<p>在 7 月 9 日，<strong>英偉達</strong>（NASDAQ: NVDA）成為首家市值達到 4 萬億美元的公司。但英偉達作為唯一一家 4 萬億美元公司在領獎台上的時光不會長久。</p>
<p>一場炙熱的反彈，隨之而來的超預期財報和指引，使 <strong>微軟</strong>（MSFT 2.41%）在 7 月 31 日突破 4 萬億美元，成為人工智能（AI）時代無可爭議的重量級冠軍。</p>
<p>截至 7 月 31 日市場收盤，微軟年初至今上漲了 26.9%，而 <strong>標準普爾 500 指數</strong> 上漲了 7.8%。微軟在週一早上已退出 4 萬億美元俱樂部，但我相信它會重新回到那裏。以下是微軟值得進入 4 萬億美元俱樂部的三個理由，以及為什麼它仍然可能是值得現在購買的成長股。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2ODcvYS1waW5rLXBpZ2d5LWJhbmstYXNjZW5kaW5nLWludG8tdGhlLXNreS1lbWl0dGluZy1hLXBsdW1lLW9mLXNtb2tlLWFzLXRvLWlsbHVzdHJhdGUtaW52ZXN0aW5nLXN1Y2Nlc3MuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2ODcvYS1waW5rLXBpZ2d5LWJhbmstYXNjZW5kaW5nLWludG8tdGhlLXNreS1lbWl0dGluZy1hLXBsdW1lLW9mLXNtb2tlLWFzLXRvLWlsbHVzdHJhdGUtaW52ZXN0aW5nLXN1Y2Nlc3MuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. 進入新的增長階段</h2>
<p>市場對微軟 2025 財年最後一個季度的期望很高。</p>
<p>三個月前，這家科技巨頭髮布了出色的業績，並更新了 2025 財年的收入指引，預計全年收入增長 13.8%。微軟不僅超越了這一目標，實現了 15% 的全年收入增長，還提升了利潤率和收益。</p>
<p>微軟以 45.6% 的營業利潤率和 36.1% 的淨利潤率結束了財年，這意味着它將每一美元的收入中有 0.36 美元轉化為淨收入。</p>
<p>值得一提的是，微軟並沒有依賴收購來推動其業績增長。相反，它一直在擴展其核心業務領域，這通常是實現收益增長的更好途徑，因為這表明基礎業務強勁，不需要通過收購人才和創意來支付創新成本。</p>
<h2>2. 微軟正在創新</h2>
<p>對於像微軟這樣規模的公司來説，15% 的銷售增長本身就令人印象深刻。但在擴大利潤率的同時實現這一點，更是證明了微軟的智能雲部門正在經歷由 AI 驅動的高利潤增長。</p>
<p>隨着微軟繼續建設更多數據中心，Azure 的財年收入超過了 750 億美元。在 7 月 30 日的財報電話會議上，微軟表示它繼續引領 AI 基礎設施浪潮，現在運營的數據中心數量超過任何其他雲服務提供商。</p>
