<p>作者：Emily Bary</p>
<p>關注人工智能支出與收入平衡的投資者希望在微軟最新季度的雲業務中獲得更多收益。</p>
<p>微軟首席財務官艾米·胡德（Amy Hood）暗示，如果公司願意，雲業務的增長可能會更快，但這將犧牲內部開發者的資源。</p>
<p>微軟在人工智能支出方面正面臨投資者的質疑。</p>
<p>三個月前，Meta Platforms（META）似乎是華爾街因人工智能支出與收入不匹配而遭受攻擊的對象。但在公司發佈財報後，Meta 的股票在週三的延長交易中上漲了 7.3%，這表明投資者現在對那裏的人工智能投資與變現之間的平衡更加滿意。</p>
<p>微軟（MSFT）則不然，其股票在週三的延長交易中下跌了 6.7%，如果這一跌幅持續到週四的常規交易結束，將成為三年來最大的一次財報後跌幅。</p>
<p>查看更多：微軟財報導致股價下跌，雲增長缺乏動力。</p>
<p>微軟的主要業績超出預期，Azure 雲計算的增長在恆定貨幣下上升了 38%，達到了華爾街的預期。但一些投資者顯然希望能有更多，尤其是資本支出相較於去年飆升了 66%，達到了 375 億美元，包括融資租賃。</p>
<p>這一動態在微軟的財報電話會議上成為熱門話題。摩根士丹利的基思·韋斯（Keith Weiss）表示，困擾微軟投資者的 “核心問題之一” 是支出高於預期，而 Azure 的增長 “可能” 略低於預期。</p>
<p>“我認為這根本上歸結為對這項資本支出長期投資回報的擔憂，” 他在電話會議上告訴管理層，指的是投資回報。</p>
<p>微軟曾被認為在人工智能變現方面比 Meta 處於更有利的位置。微軟可以通過其雲計算業務直接從人工智能支出中獲利。而 Meta 則必須向投資者證明，人工智能通過更好的內容推薦和改進的廣告定位正在帶來回報。</p>
<p>但由於來自英偉達（Nvidia）等公司的芯片供應緊張，微軟在雲容量上相對於需求顯得不足。公司不得不在資源分配上做出艱難選擇。管理層暗示，如果公司將更多的圖形處理單元用於服務第三方雲客户，這將犧牲需要 GPU 來構建其他微軟服務的內部開發者。</p>
<p>“我們真的在做長期決策，” 首席財務官艾米·胡德在財報電話會議上表示。公司希望確保 “投資於研發和產品創新的長期性質”，這是對研究與開發的提及。</p>
<p>閲讀：微軟的股票可能是人工智能贏家——但它的表現並不如預期。</p>
<p>微軟預計在 3 月季度 Azure 雲計算收入的增長將在恆定貨幣基礎上達到 37% 至 38%，而分析師的預期為 37%。但胡德暗示，投資者應該將公司的指引視為 “分配的容量”，這意味着如果微軟選擇將更多有限資源轉向 Azure，可能會實現更快的增長。</p>
<p>這一評論未能阻止微軟股價在盤後交易中的下跌。“即使在收入和利潤超出預期的情況下，資本支出仍然是超大規模雲服務商市場的核心關注點，因為交易者的關注點從增長前景轉向人工智能投資的時機和回報，” Direxion 的資本市場負責人傑克·比漢（Jake Behan）在電子郵件評論中表示。</p>
<p>他指出，微軟缺乏 Azure 的增長也可能突顯出競爭的擔憂。</p>
<p>雖然亞馬遜（Amazon.com）的股票在延長交易中略微下跌，但谷歌母公司 Alphabet（GOOGL）（GOOG）的股票上漲了近 2%，這表明投資者認為該公司可能在雲業務表現上相對於華爾街的預期更具競爭力。</p>
<p>——Emily Bary</p>
<p>本文由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>01-28-26 1939ET</p>

