<p>市值超过 1 万亿美元的股票名单很短。它包括 <strong>Alphabet</strong>、<strong>Amazon</strong>、<strong>Apple</strong>、<strong>Berkshire Hathaway</strong>、<strong>Meta Platforms</strong>、<strong>Microsoft</strong>(MSFT -0.30%) 和 <strong>Nvidia</strong>。</p>
<p>对每家公司的投资都有其理由。它们都是各自领域的领导者，通常能提供出色的财务业绩，并由令人印象深刻的首席执行官领导。但现在哪个是最佳选择呢？</p>
<p>根据华尔街的平均目标价（根据 Yahoo! Finance），答案是微软。该科技公司的目标价意味着从当前水平上升 20.1%，高于其在万亿俱乐部中的同行。截至目前，微软是否比其他公司更具吸引力，股票看起来确实很有吸引力。以下是原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5NTAvcGVyc29uLXdvcmtpbmctYXQtYS1kZXNrLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5NTAvcGVyc29uLXdvcmtpbmctYXQtYS1kZXNrLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>人工智能（AI）的顺风</h2>
<p>微软的各项业务都在蓬勃发展，其云部门 Azure 正在快速增长。这个部门已经是公司一段时间以来的主要增长驱动力，但由于人工智能（AI），其势头加速。根据当前趋势，投资者可以预期微软在可预见的未来将继续受到云和 AI 的推动而增长。以下是三个原因。</p>
<p>首先，AI 相关服务的需求持续激增。这部分推动了不仅是微软，还有其他几家科技领导者的增长。</p>
<p>其次，微软的云部门正在追赶该领域的领导者 Amazon。微软与使用其计算机操作系统和生产力工具的公司的既定关系可能在这里发挥了作用。微软还通过 Azure 向用户提供 OpenAI 的大型语言模型的访问权限。OpenAI 是 ChatGPT 背后的公司，仍被视为（或许是）行业标准，这可能吸引了一些公司选择 Azure 而非竞争对手。</p>
<p>第三，在 2025 财年的第四季度，微软首次在商业预订中超过了 1000 亿美元，年同比增长 37%。它以 3680 亿美元的合同积压结束了财年，甚至高于其过去 12 个月的 2817 亿美元收入。</p>
<p>微软在最新期间的财务业绩非常出色。收入同比增长 18%，达到 764 亿美元。Azure 的收入同比增长 39%。营业收入和净收入分别增长 23% 和 24%。</p>
<p>预计这家科技巨头将在接下来的 12 个月至少保持这种势头——或接近这种势头。</p>
<h2>长期思考</h2>
<p>微软会在明年达到华尔街的目标价吗？在我看来，它有很大的机会能够做到。然而，即使它没有达到，股票对关注长期的投资者来说仍然显得极具吸引力。</p>
<p>尽管公司的 AI 和云业务正在蓬勃发展，但这可能仍然是这些行业增长故事的早期阶段。亚马逊首席执行官 Andy Jassy 去年指出，85% 的 IT 支出仍然发生在本地。</p>
<p>换句话说，云计算尚未完全占领市场——甚至还远未达到。微软在这个长期顺风中处于极佳的位置。</p>
<p>除了它已经是领导者并证明自己能够在激烈竞争中蓬勃发展外，微软的云服务具有高转换成本，赋予其强大的竞争优势。因此，公司的未来是光明的。在考虑其股息之前就是如此。</p>
<p>此外，微软是万亿公司中最高的股息支付者之一。在过去十年中，其股息支付增加了 130.6%。尽管其前瞻性收益率为 0.7% 并不令人印象深刻，但公司的强大基础业务和产生大量自由现金流的能力完全弥补了这一点。</p>
<p>最后，微软的估值仍然合理。公司的前瞻性市盈率为 33，远高于信息技术行业的 29.2 的平均水平。</p>
<p>该股票无疑值得溢价。在当前水平上，微软应该有很大的上行空间，尤其是对于那些长期持有公司股票的投资者。</p>

微软

2 倍做多 MSFT ETF - GraniteShares

MSFO

微软每日 1 倍做空 ETF - Direxion

微软每日 2 倍做多 ETF - Direxion

MSFX

MSFY

<p>根据华尔街的观点，微软目前是最值得购买的万亿市值股票，价格目标暗示有 20.1% 的上涨空间。公司的增长主要得益于其云计算部门 Azure 以及对人工智能服务日益增长的需求。微软报告了收入和订单的大幅增长，显示出强劲的财务健康状况。尽管面临竞争，其稳固的市场地位和高转换成本提供了竞争优势。此外，微软还是顶级的分红支付者，拥有持续增加分红的良好历史。总体而言，这只股票对长期投资者来说具有吸引力</p>

