<p>多年来，能够以高于通货膨胀率增长的股息可能会成为长期的财富积累者。</p>
<p>尽管人工智能（AI）股票并不以股息而闻名，但一些科技巨头现在开始支付股息，并以两位数的百分比增长。</p>
<p>事实上，在周一，人工智能科技股中最老牌的股息支付者之一，<strong>Microsoft</strong>(MSFT -0.78%) 宣布将股息提高超过 10%。以下是关于雷德蒙德向股东支付更多股息的重要事项。</p>
<h2>股东将在 12 月获得加薪</h2>
<p>微软宣布将其季度支付从 0.75 美元提高至 0.83 美元，涨幅达 10.7%。这一加薪将于 12 月的股息支付生效，将支付给截至 11 月 20 日持有该股票的股东，除息日为 11 月 21 日。</p>
<p>然而，根据今天的股价，新的股息收益率仅约为 0.8%。</p>
<p>除了股息加薪，微软还授权了一项 600 亿美元的股票回购计划。当一家公司回购其股票时，这会降低股票数量，增加剩余股东在公司中的持股比例。请注意，虽然这个数额看起来很大，但 600 亿美元的回购仅会回购今天市值约 2% 的微软股票。</p>
<h2>但像这样的定期加薪似乎非常可持续</h2>
<p>尽管这种股东回报对一些人来说可能微不足道，但今年的增长应该是可重复和可持续的。这是因为尽管股息加薪近 11%，但微软过去财年的稀释每股收益实际上增长了 22%。</p>
<p>因此，微软的股息支付比率与收益的关系实际上会下降。这意味着未来有更多的空间来增加股息支付。</p>
<p>支撑持续增长的另一个因素是微软无可挑剔的资产负债表，现金为 750 亿美元，而短期和长期债务仅为 500 亿美元。这笔现金储备是在去年 12 月完成的 69 亿美元全现金收购动视暴雪之后保留下来的。</p>
<p>动视收购应该在未来一年进一步增加收入，因为它实际上只影响了微软过去财年的一半。但微软的主要业务——其以人工智能驱动的云计算和商业生产力软件部门——将决定大部分的收入增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTExOTcvZ2V0dHlpbWFnZXMtMTA5MzM0MjU3Mi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTExOTcvZ2V0dHlpbWFnZXMtMTA5MzM0MjU3Mi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>提高支付的潜在风险</h2>
<p>尽管所有这些因素都是积极的，但微软可能不会在今年将全部 600 亿美元的回购用于投资者。现金流可能是一个问题，因为所有云巨头目前都在大举投资于人工智能数据中心。值得注意的是，微软去年的自由现金流为 740 亿美元，明显低于其 889 亿美元的净收入。</p>
<p>微软在第四季度的资本支出中花费了 139 亿美元，如果继续这样，年度支出将从去年的 445 亿美元大幅增加至 560 亿美元。随着人工智能竞赛没有放缓的迹象，这个数字可能会在 2025 财年更高。</p>
<p>公司还可能在未来一年产生更多与人工智能相关的收入。例如，它为 Microsoft 365 的 AI 版 Copilot 每个席位收费 30 美元。在微软最近的电话会议上，CEO 萨蒂亚·纳德拉指出，Office 365 Copilot 用户数量按季度增长了 60%，而 GitHub 的 Copilot 贡献了该部门增长的 40%。然而，任何在人工智能方面的成功可能会导致更多在人工智能数据中心的支出，使得自由现金流再次低于今年的收入。</p>
<p>回顾过去一年，微软仅在股票回购上花费了 172 亿美元，甚至低于前一年的 222 亿美元。因此，今年回购 600 亿美元的可能性似乎不大。尽管去年的保守做法为动视收购腾出了空间，但这也可能是为了为大规模的人工智能投资储备现金。此外，微软的股价并不是非常便宜，以 36.5 倍的市盈率，限制了回购的效果。</p>
<p>与人工智能相关的支出和高估值可能会使管理层在 2025 年保守，这意味着 600 亿美元中的很大一部分可能会未花。</p>
<h2>对长期持有者来说是一个不错的提振，但对新买家来说则不太如此</h2>
<p>股息增加可能不足以吸引以股息为重点的投资者投资微软，但可能会使长期持有该股票的人受益。</p>
<p>新股东必须将微软视为一个增长股，股息只是一个额外的奖励，并希望人工智能将推动收入和收益，尽管公司规模巨大。</p>
<p>但如果您是一个以股息为重点的投资者，并希望在未来几年内获得实质性的支付，最好等待股价回调以获得更好的入场点。</p>

微软

<p>微软宣布将股息提高 10.7%，将季度分红从 0.75 美元提高至 0.83 美元，自 12 月份分红生效。该公司还授权了一个价值十亿美元的股票回购计划。尽管过去财政年度盈利增长了 22%，但由于大量投资于人工智能，对现金流的担忧可能会限制回购计划的效果。虽然股息增加可能不会吸引新的收益关注型投资者，但对于长期股东而言，这将使他们受益，因为微软继续专注于人工智能驱动的增长</p>

