Microsoft Corp's(NASDAQ:MSFT) blockbuster fiscal fourth-quarter earnings delivered a potentially important message for ETF investors: the future of enterprise AI may belong to the infrastructure providers rather than any single foundation model.
微軟公司（納斯達克代碼：MSFT）在第四財季公佈了亮眼的業績，向ETF投資者傳遞了一個可能至關重要的資訊：企業級人工智慧的未來可能屬於基礎設施提供商，而非任何單一的基礎模型。
During the earnings call, CEOSatya Nadellarepeatedly emphasized that Microsoft's strategy is centered on giving customers access to multiple AI models — not justOpenAI'sGPT models, but alsoAnthropic,xAI,Mistraland Microsoft's ownMAIfamily. Azure now offers more than11,000 AI models, and Microsoft said it has seen afivefold increasein customers building applications using models from multiple providers.
在業績電話會議上，首席執行長薩提亞·納德拉多次強調，微軟的戰略核心是讓客戶能夠訪問多種AI模型——不僅包括OpenAI的GPT模型，還包括Anthropic、xAI、Mistral以及微軟自家的MAI系列模型。Azure目前提供超過11,000種AI模型，微軟表示，使用多個供應商模型構建應用程序的客戶數量增加了五倍。
For ETF investors, that could strengthen the case for funds focused on the AI infrastructure ecosystem.
對ETF投資者而言，這可能會進一步強化投資聚焦於AI基礎設施生態系統的基金的理由。
AI Infrastructure ETFs Could Be the Biggest Beneficiaries
AI基礎設施ETF可能是最大的受益者
The companies supplying the chips, networking equipment and cloud infrastructure required to run multiple AI models stand to benefit regardless of whether enterprises choose OpenAI, Anthropic, xAI or another provider.
無論企業選擇OpenAI、Anthropic、xAI還是其他提供商，提供運行多種AI模型所需的晶片、網絡設備和雲基礎設施的公司都將從中受益。
One of the most direct plays is the Microsoft-heavyRoundhill Magnificent Seven ETF (BATS:MAGS), which gives investors concentrated exposure to the largest AI hyperscalers, including Microsoft,Nvidia Corp(NASDAQ:NVDA),Amazon.com, Inc(NASDAQ:AMZN),Alphabet, Inc(NASDAQ:GOOGL) andMeta Platforms, Inc(NASDAQ:META). If Azure continues attracting enterprise AI workloads across multiple model providers, Microsoft could remain a key performance driver for the fund.
其中一個最直接的投資標的便是重倉微軟的Roundhill Magnificent Seven ETF（BATS代碼：MAGS），該基金為投資者提供對包括微軟、輝達公司（納斯達克代碼：NVDA）、亞馬遜公司（納斯達克代碼：AMZN）、Alphabet公司（納斯達克代碼：GOOGL）和Meta Platforms公司（納斯達克代碼：META）在內的最大AI超大規模雲服務商的高度集中敞口。如果Azure繼續吸引來自多個模型提供商的企業級AI工作負載，微軟可能仍是該基金的關鍵業績驅動因素。
Broader AI-themed ETFs such as the Global XGlobal X Artificial Intelligence & Technology ETF (NASDAQ:AIQ)and the First TrustFirst Trust Nasdaq Artificial Intelligence and Robotics ETF (NASDAQ:ROBT)also stand to benefit. These funds invest across the AI value chain, including cloud software, semiconductors, automation and enterprise AI companies, making them less dependent on the fortunes of any one model developer.
更廣泛的AI主題ETF，例如Global X Global X Artificial Intelligence & Technology ETF（納斯達克代碼：AIQ）和First Trust First Trust Nasdaq Artificial Intelligence and Robotics ETF（納斯達克代碼：ROBT）也將受益。這些基金投資於整個AI價值鏈，包括雲軟件、半導體、自動化和企業AI公司，使其對任何單一模型開發商的命運依賴度較低。
Semiconductor ETFs May Benefit Regardless of the Winning Model
無論最終勝出的是那種模型，半導體ETF都可能受益
Microsoft's strategy could also reinforce demand for AI chips.