<p>微軟的股票在財報發佈後下跌了 6.7%，創下三年來最大的財報後跌幅。儘管超出預期且 Azure 雲收入增長了 38%，投資者對資本支出感到失望，資本支出上漲了 66%，達到了 375 億美元。首席財務官 Amy Hood 表示，資源配置決策可能會影響增長，因為公司面臨芯片供應限制。分析師對資本支出的投資回報表示擔憂，這引發了對與亞馬遜和 Alphabet 等競爭對手的競爭壓力的擔憂</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>關注人工智能支出與收入平衡的投資者希望在微軟最新季度的雲業務中獲得更多收益。</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>微軟首席財務官艾米·胡德（Amy Hood）暗示，如果公司願意，雲業務的增長可能會更快，但這將犧牲內部開發者的資源。</p>
</div><p>It's Microsoft's turn to be in the investor doghouse over artificial-intelligence spending.</p>
<div class="lb-trans"><p>微軟在人工智能支出方面正面臨投資者的質疑。</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>三個月前，Meta Platforms（META）似乎是華爾街因人工智能支出與收入不匹配而遭受攻擊的對象。但在公司發佈財報後，Meta 的股票在週三的延長交易中上漲了 7.3%，這表明投資者現在對那裏的人工智能投資與變現之間的平衡更加滿意。</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>微軟（MSFT）則不然，其股票在週三的延長交易中下跌了 6.7%，如果這一跌幅持續到週四的常規交易結束，將成為三年來最大的一次財報後跌幅。</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：微軟財報導致股價下跌，雲增長缺乏動力。</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>微軟的主要業績超出預期，Azure 雲計算的增長在恆定貨幣下上升了 38%，達到了華爾街的預期。但一些投資者顯然希望能有更多，尤其是資本支出相較於去年飆升了 66%，達到了 375 億美元，包括融資租賃。</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>這一動態在微軟的財報電話會議上成為熱門話題。摩根士丹利的基思·韋斯（Keith Weiss）表示，困擾微軟投資者的 “核心問題之一” 是支出高於預期，而 Azure 的增長 “可能” 略低於預期。</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>“我認為這根本上歸結為對這項資本支出長期投資回報的擔憂，” 他在電話會議上告訴管理層，指的是投資回報。</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>微軟曾被認為在人工智能變現方面比 Meta 處於更有利的位置。微軟可以通過其雲計算業務直接從人工智能支出中獲利。而 Meta 則必須向投資者證明，人工智能通過更好的內容推薦和改進的廣告定位正在帶來回報。</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>但由於來自英偉達（Nvidia）等公司的芯片供應緊張，微軟在雲容量上相對於需求顯得不足。公司不得不在資源分配上做出艱難選擇。管理層暗示，如果公司將更多的圖形處理單元用於服務第三方雲客户，這將犧牲需要 GPU 來構建其他微軟服務的內部開發者。</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>“我們真的在做長期決策，” 首席財務官艾米·胡德在財報電話會議上表示。公司希望確保 “投資於研發和產品創新的長期性質”，這是對研究與開發的提及。</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>閲讀：微軟的股票可能是人工智能贏家——但它的表現並不如預期。</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>微軟預計在 3 月季度 Azure 雲計算收入的增長將在恆定貨幣基礎上達到 37% 至 38%，而分析師的預期為 37%。但胡德暗示，投資者應該將公司的指引視為 “分配的容量”，這意味着如果微軟選擇將更多有限資源轉向 Azure，可能會實現更快的增長。</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>這一評論未能阻止微軟股價在盤後交易中的下跌。“即使在收入和利潤超出預期的情況下，資本支出仍然是超大規模雲服務商市場的核心關注點，因為交易者的關注點從增長前景轉向人工智能投資的時機和回報，” Direxion 的資本市場負責人傑克·比漢（Jake Behan）在電子郵件評論中表示。</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，微軟缺乏 Azure 的增長也可能突顯出競爭的擔憂。</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>雖然亞馬遜（Amazon.com）的股票在延長交易中略微下跌，但谷歌母公司 Alphabet（GOOGL）（GOOG）的股票上漲了近 2%，這表明投資者認為該公司可能在雲業務表現上相對於華爾街的預期更具競爭力。</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 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</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

- 微軟雲業務增長 38%，但投資者對開支與收入的平衡感到失望。  
- CFO 表示可加速雲增長，但需犧牲內部開發資源。  
- 午後交易中，微軟股價下跌 6.7%，反映市場對 AI 投資回報的擔憂。

為什麼微軟的股票在財報發佈後遭遇下跌