智通财经APP获悉，摩根士丹利近期发布研报表示，根据该行2025年第二季度对首席信息官(CIO)的调 查结果，对微软(MSFT.US)近期需求趋势较为稳定，首席信息官情绪与上一季度相比基本未变。微软在 生成式人工智能领域的领先地位始终稳固。值得肯定的是，首席信息官们预计未来12个月内，将在31% 的终端上部署M365 Copilot，高于第四季度的17%，这表明其普及率在不断提高。 微软在极具吸引力的人工智能机遇中处于有利地位，仍是生成式人工智能领域的关键赢家。调查显示， 首席信息官的支出意向相当稳定，环比基本未变，首席信息官们现在预计2025年IT预算增长率为同比增 长3.6%，与第一季度相比下降了10个基点;2025年软件支出意向增长率为同比增长3.6%，与第一季度相 比下降了18个基点。 3)预计未来3年，与本地服务器相关产品的支出意向将下降1.3%，实际上这比典型的历史反馈要好，但 低于2024年第二季度调查中0.7%的增长预期(这是该行调查中首次出现正增长预期)。 微软人工智能支出意向：1)微软生成式人工智能套件的采用程度仍然很高，97%的首席信息官预计未来 12个月内将利用微软的某种人工智能工具， ...

ab 26 June 2025 Powered by YES UBS Evidence Lab Global Research AI Research We'd flag: 1. At the GPU level, Nvidia's dominance as the training and inference platform of choice was even more pronounced, with rising interest in Blackwell. Key alternatives were proprietary chips from AWS and Google, with adoption of AMD still muted. 2. Microsoft maintained its material lead for hosting AI workloads/GPUs, AWS held its ground in #2, the use of Oracle increased modestly to 10% and the "neo- Clouds" combined to ca ...

LinkedIn CEO Ryan Roslansky speaks at the Concordia Annual Summit in New York on Sept. 20, 2021. in New York City.Microsoft is giving LinkedIn CEO Ryan Roslansky a bigger job, expanding his role to include oversight of Office productivity software, CNBC has learned.Roslansky, who took over LinkedIn five years ago, is becoming executive vice president of Office, reporting to Rajesh Jha, Microsoft's executive vice president for experiences and devices, according to a person familiar with the matter. Microsoft ...

微软 Build&谷歌 IO 大会：海外大厂 AI 进阶方向 20250521 摘要 谷歌推出 Gemini APP，旨在成为面向消费者的流量入口，对标 ChatGPT，包含实时视频交互、agent mode 和 personal context 等 功能，并逐步接入 Google 日历、Keep 笔记软件和地图等应用，构建 全面 C 端入口。 谷歌搜索分为四层：传统网页搜索、AI 概览、AI 模式以及基于 Gemini APP 的搜索。新的 AI 模式类似 ChatGPT 聊天框，已在美国上线，具有 商业化潜力，可能对传统搜索产生颠覆性影响。 微软 Build 大会展示了 DeepSeek 项目，允许用户启动多个任务并最小 化运行，新增 teach and repeat 功能，模型可记住并重复执行类似任 务，并强调对 MCP 的支持，提升开发者体验和多云环境下的工作效率。 微软 Build 大会 2025 的核心亮点是 agent-centric Web，即代理互联 网，通过构建 agent 互联网，促进整个生态系统的快速发展和繁荣，是 夯实基础设施的重要举措。 Q&A 谷歌在最近的大会上发布了哪些重要更新 ...

2025年05月13日 证券研究报告 | 美股科技互联网25Q1财报总结： 营收利润超指引强劲，指引资本开支持续提升 | 证券分析师：张伦可 | 证券分析师：张昊晨 | 联系人：刘子谭 | | --- | --- | --- | | 0755-81982651 | zhanghaochen1@guosen.com.cn | uz an@guosen.com.cn | | zhang unke@guosen.com.cn | S0980525010001 | | | S0980521120004 | | | 请务必阅读正文之后的免责声明及其项下所有内容 行业研究 · 海外市场专题 互联网 · 互联网Ⅱ 投资评级：优于大市（维持） 目录 04 谷歌财报 05 亚马逊财报 请务必阅读正文之后的免责声明及其项下所有内容 25Q1科技巨头财报总结 云业务： B端企业应用： 01 行业情况总结 02 微软财报 03 META财报 • AI云需求持续，微软云率先投资、率先加速，其他保持高增速、部分受限于算力中心搭建，预计下半年逐步缓解。 • 利润端:一方面，云高增速下规模效应明显，通过降本增效AWS与谷歌云过去几个季度持续 ...

