<p>作者：Emily Bary</p>
<p>关注人工智能支出与收入平衡的投资者希望在微软最新季度的云业务中获得更多收益。</p>
<p>微软首席财务官艾米·胡德（Amy Hood）暗示，如果公司愿意，云业务的增长可能会更快，但这将牺牲内部开发者的资源。</p>
<p>微软在人工智能支出方面正面临投资者的质疑。</p>
<p>三个月前，Meta Platforms（META）似乎是华尔街因人工智能支出与收入不匹配而遭受攻击的对象。但在公司发布财报后，Meta 的股票在周三的延长交易中上涨了 7.3%，这表明投资者现在对那里的人工智能投资与变现之间的平衡更加满意。</p>
<p>微软（MSFT）则不然，其股票在周三的延长交易中下跌了 6.7%，如果这一跌幅持续到周四的常规交易结束，将成为三年来最大的一次财报后跌幅。</p>
<p>查看更多：微软财报导致股价下跌，云增长缺乏动力。</p>
<p>微软的主要业绩超出预期，Azure 云计算的增长在恒定货币下上升了 38%，达到了华尔街的预期。但一些投资者显然希望能有更多，尤其是资本支出相较于去年飙升了 66%，达到了 375 亿美元，包括融资租赁。</p>
<p>这一动态在微软的财报电话会议上成为热门话题。摩根士丹利的基思·韦斯（Keith Weiss）表示，困扰微软投资者的 “核心问题之一” 是支出高于预期，而 Azure 的增长 “可能” 略低于预期。</p>
<p>“我认为这根本上归结为对这项资本支出长期投资回报的担忧，” 他在电话会议上告诉管理层，指的是投资回报。</p>
<p>微软曾被认为在人工智能变现方面比 Meta 处于更有利的位置。微软可以通过其云计算业务直接从人工智能支出中获利。而 Meta 则必须向投资者证明，人工智能通过更好的内容推荐和改进的广告定位正在带来回报。</p>
<p>但由于来自英伟达（Nvidia）等公司的芯片供应紧张，微软在云容量上相对于需求显得不足。公司不得不在资源分配上做出艰难选择。管理层暗示，如果公司将更多的图形处理单元用于服务第三方云客户，这将牺牲需要 GPU 来构建其他微软服务的内部开发者。</p>
<p>“我们真的在做长期决策，” 首席财务官艾米·胡德在财报电话会议上表示。公司希望确保 “投资于研发和产品创新的长期性质”，这是对研究与开发的提及。</p>
<p>阅读：微软的股票可能是人工智能赢家——但它的表现并不如预期。</p>
<p>微软预计在 3 月季度 Azure 云计算收入的增长将在恒定货币基础上达到 37% 至 38%，而分析师的预期为 37%。但胡德暗示，投资者应该将公司的指引视为 “分配的容量”，这意味着如果微软选择将更多有限资源转向 Azure，可能会实现更快的增长。</p>
<p>这一评论未能阻止微软股价在盘后交易中的下跌。“即使在收入和利润超出预期的情况下，资本支出仍然是超大规模云服务商市场的核心关注点，因为交易者的关注点从增长前景转向人工智能投资的时机和回报，” Direxion 的资本市场负责人杰克·比汉（Jake Behan）在电子邮件评论中表示。</p>
<p>他指出，微软缺乏 Azure 的增长也可能突显出竞争的担忧。</p>
<p>虽然亚马逊（Amazon.com）的股票在延长交易中略微下跌，但谷歌母公司 Alphabet（GOOGL）（GOOG）的股票上涨了近 2%，这表明投资者认为该公司可能在云业务表现上相对于华尔街的预期更具竞争力。</p>
<p>——Emily Bary</p>
<p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>01-28-26 1939ET</p>

<p>微软的股票在财报发布后下跌了 6.7%，创下三年来最大的财报后跌幅。尽管超出预期且 Azure 云收入增长了 38%，投资者对资本支出感到失望，资本支出上涨了 66%，达到了 375 亿美元。首席财务官 Amy Hood 表示，资源配置决策可能会影响增长，因为公司面临芯片供应限制。分析师对资本支出的投资回报表示担忧，这引发了对与亚马逊和 Alphabet 等竞争对手的竞争压力的担忧</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>Investors focused on the balance between AI spending and AI revenue wanted more juice from Microsoft's cloud business in the latest quarter</p>
<div class="lb-trans"><p>关注人工智能支出与收入平衡的投资者希望在微软最新季度的云业务中获得更多收益。</p>
</div><p>Microsoft CFO Amy Hood suggested the company could be growing faster in the cloud if it wanted to, but that would come at the expense of resources for internal developers.</p>
<div class="lb-trans"><p>微软首席财务官艾米·胡德（Amy Hood）暗示，如果公司愿意，云业务的增长可能会更快，但这将牺牲内部开发者的资源。</p>
</div><p>It's Microsoft's turn to be in the investor doghouse over artificial-intelligence spending.</p>
<div class="lb-trans"><p>微软在人工智能支出方面正面临投资者的质疑。</p>
</div><p>Three months ago, Meta Platforms (META) seemed to be Wall Street's punching bag in response to AI expenses that were potentially out of whack with AI revenue. But Meta's 7.3% stock climb in Wednesday's extended session, following the company's own earnings report, suggests investors are now more at peace with the balance between AI investments and monetization over there.</p>