<p>The list of stocks with a market cap above $1 trillion is short. It includes <strong>Alphabet</strong>, <strong>Amazon</strong>, <strong>Apple</strong>, <strong>Berkshire Hathaway</strong>, <strong>Meta Platforms</strong>, <strong>Microsoft</strong>(MSFT -0.30%), and <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>市值超过 1 万亿美元的股票名单很短。它包括 <strong>Alphabet</strong>、<strong>Amazon</strong>、<strong>Apple</strong>、<strong>Berkshire Hathaway</strong>、<strong>Meta Platforms</strong>、<strong>Microsoft</strong>(MSFT -0.30%) 和 <strong>Nvidia</strong>。</p>
</div><p>There is an argument for investing in each of these corporations. All are leaders in their respective fields, generally deliver excellent financial results, and are led by impressive CEOs. But which one is the best option right now?</p>
<div class="lb-trans"><p>对每家公司的投资都有其理由。它们都是各自领域的领导者，通常能提供出色的财务业绩，并由令人印象深刻的首席执行官领导。但现在哪个是最佳选择呢？</p>
</div><p>Going by average Wall Street price targets (according to Yahoo! Finance), the answer is Microsoft. The tech company price target implies an upside of 20.1% from its current levels, higher than that of its peers in the trillion-dollar club, as of this writing. Whether Microsoft is a better pick than these other companies, though, the stock looks attractive. Here's why.</p>
<div class="lb-trans"><p>根据华尔街的平均目标价（根据 Yahoo! Finance），答案是微软。该科技公司的目标价意味着从当前水平上升 20.1%，高于其在万亿俱乐部中的同行。截至目前，微软是否比其他公司更具吸引力，股票看起来确实很有吸引力。以下是原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5NTAvcGVyc29uLXdvcmtpbmctYXQtYS1kZXNrLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832950%2Fperson-working-at-a-desk.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>The artificial intelligence (AI) tailwind</h2>
<div class="lb-trans"><h2>人工智能（AI）的顺风</h2>
</div><p>Microsoft has been firing on all cylinders, as its cloud division, Azure, is taking off. This segment has been the company's top growth driver for some time, but its momentum has accelerated thanks to artificial intelligence (AI). Based on current trends, investors can anticipate continued growth driven by cloud and AI for Microsoft in the foreseeable future. Here are three reasons why.</p>
<div class="lb-trans"><p>微软的各项业务都在蓬勃发展，其云部门 Azure 正在快速增长。这个部门已经是公司一段时间以来的主要增长驱动力，但由于人工智能（AI），其势头加速。根据当前趋势，投资者可以预期微软在可预见的未来将继续受到云和 AI 的推动而增长。以下是三个原因。</p>
</div><p>First, demand for AI-related services continues to surge. That's partly what's powering not just Microsoft, but several other tech leaders as well.</p>
<div class="lb-trans"><p>首先，AI 相关服务的需求持续激增。这部分推动了不仅是微软，还有其他几家科技领导者的增长。</p>
</div><p>Second, Microsoft's cloud division has been gaining on the leader in the field, Amazon. Microsoft's established relationship with companies that use its computer operating systems and productivity tools is likely playing a role here. Microsoft also grants users access to OpenAI's large language model through Azure. OpenAI, the company behind ChatGPT, is still seen as a (perhaps <em>the</em>) industry standard, something that is likely pulling at least some companies toward Azure versus competing providers.</p>
<div class="lb-trans"><p>其次，微软的云部门正在追赶该领域的领导者 Amazon。微软与使用其计算机操作系统和生产力工具的公司的既定关系可能在这里发挥了作用。微软还通过 Azure 向用户提供 OpenAI 的大型语言模型的访问权限。OpenAI 是 ChatGPT 背后的公司，仍被视为（或许是）行业标准，这可能吸引了一些公司选择 Azure 而非竞争对手。</p>
</div><p>Third, in the fourth quarter of its fiscal year 2025, Microsoft topped $100 billion in commercial bookings for the first time in its history, with the metric increasing 37% year over year. It ended its fiscal year with a contracted backlog of $368 billion, even higher than its trailing-12-month revenue of $281.7 billion.</p>
