<p>周四股市表现不一，<strong>道琼斯工业平均指数</strong>(^DJI 0.11%) 略有上涨，而 <strong>标准普尔 500 指数</strong>(^GSPC 0.08%) 则小幅下跌。然而，科技巨头 <strong>微软</strong>(MSFT -6.26%) 却是一个大例外，截止东部时间上午 11 点，股价下跌超过 6%。</p>
<p>正如你所预料的，股价下跌的主要原因是微软在周三市场收盘后公布的 2025 财年第二季度最新财报。尽管在收入和每股收益方面超出了分析师的预期，但投资者似乎对这家大型科技公司的最新业绩并不感到兴奋。</p>
<p>截至目前，微软的股价已比近期高点低约 11%，通常认为下跌 10% 或更多被视为修正。</p>
<h2>为什么微软股价下跌？</h2>
<p>正如大多数经验丰富的股票投资者所知，导致股票价格下跌的最可靠方法之一就是发布疲软的指引，而这正是这里发生的情况。具体来说，公司的第一季度收入预计将在微软指引区间的中点达到 682 亿美元——这比分析师的预期低约 15 亿美元。此外，尽管 Azure 云服务业务同比增长 31%，但与上一季度的增长率相比，增速放缓了两个百分点。</p>
<p>疲软的指引，加上来自中国 DeepSeek 的人工智能（AI）模型带来的近期逆风，导致许多投资者质疑这家科技巨头庞大的 AI 支出策略。</p>
<h2>这是一个买入机会吗？</h2>
<p>值得注意的是，微软并不是一只便宜的股票。即使在此次下跌后，微软的市盈率仍约为 30.5 倍的预期收益。考虑到公司营业收入同比增长 17%，这似乎是一个合理但并不便宜的估值。</p>
<p>然而，如果你认为近期的 AI 逆风被夸大了，那么有一些理由让你可能想要更仔细地观察一下。首先，微软的 AI 业务在过去一年中年收入增长率惊人地达到了 175%，显示出其巨额投资正在获得回报。而微软的云收入几乎占总收入的 60%，增长速度显著快于其他业务。</p>

微软

<p>微软的股票已经进入调整期，在发布 2025 财年第二季度财报后下跌超过 6%，尽管其收入和盈利均超出预期。此次下跌归因于对 2025 财年第一季度收入的疲软指引，预计为 682 亿美元，低于分析师的预期。由于竞争加剧和 Azure 增长放缓，投资者对人工智能支出策略的担忧也影响了市场情绪。然而，微软的人工智能收入同比激增 175%，这表明其有复苏的潜力。该股票的前瞻市盈率为 30.5 倍，考虑到当前的下跌，这对投资者来说显示出合理的估值</p>

<p>The stock market was having a mixed day on Thursday, with the <strong>Dow Jones Industrial Average</strong>(^DJI 0.11%) slightly higher and the <strong>S&amp;P 500</strong>(^GSPC 0.08%) marginally lower. However, tech giant <strong>Microsoft</strong>(MSFT -6.26%) was a big exception, with shares down by more than 6% at 11 a.m. ET.</p>
<div class="lb-trans"><p>周四股市表现不一，<strong>道琼斯工业平均指数</strong>(^DJI 0.11%) 略有上涨，而 <strong>标准普尔 500 指数</strong>(^GSPC 0.08%) 则小幅下跌。然而，科技巨头 <strong>微软</strong>(MSFT -6.26%) 却是一个大例外，截止东部时间上午 11 点，股价下跌超过 6%。</p>
</div><p>As you might expect, the primary reason for the decline was Microsoft's latest earnings for the company's second fiscal quarter of 2025, which it reported on Wednesday afternoon after the market closed. Despite beating analyst expectations for both revenue and earnings per share, investors don't seem too thrilled with the megacap tech stock's latest results.</p>
<div class="lb-trans"><p>正如你所预料的，股价下跌的主要原因是微软在周三市场收盘后公布的 2025 财年第二季度最新财报。尽管在收入和每股收益方面超出了分析师的预期，但投资者似乎对这家大型科技公司的最新业绩并不感到兴奋。</p>
</div><p>As of this writing, Microsoft is now about 11% below its recent high, and a decline of 10% or more is typically considered to be a correction.</p>
<div class="lb-trans"><p>截至目前，微软的股价已比近期高点低约 11%，通常认为下跌 10% 或更多被视为修正。</p>
</div><h2>Why is Microsoft falling?</h2>
<div class="lb-trans"><h2>为什么微软股价下跌？</h2>
</div><p>As most experienced stock investors can tell you, one of the most surefire ways to make a stock's price drop is to issue weak guidance, and that's exactly what happened here. Specifically, the company's first-quarter revenue is forecast to come in at $68.2 billion at the midpoint of Microsoft's guidance range -- that's about $1.5 billion less than analysts had expected. What's more, although the Azure cloud services business grew by 31% year over year, that represents a slowdown of two percentage points compared with the previous quarter's growth rate.</p>
<div class="lb-trans"><p>正如大多数经验丰富的股票投资者所知，导致股票价格下跌的最可靠方法之一就是发布疲软的指引，而这正是这里发生的情况。具体来说，公司的第一季度收入预计将在微软指引区间的中点达到 682 亿美元——这比分析师的预期低约 15 亿美元。此外，尽管 Azure 云服务业务同比增长 31%，但与上一季度的增长率相比，增速放缓了两个百分点。</p>
</div><p>The weak guidance, combined with the recent artificial intelligence (AI) headwinds from China-based DeepSeek's AI models, are causing many investors to question the tech giant's massive AI spending strategy.</p>
<div class="lb-trans"><p>疲软的指引，加上来自中国 DeepSeek 的人工智能（AI）模型带来的近期逆风，导致许多投资者质疑这家科技巨头庞大的 AI 支出策略。</p>
</div><h2>Is it a buying opportunity?</h2>
<div class="lb-trans"><h2>这是一个买入机会吗？</h2>
</div><p>It's worth noting that Microsoft isn't a cheap stock. Even after this move, Microsoft trades for about 30.5 times forward earnings estimates. Given the company's operating income growth of 17% year over year, this seems like a reasonable, but not dirt cheap, valuation.</p>
<div class="lb-trans"><p>值得注意的是，微软并不是一只便宜的股票。即使在此次下跌后，微软的市盈率仍约为 30.5 倍的预期收益。考虑到公司营业收入同比增长 17%，这似乎是一个合理但并不便宜的估值。</p>
</div><p>However, if you believe the recent AI headwinds are overblown, there are some reasons you might want to take a closer look. For one thing, Microsoft's AI business grew its annual revenue run rate by a staggering 175% over the past year, showing that its massive investments are paying off. And Microsoft's cloud revenue, which makes up nearly 60% of the total, is growing significantly faster than the rest of the business.</p>
<div class="lb-trans"><p>然而，如果你认为近期的 AI 逆风被夸大了，那么有一些理由让你可能想要更仔细地观察一下。首先，微软的 AI 业务在过去一年中年收入增长率惊人地达到了 175%，显示出其巨额投资正在获得回报。而微软的云收入几乎占总收入的 60%，增长速度显著快于其他业务。</p>
</div>

Microsoft Stock Is Now in a Correction -- Is This a Buying Opportunity?

- 周四股市表现不一，道琼斯指数小幅上涨，标准普尔 500 指数微跌。  
- 微软股价下跌超过 6%，主要因其 2025 财年第二季度财报未达预期。  
- 预计第一季度收入为 682 亿美元，低于分析师预期，导致投资者信心下降。

微软股票现在处于调整期——这是一个买入的机会吗？