---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/39577049.md"
description: "Have you ever thought that if $Microsoft(MSFT.US) became a company selling tokens, its valuation logic would completely change. The market is re-pricing it now because it's transitioning from the light assets, ultra-high gross margins, and monopoly in B2B office software of SaaS to the heavy investment and heavy assets of data centers. As token prices become as cheap as cabbage, just like internet traffic is now, and it has to share the pie with Amazon and Google, Microsoft can only go from a growth stock to an old-timer stock. How much of a valuation multiple do you think the market will give it then? It would be good enough to catch a rebound wave when the war ends."
datetime: "2026-03-27T11:22:58.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39577049.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39577049.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39577049.md)
author: "[系统默认昵称](https://longbridge.com/zh-HK/profiles/17920618.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/39577049.md) | [简体中文](https://longbridge.com/zh-CN/topics/39577049.md)


# Have you ever thought that if $Microsoft(MSFT.US) …


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- [Microsoft (MSFT.US)](https://longbridge.com/zh-HK/quote/MSFT.US.md)
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- [Alphabet - C (GOOG.US)](https://longbridge.com/zh-HK/quote/GOOG.US.md)
- [Alphabet (GOOGL.US)](https://longbridge.com/zh-HK/quote/GOOGL.US.md)

## 評論 (1)

- **浩浩小课堂 · 2026-03-27T11:29:44.000Z**: Microsoft is currently being heavily sold off by institutions.