<p><strong>微软</strong> (NASDAQ: MSFT) 的股票今年下跌了 20%，成为表现最差的 “七大巨头” 公司。<strong>Roundhill Magnificent 7 ETF</strong>(MAGS) 几乎没有变化，而其他顶尖公司如 Alphabet、Nvidia 和 Amazon 的表现则是正面的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/06/20115645/Microsoft-vs-MAGS-1024x567.png?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://editorial-assets.benzinga.com/wp-content/uploads/2026/06/20115645/Microsoft-vs-MAGS-1024x567.png"/></p>
<p><em>微软股票与 Roundhill Magnificent 7 ETF (MAGS) 年初至今表现 | 来源：TradingView</em></p>
<p>微软的股价从历史高点下滑超过 30%，市值从 3.88 万亿美元降至 2.82 万亿美元。</p>
<h2>微软股票因 AI 支出和 SaaSpocalypse 担忧而下滑</h2>
<p>由于投资者对其数据中心支出和投资回报产生疑问，MSFT 一直处于强劲的下行趋势。在最近的财报中，公司预测其资本支出将跃升至 1900 亿美元，其中 250 亿美元是由于成本上升所致。</p>
<p><strong>亚马逊</strong> (NASDAQ: AMZN) 计划支出 2000 亿美元，而 <strong>Alphabet</strong> (NASDAQ: GOOG) 和 <strong>Meta Platforms</strong> (NASDAQ: META) 分别将支出 1900 亿美元和 1250 亿美元。总的来说，这四家公司预计今年将支出超过 7000 亿美元。</p>
<p>投资者担心公司可能需要数年才能实现可观的投资回报。其今年计划的资本支出比去年增加了 61%。</p>
<p><strong>另请阅读：</strong>
<strong>杰米·戴蒙表示他今天会考虑财政部长职位——但他在特朗普将他排除在 2024 年外时的反应是无价的：‘我还没有……’</strong></p>
<p>因此，人们担心它可能会出售股票以筹集资金。Alphabet 最近筹集了 840 亿美元，而 <strong>Nvidia</strong> (NASDAQ: NVDA) 筹集了 250 亿美元。Meta Platforms 也在考虑筹集数十亿美元的现金。</p>
<p>最近的财报显示，微软第一季度的收入增长了 13%。其个人计算收入下降了 1%，至 132 亿美元，而其生产力和业务流程以及智能云部门分别增长了 17% 和 30%。它现在预计其营业利润率将从 46.3% 降至 44%。</p>
<p>人们还对 SaaSpocalypse 表达了担忧，因为微软是全球顶尖的软件公司之一。SaaSpocalypse 是对软件公司将被人工智能工具颠覆的日益担忧。然而，这些担忧可能被夸大了，因为微软提供的关键软件如 Office 将很难被颠覆。</p>
<p>与此同时，人们担心其 Copilot 正在失去市场份额，面临来自 ChatGPT 和 Anthropic 等快速增长工具的竞争。</p>
<h2>微软有一些潜在的催化剂</h2>
<p>尽管微软股票持续下滑，但它仍有一些显著的催化剂。公司将受益于即将到来的 OpenAI 和 Anthropic IPO。微软在 OpenAI 的持股价值超过 1250 亿美元，IPO 后可能会大幅上涨。它还 投资了 50 亿美元 于 Anthropic，该公司 计划在今年上市。</p>
<p>MSFT 也变得高度低估，其前瞻市盈率降至 22。这一数字远低于科技行业的中位数 32。其五年平均约为 33。</p>
<p>华尔街分析师对微软也持乐观态度。Cantor Fitzgerald 将股票目标价上调至 502 美元，而 TD Cowen、Barclays、Wells Fargo 和 Wedbush 将目标价提高至 500 美元以上。因此，分析师的平均目标价为 561 美元，比当前水平上涨了 47%。</p>
<p><strong>另请阅读：</strong>
<strong>原油价格因伊朗关闭霍尔木兹海峡而上涨</strong></p>
<p><em>来源：Shutterstock</em></p>

微软

微软每日 1 倍做空 ETF - Direxion

2 倍做多 MSFT ETF - GraniteShares

MSFO

MSFX

微软每日 2 倍做多 ETF - Direxion

ANTH

MSFW

MSFY

2 倍做多 MAG7 指数 ETF - Roundhill

<p>微软是 2026 年表现最差的 “七大巨头” 股票，年初至今下跌 20%。投资者担心高额的人工智能资本支出（1900 亿美元）和不确定的投资回报率，同时对 SaaSpocalypse 和 Copilot 失去市场份额感到忧虑。尽管面临这些挑战，分析师们仍然持乐观态度，平均目标价为 561 美元，认为其被低估（前瞻市盈率为 22），并指出 OpenAI 和 Anthropic 上市可能带来的收益</p>

