微软公布创纪录支出与云业务增速放缓后，股价出现近六年来最大跌幅。股价盘中一度下挫11%至429.24美元，为自2020年3月以来最大单日跌幅。公司第二财季资本支出达到375亿美元，同比大增66%，高于分析师预期的362亿美元，引发市场对其人工智能投资回报周期拉长的担忧。

云计算部门Azure在剔除汇率影响后实现38%的收入增长，仅符合市场预期，且较上一季度放缓1个百分点。公司预计本季度Azure增速为37%至38%。分析师指出，资本支出增速快于预期、而云增长略低于预期，是压制股价的核心因素。管理层解释称，新增算力部分用于内部产品（如Copilot），若全部用于Azure，对外披露的增速将更高。

尽管市场反应负面，微软基本面仍保持强劲。季度总收入同比增长17%至813亿美元，每股收益5.16美元，其中约1.02美元来自对OpenAI投资的收益，高于市场预期的3.92美元。M365 Copilot付费订阅已达1500万席位。公司未来收入承诺（积压订单）同比翻倍至6250亿美元，其中一项与OpenAI相关的2500亿美元协议占比45%。作为首家公布财报的云巨头，微软的表现为即将公布业绩的谷歌与亚马逊奠定了谨慎基调。

Microsoft shares suffered their steepest drop in nearly six years after the company reported record spending alongside slowing cloud growth. The stock fell as much as 11% intraday to $429.24, the biggest decline since March 2020. Fiscal second-quarter capital expenditures reached $37.5 billion, up 66% year over year and above the $36.2 billion analysts had expected, intensifying concerns about the payoff timeline for AI investments.

Azure revenue grew 38% on a currency-adjusted basis, matching estimates but slowing by one percentage point from the prior quarter. Microsoft forecast Azure growth of 37% to 38% for the current quarter. Analysts cited faster-than-expected capex growth combined with slightly weaker cloud momentum as the key pressure points. Management said some new capacity was allocated to internal products like Copilot, implying reported Azure growth would have been higher if all capacity served external customers.

Despite the selloff, fundamentals remain robust. Quarterly revenue rose 17% to $81.3 billion, and earnings were $5.16 per share, including a $1.02 boost from gains on Microsoft’s OpenAI investment, exceeding the $3.92 consensus estimate. Paid M365 Copilot subscriptions reached 15 million. Future contracted commitments more than doubled to $625 billion, with a $250 billion OpenAI-related deal accounting for 45% of the backlog. As the first major cloud provider to report this season, Microsoft set a cautious tone ahead of results from Alphabet and Amazon.