<p>微軟正在建設更大、更高效的數據中心，以處理 AI 工作負載。它正在開發推進其 AI 產品的工具，例如用於公共和私有云的 Microsoft Sovereign Cloud 和數據與分析平台 Microsoft Fabric，同時也在推進對量子計算的長期投資。</p>
<p>在雲服務之外，微軟 Copilot 繼續擴展，月活躍用户超過 1 億。在財報電話會議上，微軟討論了一些公司最初試用 Copilot 後，已將訂單擴展到企業級。快速的採用反映出 Copilot 正成為 Microsoft 365 用户的日常工具。</p>
<p>微軟的獨特之處在於，它正在為特定於 AI 的工作流程開發全新的工具，同時也在升級傳統軟件，如 Microsoft 365，以增強其功能。在改善現有業務核心方面的創新，使微軟取得了令人矚目的成果，這也是公司在面對艱難比較時仍能快速增長收入和利潤率的原因。</p>
<h2>3. 投資正在回報</h2>
<p>微軟的收益增長並非易事。公司一直在研發、資本支出（capex）和運營費用上投入資源，並且股權激勵也大幅增加。但微軟能夠使這些投資獲得回報。</p>
<p>太多時候，公司會進入擴張期，變得貪婪，投入資源於最終成為資金黑洞的想法。這種情況在經濟下行期間可能會放大損失。例如，<strong>英特爾</strong>（NASDAQ: INTC）的垂直整合創造了一個更資本密集的商業模式。未能跟上採用新半導體技術以在更小芯片上打包更多晶體管的競爭對手，導致英特爾進一步落後。</p>
<p>單獨增加資本支出並不足夠。一家公司必須投資於正確的想法，並使這些想法在長期內對基礎業務產生益處，而不僅僅是導致暫時的收益激增。</p>
<p>微軟在資本配置方面表現出色，同時不忽視其財務健康。</p>
<p>例如，在 2025 財年，微軟的現金及現金等價物在資產負債表上的餘額比 2024 財年末多出 119 億美元——儘管其費用和股息都在增長。然而，自由現金流增長了 10%，而運營現金流因資本支出增加而增長了 15%。</p>
<p>微軟預計在當前季度的資本支出為 300 億美元。作為參考，最新季度的資本支出為 242 億美元。</p>
<p>總之，微軟迄今為止能夠將創紀錄的支出轉化為創紀錄的收益，這推動了其創紀錄的股價。但其資本支出增長的速度正進入未知領域，這將給微軟帶來更大的壓力，以交付結果。</p>
<h2>微軟的上漲是合理的</h2>
<p>華爾街一直在獎勵那些實現 AI 驅動增長的公司，而微軟正處於這一浪潮的前沿。微軟的超預期季度和指引表明，它在長期投資上更加努力——但它能夠做到這一點，正如其穩固的資產負債表所證明的那樣。它繼續以比收入增長更快的速度增長收益，這意味着微軟在追求收入增長時並沒有妥協效率。</p>
<p>微軟在資本配置方面做得非常出色。只要這種情況沒有改變，微軟很可能仍然是華爾街的寵兒。但如果它開始顯示出未能將支出轉化為收益的跡象，我不會感到驚訝看到股價下跌。</p>
<p>總的來説，對於那些認同微軟在人工智能領域激進策略並願意接受其較高估值的投資者來説，微軟仍然值得購買和持有。</p>