<p>Dividends that can grow above the rate of inflation for years can be huge wealth-builders over time.</p>
<div class="lb-trans"><p>多年来，能够以高于通货膨胀率增长的股息可能会成为长期的财富积累者。</p>
</div><p>Although artificial intelligence (AI) stocks aren't exactly known for their dividends, some of these tech giants are now beginning to pay out dividends and to grow them by double-digit percentages.</p>
<div class="lb-trans"><p>尽管人工智能（AI）股票并不以股息而闻名，但一些科技巨头现在开始支付股息，并以两位数的百分比增长。</p>
</div><p>In fact, on Monday, the oldest dividend payer of the big AI tech stocks, <strong>Microsoft</strong>(MSFT -0.78%), announced a dividend increase of more than 10%. Here are the essential things to know about Redmond's new bigger payout to owners.</p>
<div class="lb-trans"><p>事实上，在周一，人工智能科技股中最老牌的股息支付者之一，<strong>Microsoft</strong>(MSFT -0.78%) 宣布将股息提高超过 10%。以下是关于雷德蒙德向股东支付更多股息的重要事项。</p>
</div><h2>A hike coming for shareholders in December</h2>
<div class="lb-trans"><h2>股东将在 12 月获得加薪</h2>
</div><p>Microsoft announced it would raise its quarterly payout from $0.75 to $0.83, good for a 10.7% increase. The hike will go into effect for the December dividend payout, which will go to holders of the stock as of Nov. 20, with an ex-dividend date of Nov. 21.</p>
<div class="lb-trans"><p>微软宣布将其季度支付从 0.75 美元提高至 0.83 美元，涨幅达 10.7%。这一加薪将于 12 月的股息支付生效，将支付给截至 11 月 20 日持有该股票的股东，除息日为 11 月 21 日。</p>
</div><p>However, the new dividend yield at today's share price would only amount to roughly 0.8%.</p>
<div class="lb-trans"><p>然而，根据今天的股价，新的股息收益率仅约为 0.8%。</p>
</div><p>In addition to the dividend hike, Microsoft also authorized a $60 billion share buyback program. When a company repurchases its shares, that lowers the share count, increasing the remaining shareholders' stake in the company. Note that while that amount seems large, $60 billion in repurchases would only retire a small fraction (about 2%) of Microsoft shares at today's market cap.</p>
<div class="lb-trans"><p>除了股息加薪，微软还授权了一项 600 亿美元的股票回购计划。当一家公司回购其股票时，这会降低股票数量，增加剩余股东在公司中的持股比例。请注意，虽然这个数额看起来很大，但 600 亿美元的回购仅会回购今天市值约 2% 的微软股票。</p>
</div><h2>But regular increases like these seem highly sustainable</h2>
<div class="lb-trans"><h2>但像这样的定期加薪似乎非常可持续</h2>
</div><p>While that shareholder return may seem paltry to some, this year's increases should be repeatable and sustainable. This is because even though the dividend hike was strong at nearly 11%, Microsoft's diluted earnings per share actually grew 22% over the past fiscal year.</p>
<div class="lb-trans"><p>尽管这种股东回报对一些人来说可能微不足道，但今年的增长应该是可重复和可持续的。这是因为尽管股息加薪近 11%，但微软过去财年的稀释每股收益实际上增长了 22%。</p>
</div><p>Hence, Microsoft's dividend payout ratio in relation to earnings will actually go <em>down</em>. That means more room for payout increases in the future.</p>
<div class="lb-trans"><p>因此，微软的股息支付比率与收益的关系实际上会下降。这意味着未来有更多的空间来增加股息支付。</p>
</div><p>Also underpinning consistent growth is Microsoft's impeccable balance sheet, with $75 billion in cash against just $50 billion in short- and long-term debt. That cash hoard remains after the massive $69 billion all-cash acquisition of Activision Blizzard, which closed last December.</p>
<div class="lb-trans"><p>支撑持续增长的另一个因素是微软无可挑剔的资产负债表，现金为 750 亿美元，而短期和长期债务仅为 500 亿美元。这笔现金储备是在去年 12 月完成的 69 亿美元全现金收购动视暴雪之后保留下来的。</p>
</div><p>The Activision acquisition should bolster earnings even more in the year ahead, as it really only affected half of Microsoft's past fiscal year. But Microsoft's main businesses -- its AI-powered cloud computing and business productivity software segments -- will determine most of its earnings growth.</p>
<div class="lb-trans"><p>动视收购应该在未来一年进一步增加收入，因为它实际上只影响了微软过去财年的一半。但微软的主要业务——其以人工智能驱动的云计算和商业生产力软件部门——将决定大部分的收入增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTExOTcvZ2V0dHlpbWFnZXMtMTA5MzM0MjU3Mi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F791197%2Fgettyimages-1093342572.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Potential risks to raising the payout</h2>
