. Strategic Focus - The release of Palantir's Artificial Intelligence Platform (AIP) in mid-2023 marked a pivotal moment, attracting significant attention from analysts and investors [5]. - The shift towards private sector contracts is seen as a core growth driver, as these clients typically have a greater need for data analytics services [8][9]. Risks and Challenges - While the private sector offers growth opportunities, it also introduces competition from other analytics firms like Microsoft and Snowflake [11]. - Political exposure remains a concern, as future administrations may be less inclined to engage with companies perceived as politically aligned [9][10]. Valuation Perspective - Palantir's shares currently have a price-to-earnings (P/E) multiple of 170, suggesting that they are priced for perfection, leading to a recommendation for potential investors to consider waiting for a valuation drop before investing [12].

Core Viewpoint - Peter Thiel has sold his stake in Nvidia and reinvested in Apple and Microsoft, indicating a strategic shift in his investment approach amidst changing market dynamics in the AI sector [3][16]. Group 1: Nvidia's Market Position - Nvidia's stock has surged approximately 1,000% since the onset of the AI revolution, making it the most valuable company globally with a market cap of $4.5 trillion [4][7]. - The stock's growth has attracted widespread ownership among retail and institutional investors, leading Thiel to adopt a contrarian stance by divesting his entire stake [5][6]. - Nvidia's current valuation suggests it is transitioning from a growth stock to a macroeconomic indicator, increasingly influenced by geopolitical factors and capital expenditure trends [5][6]. Group 2: Apple and Microsoft's Investment Appeal - Apple and Microsoft, previously viewed as laggards in technology, are now seen as strong investment opportunities due to their extensive ecosystems and strategic positioning in the AI landscape [11][15]. - Apple's ecosystem encompasses over 2 billion devices, allowing it to monetize AI developments without directly investing in AI technologies [10][11]. - Microsoft is enhancing its AI capabilities through its cloud infrastructure (Azure) and enterprise solutions, creating a robust platform for businesses developing AI applications [11][12]. Group 3: Long-term Strategic Outlook - The analogy of Nvidia as a pick and shovel supplier during a gold rush illustrates its short-term profitability, while Apple and Microsoft are likened to landowners who will benefit from long-term value creation as AI technologies mature [14][15]. - By the 2030s, both companies are expected to evolve into dominant players in the AI space, leveraging their platforms to generate ongoing revenue from AI operations [15].

Shoppers loved the 'fabric queen'. Then, order by order, her story fell apart https://t.co/pQfqQEAbxh ...

Core Insights - C3.ai Inc. has experienced a significant decline in its momentum score, now ranking in the bottom percentile of stocks for price strength, indicating acute partner risk due to Microsoft's aggressive push into proprietary AI tools like Fabric [2][3] - The partnership with Microsoft, which was once a key advantage, is now a liability as Microsoft's Fabric integrates AI natively, reducing the reliance on C3.ai's offerings [3][4] - C3.ai's shares have dropped by 57.23% year-to-date, compounded by leadership turmoil and reports of the company exploring a potential sale [4][5] Company Performance - C3.ai's momentum score has fallen to the 7.21th percentile, highlighting a severe decline in price strength across multiple timeframes [2] - The company's reliance on partner-led deals is now at risk, with 90% of its agreements potentially vulnerable due to Microsoft's new offerings [4] - The leadership change, with founder-CEO Thomas Siebel stepping down and Stephen Ehikian taking over, raises concerns about the company's ability to recover [5]

Core Insights - C3.ai Inc. has experienced a significant decline in its momentum score, now ranking in the bottom percentile of stocks for price strength, indicating acute partner risk due to Microsoft's aggressive push into proprietary AI tools like Fabric [2][3] - The partnership with Microsoft, which was once a key advantage, is now seen as a liability as Microsoft's Fabric integrates AI natively, reducing the need for third-party applications like those offered by C3.ai [3][4] - C3.ai's shares have dropped by 57.23% year-to-date, compounded by reports of potential leadership changes and the exploration of a sale [4][5] Company Performance - C3.ai's momentum score has fallen to the 7.21th percentile, highlighting a severe decline in price strength across various timeframes [2] - The company's reliance on partner-led deals is now at risk, with 90% of its agreements potentially vulnerable due to Microsoft's new offerings [4] - Following the departure of founder-CEO Thomas Siebel, the company is now led by Stephen Ehikian, who has experience in acquisitions but lacks a proven track record in revitalizing a struggling AI firm [5]