微軟的戰略也可能進一步推動對AI晶片的需求。
Whether enterprises deploy OpenAI's GPT models, Anthropic's Claude, xAI's Grok or Microsoft's MAI models, inference workloads still require high-performance GPUs, networking hardware and memory chips. That could support semiconductor ETFs such as theVanEck Semiconductor ETF (NASDAQ:SMH)and theiShares Semiconductor ETF (NASDAQ:SOXX), whose top holdings include Nvidia,Broadcom, Inc(NASDAQ:AVGO),Advanced Micro Devices Inc(NASDAQ:AMD),Taiwan Semiconductor Manufacturing(NYSE:TSM) and other AI hardware leaders.
無論企業部署的是OpenAI的GPT模型、Anthropic的Claude、xAI的Grok還是微軟的MAI模型，推理工作負載仍然需要高性能GPU、網絡硬體和記憶體晶片。這可能利多VanEck Semiconductor ETF（納斯達克代碼：SMH）和iShares Semiconductor ETF（納斯達克代碼：SOXX）等半導體ETF，其前幾大持倉包括輝達、博通公司（納斯達克代碼：AVGO）、美國超微公司（納斯達克代碼：AMD）、台積電（紐約證券交易所代碼：TSM）以及其他AI硬體領域的領軍企業。
The memory segment could also remain a beneficiary as larger AI models and enterprise deployments increase demand for high-bandwidth memory and advanced DRAM. Funds such as theRoundhill Memory ETF (BATS:DRAM), which focuses on companies across the memory semiconductor industry, could continue benefiting if AI infrastructure spending remains elevated.
隨著更大規模的AI模型和企業部署推動對高帶寬內存和先進DRAM的需求，內存類股也可能繼續受益。專注於內存半導體行業各類公司的Roundhill Memory ETF（BATS:DRAM）等基金，若AI基礎設施支出持續保持高位，可能繼續從中獲益。
Cloud Computing ETFs Gain Another Tailwind
雲計算ETF再獲助力
Azure's momentum also strengthens the investment case for cloud-computing ETFs.
Azure的強勁勢頭也進一步強化了投資雲計算ETF的理由。
Microsoft reported43% year-over-year Azure revenue growth, while commercial remaining performance obligations climbed to$678 billion, highlighting sustained enterprise demand for AI-enabled cloud services.
微軟報告Azure收入同比增長43%，而商業剩餘履約義務增至$6,780億，凸顯企業對支援AI的雲服務的持續需求。
Cloud-focused ETFs including theFirst Trust Cloud Computing ETF (NASDAQ:SKYY)and theWisdomTree Cloud Computing Fund (NASDAQ:WCLD)offer exposure to cloud software and infrastructure companies that could benefit as enterprises build applications capable of switching between multiple AI models.
專注於雲計算的ETF，包括First Trust Cloud Computing ETF（納斯達克:SKYY）和WisdomTree Cloud Computing Fund（納斯達克:WCLD），為投資者提供了對雲計算軟件和基礎設施公司的敞口，這些公司有望在企業構建能夠在多個AI模型之間切換的應用程序時受益。
The Bigger Investment Theme
更大的投資主題
For much of the past two years, investors have viewed Microsoft's AI strategy largely through the lens of its partnership with OpenAI. The latest earnings call suggested the company's competitive advantage increasingly lies elsewhere: becoming the infrastructure layer where businesses can access whichever AI model best suits their needs.
在過去兩年的大部分時間裡，投資者主要通過微軟與OpenAI的合作關係來看待其AI戰略。最近的業績電話會議表明，該公司的競爭優勢正日益體現在其他方面：成為企業可接入最適合其需求的AI模型的基礎設施層。
If that vision plays out, ETF investors may find the biggest long-term winners are not funds tied to a single AI developer, but diversified portfolios owning the cloud platforms, semiconductor makers and AI infrastructure providers powering the entire ecosystem.
如果這一願景得以實現，ETF投資者可能會發現，長期最大的贏家並非綁定單一AI開發者的基金，而是那些多元配置、持有支撐整個生態系統的雲平台、半導體製造商和AI基礎設施提供商的組合。 (Benzinga)