<div class="lb-trans"><h2>提高支付的潜在风险</h2>
</div><p>While all these factors are positive, it's possible Microsoft won't lavish that entire $60 billion of repurchases on investors this year. Cash flow may be a concern, given that all the cloud giants are currently spending heavily on AI data centers. Of note, Microsoft's free cash flow amounted to $74 billion last year, markedly below its net income of $88.9 billion.</p>
<div class="lb-trans"><p>尽管所有这些因素都是积极的，但微软可能不会在今年将全部 600 亿美元的回购用于投资者。现金流可能是一个问题，因为所有云巨头目前都在大举投资于人工智能数据中心。值得注意的是，微软去年的自由现金流为 740 亿美元，明显低于其 889 亿美元的净收入。</p>
</div><p>Microsoft spent $13.9 billion in cash on capital expenditures in the fourth quarter -- and if that continues, an annual pace of $56 billion would be a marked increase from last year's $44.5 billon. That number is likely to run higher for fiscal 2025, as the AI races show no signs of slowing down.</p>
<div class="lb-trans"><p>微软在第四季度的资本支出中花费了 139 亿美元，如果继续这样，年度支出将从去年的 445 亿美元大幅增加至 560 亿美元。随着人工智能竞赛没有放缓的迹象，这个数字可能会在 2025 财年更高。</p>
</div><p>The company is also likely to generate more AI-related revenue in the year ahead. For instance, it's charging $30 per seat for the AI-powered Copilot version of Microsoft 365. On Microsoft's recent conference call, CEO Satya Nadella noted that the number of Office 365 Copilot users grew 60% quarter over quarter, and that Copilot for GitHub contributed 40% of that segment's growth. Still, any success in AI would likely lead to more spending on AI data centers, making free cash flow lower than earnings again this year.</p>
<div class="lb-trans"><p>公司还可能在未来一年产生更多与人工智能相关的收入。例如，它为 Microsoft 365 的 AI 版 Copilot 每个席位收费 30 美元。在微软最近的电话会议上，CEO 萨蒂亚·纳德拉指出，Office 365 Copilot 用户数量按季度增长了 60%，而 GitHub 的 Copilot 贡献了该部门增长的 40%。然而，任何在人工智能方面的成功可能会导致更多在人工智能数据中心的支出，使得自由现金流再次低于今年的收入。</p>
</div><p>Looking back at the past year, Microsoft only spent $17.2 billion on share repurchases, which was even lower than the $22.2 billion spent in the prior year. So, it seems unlikely it will repurchase $60 billion worth this year. While last year's conservatism made room for the Activision purchase, it may also have been intended to save cash for heavy AI investments. Additionally, Microsoft's stock isn't exactly screamingly cheap at 36.5 times earnings, limiting the effect of repurchases.</p>
<div class="lb-trans"><p>回顾过去一年，微软仅在股票回购上花费了 172 亿美元，甚至低于前一年的 222 亿美元。因此，今年回购 600 亿美元的可能性似乎不大。尽管去年的保守做法为动视收购腾出了空间，但这也可能是为了为大规模的人工智能投资储备现金。此外，微软的股价并不是非常便宜，以 36.5 倍的市盈率，限制了回购的效果。</p>
</div><p>Both the AI-related spending and high valuation could keep management conservative in 2025 as well, meaning a lot of the $60 billion may go unspent.</p>
<div class="lb-trans"><p>与人工智能相关的支出和高估值可能会使管理层在 2025 年保守，这意味着 600 亿美元中的很大一部分可能会未花。</p>
</div><h2>A nice boost for longtime holders, but not so much for new buyers</h2>
<div class="lb-trans"><h2>对长期持有者来说是一个不错的提振，但对新买家来说则不太如此</h2>
</div><p>The dividend increase probably isn't enough to entice yield-focused investors to Microsoft, but could benefit those who have owned the stock for a long time.</p>
<div class="lb-trans"><p>股息增加可能不足以吸引以股息为重点的投资者投资微软，但可能会使长期持有该股票的人受益。</p>
</div><p>Newer shareholders have to view Microsoft as a growth stock with a small dividend kicker as a bonus, and hope that AI will turbocharge revenue and earnings in spite of the company's enormous size.</p>
<div class="lb-trans"><p>新股东必须将微软视为一个增长股，股息只是一个额外的奖励，并希望人工智能将推动收入和收益，尽管公司规模巨大。</p>
</div><p>But if you're a dividend-focused investor, and would like a material payout within the next few years, it may be better to wait for a pullback in the stock price for a better entry point.</p>
<div class="lb-trans"><p>但如果您是一个以股息为重点的投资者，并希望在未来几年内获得实质性的支付，最好等待股价回调以获得更好的入场点。</p>
</div>

Microsoft Just Raised Its Dividend By Double Digits: What Investors Need to Know

- 微软宣布将季度股息从 $0.75 增加至 $0.83，增幅为 10.7%。  
- 公司还授权 $600 亿的股票回购计划，可能影响现金流。  
- 对于长期持有者，股息增加是利好，但新投资者需谨慎。  

微软刚刚将其股息提高了两位数：投资者需要了解的内容