$Microsoft(MSFT.US) Microsoft announced its earnings after hours

There are two main points to watch

First, the growth rate of Azure, expected to be 39-40%, and anything above 41% would exceed expectations

Second, capital expenditures, specifically the guidance for 2027, with market expectations at 220-235 billion

（The expenditure guidance is likely to be raised. If specific numbers are provided and do not deviate significantly from expectations, investors will not assume the worst. Last time, Google did not provide 2027 guidance at all, only giving a range for the current year, refusing to give quantitative figures for the next fiscal year, using only qualitative descriptions—“2027 will be significantly higher than 2026”. This “qualitative-only, non-quantitative” approach by Google actually amplified panic:）