微軟

英偉達

2 倍做多 MSFT ETF - GraniteShares

MSFO

微軟每日 1 倍做空 ETF - Direxion

微軟每日 2 倍做多 ETF - Direxion

MSFX

MSFY

<p>微軟已與英偉達一起加入了 4 萬億美元市值俱樂部，這得益於其強勁的收益和智能雲部門的增長。該公司報告了 2025 財年的 15% 收入增長，運營和利潤率表現令人印象深刻。微軟在人工智能和雲基礎設施上的投資正在獲得回報，因為它在人工智能能力方面處於領先地位，並擴大了 Microsoft Copilot 等工具的用户基礎。儘管支出增加，微軟仍保持強勁的現金流和財務健康，定位為值得考慮的成長股</p>

<p>On July 9, <strong>Nvidia</strong>(NASDAQ: NVDA) became the first company to reach $4 trillion in market cap. But Nvidia's stint as the lone company on the $4 trillion podium wouldn't last.</p>
<div class="lb-trans"><p>在 7 月 9 日，<strong>英偉達</strong>（NASDAQ: NVDA）成為首家市值達到 4 萬億美元的公司。但英偉達作為唯一一家 4 萬億美元公司在領獎台上的時光不會長久。</p>
</div><p>A scorching rally, followed by blowout earnings report and guidance, springboarded <strong>Microsoft</strong>(MSFT 2.41%) above $4 trillion on July 31 -- making these two tech giants the undisputed heavyweight champs in the age of artificial intelligence (AI).</p>
<div class="lb-trans"><p>一場炙熱的反彈，隨之而來的超預期財報和指引，使 <strong>微軟</strong>（MSFT 2.41%）在 7 月 31 日突破 4 萬億美元，成為人工智能（AI）時代無可爭議的重量級冠軍。</p>
</div><p>As of market close on July 31, Microsoft was up 26.9% year to date compared to a 7.8% gain in the <strong>S&amp;P 500</strong>. Microsoft had dropped out of the $4 trillion club by Monday morning, but I'm sure it will get back there. Here are three reasons Microsoft deserves to be in the $4 trillion club and why it could still be a growth stock worth buying now.</p>
<div class="lb-trans"><p>截至 7 月 31 日市場收盤，微軟年初至今上漲了 26.9%，而 <strong>標準普爾 500 指數</strong> 上漲了 7.8%。微軟在週一早上已退出 4 萬億美元俱樂部，但我相信它會重新回到那裏。以下是微軟值得進入 4 萬億美元俱樂部的三個理由，以及為什麼它仍然可能是值得現在購買的成長股。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc2ODcvYS1waW5rLXBpZ2d5LWJhbmstYXNjZW5kaW5nLWludG8tdGhlLXNreS1lbWl0dGluZy1hLXBsdW1lLW9mLXNtb2tlLWFzLXRvLWlsbHVzdHJhdGUtaW52ZXN0aW5nLXN1Y2Nlc3MuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827687%2Fa-pink-piggy-bank-ascending-into-the-sky-emitting-a-plume-of-smoke-as-to-illustrate-investing-success.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>1. Entering a new growth gear</h2>
<div class="lb-trans"><h2>1. 進入新的增長階段</h2>
</div><p>Expectations were high for Microsoft's final quarter of fiscal 2025.</p>
<div class="lb-trans"><p>市場對微軟 2025 財年最後一個季度的期望很高。</p>
</div><p>Three months ago, the tech giant delivered fantastic results and updated its fiscal 2025 revenue guidance, calling for a 13.8% increase in full-year revenue. Not only did Microsoft surpass that target with 15% full-year revenue growth, but it also boosted margins and earnings.</p>
<div class="lb-trans"><p>三個月前，這家科技巨頭髮布了出色的業績，並更新了 2025 財年的收入指引，預計全年收入增長 13.8%。微軟不僅超越了這一目標，實現了 15% 的全年收入增長，還提升了利潤率和收益。</p>
</div><p>Microsoft finished the fiscal year with a 45.6% operating margin and a 36.1% profit margin -- meaning it is converting $0.36 of every dollar in revenue into net income.</p>
<div class="lb-trans"><p>微軟以 45.6% 的營業利潤率和 36.1% 的淨利潤率結束了財年，這意味着它將每一美元的收入中有 0.36 美元轉化為淨收入。</p>
</div><p>It's also worth mentioning that Microsoft hasn't been relying on acquisitions to fuel its higher numbers. Rather, it has been expanding its core business segments -- which tends to be a better path to earnings growth because it shows the underlying business is strong and doesn't need to pay for innovation by acquiring talent and ideas.</p>
<div class="lb-trans"><p>值得一提的是，微軟並沒有依賴收購來推動其業績增長。相反，它一直在擴展其核心業務領域，這通常是實現收益增長的更好途徑，因為這表明基礎業務強勁，不需要通過收購人才和創意來支付創新成本。</p>