<p><strong>Microsoft</strong> (NASDAQ: MSFT) stock has slumped by 20% this year, making it the worst-performing Magnificent 7 company. The <strong>Roundhill Magnificent 7 ETF</strong>(MAGS) is barely changed, while other top names like Alphabet, Nvidia and Amazon are positive for the year.</p>
<div class="lb-trans"><p><strong>微软</strong> (NASDAQ: MSFT) 的股票今年下跌了 20%，成为表现最差的 “七大巨头” 公司。<strong>Roundhill Magnificent 7 ETF</strong>(MAGS) 几乎没有变化，而其他顶尖公司如 Alphabet、Nvidia 和 Amazon 的表现则是正面的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/06/20115645/Microsoft-vs-MAGS-1024x567.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2026/06/20115645/Microsoft-vs-MAGS-1024x567.png"/></p>
<p><em>Microsoft stock vs the Roundhill Magnificent 7 ETF (MAGS) YTD performance | Source: TradingView</em></p>
<div class="lb-trans"><p><em>微软股票与 Roundhill Magnificent 7 ETF (MAGS) 年初至今表现 | 来源：TradingView</em></p>
</div><p>Microsoft has slipped by over 30% from its all-time high, with its valuation slumping from $3.88 trillion to $2.82 trillion.</p>
<div class="lb-trans"><p>微软的股价从历史高点下滑超过 30%，市值从 3.88 万亿美元降至 2.82 万亿美元。</p>
</div><h2>Microsoft Stock Has Slumped as AI Spending and SaaSpocalypse Concerns</h2>
<div class="lb-trans"><h2>微软股票因 AI 支出和 SaaSpocalypse 担忧而下滑</h2>
</div><p>MSFT has been in a strong downtrend as investors question its data center spending and the returns on investment. In its recent earnings report, the company predicted that its capital expenditure will jump to $190 billion this year, with $25 billion of this being because of higher costs.</p>
<div class="lb-trans"><p>由于投资者对其数据中心支出和投资回报产生疑问，MSFT 一直处于强劲的下行趋势。在最近的财报中，公司预测其资本支出将跃升至 1900 亿美元，其中 250 亿美元是由于成本上升所致。</p>
</div><p><strong>Amazon</strong> (NASDAQ: AMZN) plans to spend $200 billion, while <strong>Alphabet</strong> (NASDAQ: GOOG) and <strong>Meta Platforms</strong> (NASDAQ: META) will spend $190 billion and $125 billion, respectively. In total, these four companies are expected to spend over $700 billion this year.</p>
<div class="lb-trans"><p><strong>亚马逊</strong> (NASDAQ: AMZN) 计划支出 2000 亿美元，而 <strong>Alphabet</strong> (NASDAQ: GOOG) 和 <strong>Meta Platforms</strong> (NASDAQ: META) 分别将支出 1900 亿美元和 1250 亿美元。总的来说，这四家公司预计今年将支出超过 7000 亿美元。</p>
</div><p>Investors are concerned that it will take years for the company to achieve a substantial return on investment. Its planned capital expenditure for the year is 61% higher than what it made last year.</p>
<div class="lb-trans"><p>投资者担心公司可能需要数年才能实现可观的投资回报。其今年计划的资本支出比去年增加了 61%。</p>
</div><p><strong>Read Also:</strong>
<strong>Jamie Dimon Says He'd Consider Treasury Secretary Role Today— But His Response When Trump Ruled Him Out In 2024 Was Priceless: 'I Haven't Had…'</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>杰米·戴蒙表示他今天会考虑财政部长职位——但他在特朗普将他排除在 2024 年外时的反应是无价的：‘我还没有……’</strong></p>
</div><p>As such, there are concerns that it might sell shares to raise capital. Alphabet recently raised $84 billion, while <strong>Nvidia</strong> (NASDAQ: NVDA) raised $25 billion. Meta Platforms is also considering raising billions of dollars in cash.</p>
<div class="lb-trans"><p>因此，人们担心它可能会出售股票以筹集资金。Alphabet 最近筹集了 840 亿美元，而 <strong>Nvidia</strong> (NASDAQ: NVDA) 筹集了 250 亿美元。Meta Platforms 也在考虑筹集数十亿美元的现金。</p>