<div class="lb-trans"><p>第三，在 2025 财年的第四季度，微软首次在商业预订中超过了 1000 亿美元，年同比增长 37%。它以 3680 亿美元的合同积压结束了财年，甚至高于其过去 12 个月的 2817 亿美元收入。</p>
</div><p>Microsoft's financial results during its latest period were excellent. Revenue jumped 18% year over year to $76.4 billion. Azure revenue was up 39% year over year. Operating and net income increased 23% and 24%, respectively.</p>
<div class="lb-trans"><p>微软在最新期间的财务业绩非常出色。收入同比增长 18%，达到 764 亿美元。Azure 的收入同比增长 39%。营业收入和净收入分别增长 23% 和 24%。</p>
</div><p>Expect the tech giant to maintain that momentum -- or something close to it -- through the next 12 months at least.</p>
<div class="lb-trans"><p>预计这家科技巨头将在接下来的 12 个月至少保持这种势头——或接近这种势头。</p>
</div><h2>Think long term</h2>
<div class="lb-trans"><h2>长期思考</h2>
</div><p>Will Microsoft match Wall Street's price target in the next year? In my view, there is a good chance that it can. However, even if it doesn't, the stock appears incredibly attractive to investors focused on the long term.</p>
<div class="lb-trans"><p>微软会在明年达到华尔街的目标价吗？在我看来，它有很大的机会能够做到。然而，即使它没有达到，股票对关注长期的投资者来说仍然显得极具吸引力。</p>
</div><p>Although the company's AI and cloud businesses are booming, this is likely still the early stages of these industries' growth stories. Amazon CEO Andy Jassy pointed out last year that 85% of IT spending still happens on-premises.</p>
<div class="lb-trans"><p>尽管公司的 AI 和云业务正在蓬勃发展，但这可能仍然是这些行业增长故事的早期阶段。亚马逊首席执行官 Andy Jassy 去年指出，85% 的 IT 支出仍然发生在本地。</p>
</div><p>In other words, cloud computing hasn't taken over yet -- not even close. Microsoft is about as well-positioned as any company to benefit from this long-term tailwind.</p>
<div class="lb-trans"><p>换句话说，云计算尚未完全占领市场——甚至还远未达到。微软在这个长期顺风中处于极佳的位置。</p>
</div><p>Besides the fact that it is already a leader and is proving it can thrive despite stiff competition, Microsoft's cloud services come with high switching costs, granting it a strong competitive advantage. So, the future is bright for the company. And that's before looking at its dividend.</p>
<div class="lb-trans"><p>除了它已经是领导者并证明自己能够在激烈竞争中蓬勃发展外，微软的云服务具有高转换成本，赋予其强大的竞争优势。因此，公司的未来是光明的。在考虑其股息之前就是如此。</p>
</div><p>Also, Microsoft is one of the top dividend payers among the trillion-dollar companies. It has increased payouts by 130.6% in the past decade. Although its forward yield of 0.7% is unimpressive, the company's strong underlying business and ability to generate significant amounts of free cash flow more than compensate for that.</p>
<div class="lb-trans"><p>此外，微软是万亿公司中最高的股息支付者之一。在过去十年中，其股息支付增加了 130.6%。尽管其前瞻性收益率为 0.7% 并不令人印象深刻，但公司的强大基础业务和产生大量自由现金流的能力完全弥补了这一点。</p>
</div><p>Lastly, Microsoft still looks reasonably valued. The company's 33 forward price-to-earnings ratio isn't significantly higher than the 29.2 average for the information technology sector.</p>
<div class="lb-trans"><p>最后，微软的估值仍然合理。公司的前瞻性市盈率为 33，远高于信息技术行业的 29.2 的平均水平。</p>
</div><p>The stock certainly deserves a premium. And at current levels, there should be plenty of upsides for Microsoft, especially for investors who hold on to the company's shares for a long time.</p>
<div class="lb-trans"><p>该股票无疑值得溢价。在当前水平上，微软应该有很大的上行空间，尤其是对于那些长期持有公司股票的投资者。</p>
</div>

The Best Trillion-Dollar Stock to Buy Now, According to Wall Street (Hint: Not Nvidia)

- 市值超过 1 万亿美元的公司包括微软、苹果、亚马逊等。  
- 微软的股价目标显示出 20.1% 的上涨潜力，领先于同行。  
- 其云计算和人工智能业务持续增长，财务表现优异，未来前景乐观。

根据华尔街的建议，现在最值得购买的万亿美元市值股票（提示：不是英伟达）