<div class="lb-trans"><p>三个月前，Meta Platforms（META）似乎是华尔街因人工智能支出与收入不匹配而遭受攻击的对象。但在公司发布财报后，Meta 的股票在周三的延长交易中上涨了 7.3%，这表明投资者现在对那里的人工智能投资与变现之间的平衡更加满意。</p>
</div><p>Not so with Microsoft (MSFT), whose shares were off 6.7% in Wednesday's extended trading, a move that would constitute their largest post-earnings drop in more than three years if it were to hold through the close of Thursday's regular session.</p>
<div class="lb-trans"><p>微软（MSFT）则不然，其股票在周三的延长交易中下跌了 6.7%，如果这一跌幅持续到周四的常规交易结束，将成为三年来最大的一次财报后跌幅。</p>
</div><p>See more: Microsoft earnings send the stock lower, as cloud growth lacks oomph</p>
<div class="lb-trans"><p>查看更多：微软财报导致股价下跌，云增长缺乏动力。</p>
</div><p>Microsoft's headline results beat expectations, and Azure cloud-computing growth rose 38% in constant currency, hitting Wall Street's mark. But some investors clearly were hoping for more, especially as capital-expenditure spending soared 66% relative to a year before, hitting $37.5 billion inclusive of finance leases.</p>
<div class="lb-trans"><p>微软的主要业绩超出预期，Azure 云计算的增长在恒定货币下上升了 38%，达到了华尔街的预期。但一些投资者显然希望能有更多，尤其是资本支出相较于去年飙升了 66%，达到了 375 亿美元，包括融资租赁。</p>
</div><p>This dynamic was a hot topic on Microsoft's earnings call. &#34;One of the core issues&#34; dogging Microsoft investors, according to Morgan Stanley's Keith Weiss, is that spending came in higher than expected while Azure has been growing &#34;maybe&#34; a bit slower than hoped.</p>
<div class="lb-trans"><p>这一动态在微软的财报电话会议上成为热门话题。摩根士丹利的基思·韦斯（Keith Weiss）表示，困扰微软投资者的 “核心问题之一” 是支出高于预期，而 Azure 的增长 “可能” 略低于预期。</p>
</div><p>&#34;And I think that fundamentally comes down to a concern on the ROI on this capex spend over time,&#34; he told management on the call, referring to returns on investment.</p>
<div class="lb-trans"><p>“我认为这根本上归结为对这项资本支出长期投资回报的担忧，” 他在电话会议上告诉管理层，指的是投资回报。</p>
</div><p>Microsoft was once viewed to be in a better spot than Meta in terms of AI monetization. Microsoft could cash in on AI spending directly, through its cloud-computing business. Meta, meanwhile, had to prove to investors that AI was paying off through better content recommendations and improved advertising targeting.</p>
<div class="lb-trans"><p>微软曾被认为在人工智能变现方面比 Meta 处于更有利的位置。微软可以通过其云计算业务直接从人工智能支出中获利。而 Meta 则必须向投资者证明，人工智能通过更好的内容推荐和改进的广告定位正在带来回报。</p>
</div><p>But with tight supply of chips from Nvidia (NVDA) and others, Microsoft is short on cloud capacity relative to its demand. And the company has had to make tough choices about how to allocate resources. Management suggested that if the company put more graphics processing units toward serving third parties in the cloud, that would come at the expense of internal developers who need GPUs to build other Microsoft services.</p>