</div><h2>2. Microsoft is innovating</h2>
<div class="lb-trans"><h2>2. 微軟正在創新</h2>
</div><p>Growing sales at 15% is impressive on its own for a company the size of Microsoft. But doing so while also expanding margins is a testament to Microsoft's Intelligent Cloud segment, where Microsoft is experiencing high-margin growth fueled by AI.</p>
<div class="lb-trans"><p>對於像微軟這樣規模的公司來説，15% 的銷售增長本身就令人印象深刻。但在擴大利潤率的同時實現這一點，更是證明了微軟的智能雲部門正在經歷由 AI 驅動的高利潤增長。</p>
</div><p>Azure surpassed $75 billion in fiscal-year revenue as Microsoft continues building more data centers. On the earnings call on July 30, Microsoft said it continues to lead the AI infrastructure wave and now operates more data centers than any other cloud provider.</p>
<div class="lb-trans"><p>隨着微軟繼續建設更多數據中心，Azure 的財年收入超過了 750 億美元。在 7 月 30 日的財報電話會議上，微軟表示它繼續引領 AI 基礎設施浪潮，現在運營的數據中心數量超過任何其他雲服務提供商。</p>
</div><p>Microsoft is building larger and more efficient data centers that can handle AI workloads. It is developing tools that are advancing its AI offerings, such as Microsoft Sovereign Cloud for public and private clouds and data and analytics platform Microsoft Fabric, and also pushing forward long-term bets on quantum computing.</p>
<div class="lb-trans"><p>微軟正在建設更大、更高效的數據中心，以處理 AI 工作負載。它正在開發推進其 AI 產品的工具，例如用於公共和私有云的 Microsoft Sovereign Cloud 和數據與分析平台 Microsoft Fabric，同時也在推進對量子計算的長期投資。</p>
</div><p>Outside cloud services, Microsoft Copilot continues to expand -- surpassing 100 million monthly active users. On the earnings call, Microsoft discussed how some companies initially tried out Copilot and have since expanded their orders to the enterprise level. The rapid adoption reflects the fact that Copilot is becoming an everyday tool for Microsoft 365 users.</p>
<div class="lb-trans"><p>在雲服務之外，微軟 Copilot 繼續擴展，月活躍用户超過 1 億。在財報電話會議上，微軟討論了一些公司最初試用 Copilot 後，已將訂單擴展到企業級。快速的採用反映出 Copilot 正成為 Microsoft 365 用户的日常工具。</p>
</div><p>Microsoft is unique because it is developing entirely new tools for AI-specific workflows, but it is also upgrading legacy software, like Microsoft 365, to make it more powerful. Innovating while improving core aspects of the existing business has given Microsoft impressive results, and it's why the company is growing revenue and margins quickly despite tough comps.</p>
<div class="lb-trans"><p>微軟的獨特之處在於，它正在為特定於 AI 的工作流程開發全新的工具，同時也在升級傳統軟件，如 Microsoft 365，以增強其功能。在改善現有業務核心方面的創新，使微軟取得了令人矚目的成果，這也是公司在面對艱難比較時仍能快速增長收入和利潤率的原因。</p>
</div><h2>3. Investments are paying off</h2>
<div class="lb-trans"><h2>3. 投資正在回報</h2>
</div><p>Microsoft's earnings growth hasn't come cheap. The company has been pouring resources into research and development, capital expenditures (capex), and operating expenses, and it has seen a surge in stock-based compensation. But Microsoft has been able to make these investments pay off.</p>
<div class="lb-trans"><p>微軟的收益增長並非易事。公司一直在研發、資本支出（capex）和運營費用上投入資源，並且股權激勵也大幅增加。但微軟能夠使這些投資獲得回報。</p>
</div><p>Too often, companies will enter a period of expansion, get greedy, and throw resources at ideas that end up being money pits. This position can amplify losses during a downturn. For example, <strong>Intel</strong>'s (NASDAQ: INTC) vertical integration created a more capital-intensive business model. Failing to keep pace with competition that was adopting new semiconductor technology to pack more transistors onto smaller chips led to Intel's falling even further behind.</p>