</div><p>The most recent results showed that Microsoft’s revenue rose by 13% in the first quarter. Its personal computing revenue slowed by 1% to $13.2 billion, while its productivity and business processes, and intelligent cloud divisions rose by 17% and 30%, respectively. It now expects that its operating margin will drop to 44% from 46.3%.</p>
<div class="lb-trans"><p>最近的财报显示，微软第一季度的收入增长了 13%。其个人计算收入下降了 1%，至 132 亿美元，而其生产力和业务流程以及智能云部门分别增长了 17% 和 30%。它现在预计其营业利润率将从 46.3% 降至 44%。</p>
</div><p>There are also concerns about SaaSpocalypse because Microsoft is one of the top software companies in the world. SaaSpocalypse is the rising fear that software companies will be disrupted by artificial intelligence tools. These fears, however, are likely overblown as Microsoft provides critical software like Office that will be hard to disrupt.</p>
<div class="lb-trans"><p>人们还对 SaaSpocalypse 表达了担忧，因为微软是全球顶尖的软件公司之一。SaaSpocalypse 是对软件公司将被人工智能工具颠覆的日益担忧。然而，这些担忧可能被夸大了，因为微软提供的关键软件如 Office 将很难被颠覆。</p>
</div><p>At the same time, there are concerns that its Copilot is losing market share to other fast-growing tools like ChatGPT and Anthropic.</p>
<div class="lb-trans"><p>与此同时，人们担心其 Copilot 正在失去市场份额，面临来自 ChatGPT 和 Anthropic 等快速增长工具的竞争。</p>
</div><h2>Microsoft Has Some Potential Catalysts</h2>
<div class="lb-trans"><h2>微软有一些潜在的催化剂</h2>
</div><p>Despite the ongoing Microsoft stock retreat, it has some notable catalysts ahead. The company will benefit from the upcoming OpenAI and Anthropic IPOs. Microsoft owns a position worth over $125 billion in OpenAI, which may jump sharply after its IPO. It also invested $5 billion in Anthropic, which plans to go public this year.</p>
<div class="lb-trans"><p>尽管微软股票持续下滑，但它仍有一些显著的催化剂。公司将受益于即将到来的 OpenAI 和 Anthropic IPO。微软在 OpenAI 的持股价值超过 1250 亿美元，IPO 后可能会大幅上涨。它还 投资了 50 亿美元 于 Anthropic，该公司 计划在今年上市。</p>
</div><p>MSFT has also become highly undervalued, with its forward price-to-earnings falling to 22. This number is much smaller than the technology sector median of 32. Its five-year average was about 33.</p>
<div class="lb-trans"><p>MSFT 也变得高度低估，其前瞻市盈率降至 22。这一数字远低于科技行业的中位数 32。其五年平均约为 33。</p>
</div><p>Wall Street analysts are also bullish on Microsoft. Cantor Fitzgerald boosted the stock target to $502, while TD Cowen, Barclays, Wells Fargo, and Wedbush hiked the targets to over $500. As a result, the average analyst’s target among analysts is $561, up by 47% from the current level.</p>
<div class="lb-trans"><p>华尔街分析师对微软也持乐观态度。Cantor Fitzgerald 将股票目标价上调至 502 美元，而 TD Cowen、Barclays、Wells Fargo 和 Wedbush 将目标价提高至 500 美元以上。因此，分析师的平均目标价为 561 美元，比当前水平上涨了 47%。</p>
</div><p><strong>Read Also:</strong>
<strong>Crude Oil Price Pops As Iran Closes Strait Of Hormuz</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>原油价格因伊朗关闭霍尔木兹海峡而上涨</strong></p>
</div><p><em>Source: Shutterstock</em></p>
<div class="lb-trans"><p><em>来源：Shutterstock</em></p>
</div>

Microsoft Is the Worst-Performing Mag 7 Stock in 2026: Here’s Why

- 微软股票今年下跌 20%，成为表现最差的 Magnificent 7 公司。  
- 市场对其数据中心支出及投资回报表示质疑，预计资本支出将达 1900 亿美元。  
- 尽管如此，分析师仍对微软持乐观态度，目标价普遍超过 500 美元。

微软是 2026 年表现最差的 Mag 7 股票：以下是原因