Core Viewpoint - Dell Technologies and Microsoft are significant players in the cloud computing market, with both companies poised to benefit from the expected growth in this sector, which is projected to reach a market size of $752.44 billion in 2024 and grow at a CAGR of 20.4% from 2025 to 2030 [2][17]. Dell Technologies - Dell is expanding its cloud services through the APEX platform, focusing on multi-cloud solutions and AI infrastructure [3]. - In Q4 of fiscal 2025, Dell's Infrastructure Solutions Group revenues, which include cloud offerings, increased by 22% year over year to $11.35 billion, driven by a 37% year-over-year growth in servers and networking revenues, totaling $6.63 billion [3][4]. - The demand for AI servers is strong, fueled by digital transformation and interest in generative AI applications, with Dell's PowerEdge XE9680L AI-optimized server experiencing high demand [4]. - Dell partnered with Singapore's Institute of Technical Education in March 2025 to launch a hybrid cloud VDI Centre, aimed at enhancing digital learning and addressing the AI skills gap [5]. Microsoft - Microsoft is experiencing robust demand for its cloud and AI offerings, with Microsoft Cloud revenues reaching $42.4 billion, a 21% year-over-year increase, and Azure revenues growing by 33% [6][8]. - Major customers, including Abercrombie & Fitch and Coca-Cola, are expanding their use of Azure, which has become the preferred cloud for mission-critical workloads [7]. - Microsoft has enhanced its cloud offerings by scaling data centers and optimizing hardware, contributing to increased customer adoption of key AI capabilities [8]. - The Zacks Consensus Estimate for Microsoft's fiscal 2025 earnings is $13.30 per share, reflecting a 12.71% year-over-year increase [15]. Stock Performance and Valuation - Year to date, Dell Technologies shares have declined by 11.4%, while Microsoft shares have gained 6.5% [9]. - Dell's shares are trading at a forward Price/Sales ratio of 0.7X, significantly lower than Microsoft's 10.82X, indicating that both companies are currently overvalued [13]. - Dell's fiscal 2026 earnings estimate is $8.90 per share, showing a 9.34% year-over-year increase, while Microsoft's earnings estimate reflects a stronger growth trajectory [15][16]. Conclusion - Both Dell Technologies and Microsoft are well-positioned to capitalize on the growth of the cloud computing market, but Microsoft is identified as the stronger investment opportunity due to its superior AI-driven growth, consistent earnings momentum, and expanding enterprise adoption [17][18].

Wall Street’s high-flying northward journey from January 2023 to January 2025 was predominantly supported by an astonishing rally in the technology sector, buoyed by the explosive growth of generative artificial intelligence (AI).The AI saga, supported by the massive growth of cloud computing and data centers, is yet to fully unfold. According to a report by Bloomberg Intelligence, “The generative AI market is poised to explode, growing to $1.3 trillion over the next 10 years from a market size of just $40 ...

在北京时间 5 月 1 日美股盘后，微软公布了截至 3 月底的 2025 财年 3 季度财报，整体来看相比市场对营收增长放缓，经营利润率开始收缩的悲观预期，营收增长 加速、利润率继续扩大的表现相当不俗。最核心的 Azure 业务也有超预期的表现，具体要点如下： 1、Azure 超预期提速，拐点已现： 最受关注的 Azure 业务， 本季营收同比增长 33%，剔除汇率影响后的增速则达 35%，较上季度分别环比提速了 2pct 和 4pct 。明显好于市场预期的仅会环比持平的表现。 业绩前，由于 1Q 调研显示企业的 IT 投入有所走弱，宏观经济前景也不佳， 市场普遍对 Azure 的预期并不高。 同时， 对 "Azure 增长再提速" 这个关键拐点的发 生时间节点的预期也明显后移， 且不再那么具有信心。而本季超预期的表现，以及 对下季度 Azure 的增速指引同样在 34%~35%（恒定汇率下）， 则正式 确认 了" Azure 增长再提速" 的已提前到来。 2、AI 需求依旧强劲、非 AI 需求也没那么差：本季度 AI 需求对 Azure 增速的贡献达到 16 个百分点，大跨步环比提高了 3pct， 是 2Q ...