--- title: "Evercore: $25.7 billion AI incremental emergence! Microsoft Azure's revenue growth rate may soar to 41% by 2026" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280248847.md" description: "Investment bank Evercore pointed out that Microsoft's Azure cloud computing platform could add $25.7 billion in AI revenue by 2026, with an annual growth rate of up to 41%. Analyst Kirk Materne's team forecasted Azure's potential upside based on capital expenditure, noting that despite capacity issues and market concerns about AI strategy, Azure's revenue continues to grow steadily. The analysis suggests that in the short term, there is a lack of catalysts, and investors should remain cautious" datetime: "2026-03-24T03:17:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280248847.md) - [en](https://longbridge.com/en/news/280248847.md) - [zh-HK](https://longbridge.com/zh-HK/news/280248847.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280248847.md) | [English](https://longbridge.com/en/news/280248847.md) # Evercore: $25.7 billion AI incremental emergence! Microsoft Azure's revenue growth rate may soar to 41% by 2026 According to the Zhitong Finance APP, investment bank Evercore emphasized the potential upside for Microsoft (MSFT.US) cloud computing platform Azure revenue and provided some insights on the newly released Copilot Wave 3 and Microsoft 365 E7. The team led by analyst Kirk Materne stated, "We attempted to estimate the potential upside for Azure revenue in the 2026 calendar year based on Microsoft's capital expenditures. Our analysis inevitably includes a lot of assumptions, but the core conclusion is that, assuming capacity construction and chip delivery can proceed as planned, we expect Microsoft to add approximately $25.7 billion in Azure AI revenue in the 2026 calendar year, up from our previous estimate of $21.8 billion. This outlook includes a lot of assumptions, but if the non-AI Azure revenue growth trend remains around 16%, we believe total Azure revenue in the 2026 calendar year could grow by about 41% (approximately 4.3 percentage points higher than our previous forecast)." The analyst pointed out that although the fundamentals remain robust—Microsoft's total revenue grew by 15% year-over-year in the second quarter of the fiscal year at constant exchange rates (with Azure revenue growth of 38% providing the main impetus)—the growth rate of Azure revenue has not accelerated further. Coupled with higher capital expenditure growth and market doubts about Microsoft's broader AI strategy (i.e., Copilot), these factors have collectively put pressure on the stock price. The analyst added that the capacity issues currently faced by Microsoft cannot be resolved quickly, so accelerated growth for Azure is more likely to occur in the second half of the 2026 calendar year. The analyst stated, "In our view, the lack of short-term catalysts for Azure, along with the debate over how to allocate GPUs between internal business (1P) and Azure (3P), has kept investors on the sidelines for now. However, with a current valuation reflecting a considerable degree of market apathy at 18.5 times GAAP earnings per share, any acceleration in Azure revenue later this year or a turning point in the Copilot narrative could serve as catalysts for stock price appreciation." Additionally, earlier this month, Microsoft released Microsoft 365 Copilot Wave 3 and Microsoft 365 E7 (the "Frontier Suite"), a new top-tier licensing package aimed at organizational customers. Microsoft 365 E7 includes Microsoft 365 E5 (productivity and security), Microsoft 365 Copilot, Agent 365, and Microsoft Entra Suite. The analyst stated, "Clearly, over the past few months, Copilot has not garnered the same level of attention at the user level as Anthropic's Cowork. However, driving adoption in the enterprise market is a long-term process, not a sprint. Microsoft's distribution capabilities and large installed user base ultimately give it the opportunity to drive widespread adoption of Copilot across many enterprises From an investor's perspective, analysts believe that the lack of usage data related to Copilot is a current challenge. Analysts stated, "While we understand that Microsoft can more easily monetize through SKU (product portfolio), in the AI era, we believe 'usage = value.' Therefore, providing investors with key performance indicators (KPIs) based on Copilot usage and consumption will help demonstrate how recent adjustments to Copilot are driving broader adoption." Additionally, analysts noted that communication with partners and enterprise clients indicates clear progress in enterprise deployment, particularly in productivity tools and developer use cases, while more advanced capabilities like agent-based AI are still evolving. Analysts concluded, "Importantly, Microsoft continues to benefit from its extensive enterprise customer coverage and integrated technology stack, although overall adoption is still progressing in phases." ### 相關股票 - [Microsoft (MSFT.US)](https://longbridge.com/zh-HK/quote/MSFT.US.md) - [Franklin Exponential Data ETF (XDAT.US)](https://longbridge.com/zh-HK/quote/XDAT.US.md) - [Pacer Data & Infrastructure Real Estate ETF (SRVR.US)](https://longbridge.com/zh-HK/quote/SRVR.US.md) - [YieldMax MSFT Option Income Strategy ETF (MSFO.US)](https://longbridge.com/zh-HK/quote/MSFO.US.md) - [Direxion Daily MSFT Bull 2X Shares (MSFU.US)](https://longbridge.com/zh-HK/quote/MSFU.US.md) - [Invesco Semiconductors ETF (PSI.US)](https://longbridge.com/zh-HK/quote/PSI.US.md) - [GraniteShares 2x Long MSFT Daily ETF (MSFL.US)](https://longbridge.com/zh-HK/quote/MSFL.US.md) - [T-Rex 2X Long Microsoft Daily Target ETF (MSFX.US)](https://longbridge.com/zh-HK/quote/MSFX.US.md) - [VanEck Semiconductor ETF (SMH.US)](https://longbridge.com/zh-HK/quote/SMH.US.md) - [SPDR S&P Semicon (XSD.US)](https://longbridge.com/zh-HK/quote/XSD.US.md) - [iShares Semiconductor ETF (SOXX.US)](https://longbridge.com/zh-HK/quote/SOXX.US.md) - [SPDR S&P Software (XSW.US)](https://longbridge.com/zh-HK/quote/XSW.US.md) - [ISHRS S&P Glb It (IXN.US)](https://longbridge.com/zh-HK/quote/IXN.US.md) - [iShares US Digital Infrastructure and Real Estate ETF (IDGT.US)](https://longbridge.com/zh-HK/quote/IDGT.US.md) - [Global X Cloud Computing ETF (CLOU.US)](https://longbridge.com/zh-HK/quote/CLOU.US.md) - [Global X Data Center & Dgtl Infrs ETF (DTCR.US)](https://longbridge.com/zh-HK/quote/DTCR.US.md) - [Direxion Daily MSFT Bear 1x Shares (MSFD.US)](https://longbridge.com/zh-HK/quote/MSFD.US.md) - [iShares Expanded Tech Software Sector ETF (IGV.US)](https://longbridge.com/zh-HK/quote/IGV.US.md) ## 相關資訊與研究 - [Microsoft startup credits are the gift that keeps on billing unsuspecting users](https://longbridge.com/zh-HK/news/279773603.md) - [Microsoft hires the team of Sequioa-backed AI collaboration platform, Cove](https://longbridge.com/zh-HK/news/279631587.md) - [Microsoft rolls back some of its Copilot AI bloat on Windows](https://longbridge.com/zh-HK/news/279992243.md) - [Microsoft president says winning trust of US communities is paramount to building data centers](https://longbridge.com/zh-HK/news/280339998.md) - [New Microsoft and Rubrik Integration Delivers Complete Identity Attack Response | RBRK Stock News](https://longbridge.com/zh-HK/news/280157948.md)