<div class="lb-trans"><p>太多時候，公司會進入擴張期，變得貪婪，投入資源於最終成為資金黑洞的想法。這種情況在經濟下行期間可能會放大損失。例如，<strong>英特爾</strong>（NASDAQ: INTC）的垂直整合創造了一個更資本密集的商業模式。未能跟上採用新半導體技術以在更小芯片上打包更多晶體管的競爭對手，導致英特爾進一步落後。</p>
</div><p>Ramping up capex on its own isn't good enough. A company must invest in the right ideas and make those ideas benefit the underlying business over the long term, not just result in temporary earnings spikes.</p>
<div class="lb-trans"><p>單獨增加資本支出並不足夠。一家公司必須投資於正確的想法，並使這些想法在長期內對基礎業務產生益處，而不僅僅是導致暫時的收益激增。</p>
</div><p>Microsoft is putting on a clinic in capital allocation without neglecting its financial health.</p>
<div class="lb-trans"><p>微軟在資本配置方面表現出色，同時不忽視其財務健康。</p>
</div><p>For example, in fiscal 2025, Microsoft finished with $11.9 billion more in cash and cash equivalents on its balance sheet than at the end of fiscal 2024 -- and that's despite growing its expenses and dividend. However, free cash flow grew at 10% compared to 15% growth in operating cash flow as a result of higher capex.</p>
<div class="lb-trans"><p>例如，在 2025 財年，微軟的現金及現金等價物在資產負債表上的餘額比 2024 財年末多出 119 億美元——儘管其費用和股息都在增長。然而，自由現金流增長了 10%，而運營現金流因資本支出增加而增長了 15%。</p>
</div><p>Microsoft is guiding for $30 billion in capex in its current quarter. For context, capex in its latest quarter was $24.2 billion.</p>
<div class="lb-trans"><p>微軟預計在當前季度的資本支出為 300 億美元。作為參考，最新季度的資本支出為 242 億美元。</p>
</div><p>In sum, Microsoft has so far been able to convert record spending into record earnings, which is driving its record stock price. But the pace of its capex spending is entering uncharted waters, which will put more pressure on Microsoft to deliver results.</p>
<div class="lb-trans"><p>總之，微軟迄今為止能夠將創紀錄的支出轉化為創紀錄的收益，這推動了其創紀錄的股價。但其資本支出增長的速度正進入未知領域，這將給微軟帶來更大的壓力，以交付結果。</p>
</div><h2>Microsoft's run-up is justified</h2>
<div class="lb-trans"><h2>微軟的上漲是合理的</h2>
</div><p>Wall Street has been rewarding companies delivering AI-driven growth, and Microsoft has been at the forefront of that wave. Microsoft's blowout quarter and guidance suggest that it is pushing even harder on long-term investments -- but it can afford to do so, as evidenced by its rock-solid balance sheet. It continues to grow earnings faster than revenue, meaning that Microsoft isn't compromising efficiency in the pursuit of revenue growth.</p>
<div class="lb-trans"><p>華爾街一直在獎勵那些實現 AI 驅動增長的公司，而微軟正處於這一浪潮的前沿。微軟的超預期季度和指引表明，它在長期投資上更加努力——但它能夠做到這一點，正如其穩固的資產負債表所證明的那樣。它繼續以比收入增長更快的速度增長收益，這意味着微軟在追求收入增長時並沒有妥協效率。</p>
</div><p>Microsoft has done a masterful job allocating capital. Until that changes, Microsoft will likely remain a Wall Street darling. But if it starts showing signs of failing to convert that spending into earnings, it wouldn't surprise me to see the stock sell off.</p>
<div class="lb-trans"><p>微軟在資本配置方面做得非常出色。只要這種情況沒有改變，微軟很可能仍然是華爾街的寵兒。但如果它開始顯示出未能將支出轉化為收益的跡象，我不會感到驚訝看到股價下跌。</p>
</div><p>All told, Microsoft is still worth buying and holding for investors who agree with its aggressive approach to AI and are willing to accept its higher valuation.</p>
<div class="lb-trans"><p>總的來説，對於那些認同微軟在人工智能領域激進策略並願意接受其較高估值的投資者來説，微軟仍然值得購買和持有。</p>
</div>

3 Reasons Why Microsoft Just Joined Nvidia in the $4 Trillion Club

- 微軟於 7 月 31 日市值突破 4 萬億美元，成為 AI 時代的領軍企業。  
- 財報顯示，微軟實現 15% 的全年收入增長，運營利潤率達 45.6%。  
- 公司持續投資於研發和資本支出，推動創新與盈利能力提升。  

微軟為何加入英偉達，成為 4 萬億美元俱樂部的 3 個原因