<div class="lb-trans"><p>但由于来自英伟达（Nvidia）等公司的芯片供应紧张，微软在云容量上相对于需求显得不足。公司不得不在资源分配上做出艰难选择。管理层暗示，如果公司将更多的图形处理单元用于服务第三方云客户，这将牺牲需要 GPU 来构建其他微软服务的内部开发者。</p>
</div><p>&#34;We're really making long-term decisions,&#34; CFO Amy Hood said on the earnings call. The company wants to make sure it's &#34;investing in the long-term nature of R&amp;D and product innovation,&#34; a reference to research and development.</p>
<div class="lb-trans"><p>“我们真的在做长期决策，” 首席财务官艾米·胡德在财报电话会议上表示。公司希望确保 “投资于研发和产品创新的长期性质”，这是对研究与开发的提及。</p>
</div><p>Read: Microsoft's stock may be an AI winner - but it's not acting like one</p>
<div class="lb-trans"><p>阅读：微软的股票可能是人工智能赢家——但它的表现并不如预期。</p>
</div><p>Microsoft expects 37% to 38% growth in Azure cloud-computing revenue on a constant-currency basis in the March quarter, while analysts had been modeling 37%. But Hood suggested investors should think of the company's guidance more as &#34;allocated capacity,&#34; meaning that Microsoft presumably could be growing faster there if it chose to shift more of its limited resources in Azure's direction.</p>
<div class="lb-trans"><p>微软预计在 3 月季度 Azure 云计算收入的增长将在恒定货币基础上达到 37% 至 38%，而分析师的预期为 37%。但胡德暗示，投资者应该将公司的指引视为 “分配的容量”，这意味着如果微软选择将更多有限资源转向 Azure，可能会实现更快的增长。</p>
</div><p>The commentary failed to stem the after-hours decline in Microsoft shares. &#34;Even with top- and bottom-line beats, capex remains the market's central concern for hyperscalers, as trader focus shifts from growth optics to the timing and payoff of AI investment,&#34; Jake Behan, the head of capital markets at ETF provider Direxion, said in emailed comments.</p>
<div class="lb-trans"><p>这一评论未能阻止微软股价在盘后交易中的下跌。“即使在收入和利润超出预期的情况下，资本支出仍然是超大规模云服务商市场的核心关注点，因为交易者的关注点从增长前景转向人工智能投资的时机和回报，” Direxion 的资本市场负责人杰克·比汉（Jake Behan）在电子邮件评论中表示。</p>
</div><p>He noted that Microsoft's lack of Azure upside could also underscore competitive fears.</p>
<div class="lb-trans"><p>他指出，微软缺乏 Azure 的增长也可能突显出竞争的担忧。</p>
</div><p>While Amazon.com's stock (AMZN) was off fractionally in the extended session, Alphabet's (GOOGL) (GOOG) moved almost 2% higher, implying investors think the company might be on track for a more impressive cloud performance relative to Wall Street's expectations.</p>
<div class="lb-trans"><p>虽然亚马逊（Amazon.com）的股票在延长交易中略微下跌，但谷歌母公司 Alphabet（GOOGL）（GOOG）的股票上涨了近 2%，这表明投资者认为该公司可能在云业务表现上相对于华尔街的预期更具竞争力。</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>——Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>01-28-26 1939ET</p>
<div class="lb-trans"><p>01-28-26 1939ET</p>
</div>

Why Microsoft's stock is getting punished after earnings

- 微软云业务增长 38%，但投资者对开支与收入的平衡感到失望。  
- CFO 表示可加速云增长，但需牺牲内部开发资源。  
- 午后交易中，微软股价下跌 6.7%，反映市场对 AI 投资回报的担忧。

为什么微软的股票在财报发布后遭遇下跌