Microsoft Corp. (NASDAQ:MSFT) remains in focus as investors assess whether accelerating AI adoption across Azure and Copilot can support revenue growth while the company continues funding its infrastructure buildout.
微軟公司（納斯達克股票代碼：MSFT）仍備受關注，投資者正在評估Azure和Copilot領域人工智慧應用的加速普及能否支撐營收增長，同時該公司仍在持續投入基礎設施建設。
BNP Paribas Maintains Outperform Rating
法國巴黎銀行維持「跑贏大盤」評級
BNP Paribas analyst Stefan Slowinski maintained an Outperform rating on Microsoft and a $604 price forecast on Monday, implying about 15% upside from the Oct. 23 reference price of $524.50.
法國巴黎銀行分析師斯特凡·斯洛溫斯基周一維持對微軟的「跑贏大盤」評級，並給出604美元的目標價，較10月23日的參考價524.50美元仍有約15%的上漲空間。
Slowinski said feedback from Microsoft's Frontier Tour showed rising enterprise interest in Copilot, with more customers moving from pilot programs to companywide deployments.
斯洛溫斯基表示，微軟「前沿之旅」活動的反饋顯示，企業對Copilot的興趣日益濃厚，越來越多的客戶正從試點項目轉向全公司範圍的部署。
Copilot And E7 Drive Enterprise Adoption
Copilot 與 E7 驅動的企業級採用
Slowinski expects the new E7 bundle and expanded agent capabilities to support broader adoption.
斯洛溫斯基預計，全新的E7套餐以及擴展後的客服人員功能將有助於推動更廣泛的採用。
He reiterated his view that Microsoft's new consumption-based pricing could add about 1 percentage point to Microsoft 365 Commercial Cloud growth by fiscal fourth quarter.
他重申了自己的觀點，即微軟新的基於消費的定價模式有望在截至本財年第四季度時，使微軟365商業雲業務的增長率提升約1個百分點。
He also highlighted rising customer interest in standardizing on Microsoft's broader software stack to capture AI benefits and reduce spending on overlapping providers. Examples include migrations from Power BI to Fabric, GitLab to GitHub and VMware environments to Azure services.
他還強調，客戶對統一採用微軟更廣泛的軟件棧以獲取人工智能優勢並減少在多家供應商上的支出的興趣日益濃厚。例如，從 Power BI 遷移到 Fabric、從 GitLab 遷移到 GitHub，以及從 VMware 環境遷移到 Azure 服務等。
Azure Growth Could Accelerate
Azure的增長有望加速
Slowinski expects Azure growth to strengthen further. He cited buy-side expectations of roughly 46% growth for fiscal first quarter, above Microsoft's 44%-45% guidance.
斯洛溫斯基預計，Azure的增長將進一步增強。他指出，買方預期其財年第一季度將實現約46%的同比增長，高於微軟給出的44%至45%的指引。
He also sees additional acceleration potential in fiscal second quarter as OpenAI revenue sharing increases following the launch of GPT-6 Astra.
他還預計，在財政第二季度，隨着GPT-6 Astra的推出以及OpenAI收入分成比例的提升，公司業績有望進一步提速。
AI Monetization Expands Across Microsoft Stack
人工智能變現業務在微軟全棧中不斷擴展
Slowinski said Microsoft is strengthening AI monetization across Azure, Foundry, Fabric and Copilot, while its commitment to remain free-cash-flow positive supports its ability to fund investment internally.
斯洛溫斯基表示，微軟正在通過Azure、Foundry、Fabric和Copilot等平台強化人工智能的變現能力，同時其保持自由現金流爲正的承諾也爲其內部投資提供了有力支撐。
He views Copilot and Foundry as competitive differentiators, particularly against Amazon.com Inc. (NASDAQ:AMZN) Amazon Web Services, while noting that Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Cloud remains more aggressive with migration incentives.
他認爲Copilot和Foundry是具有競爭力的差異化優勢，尤其是在與亞馬遜公司（納斯達克股票代碼：AMZN）的亞馬遜網絡服務競爭時；同時他也指出，字母表公司（納斯達克股票代碼：GOOG）（納斯達克股票代碼：GOOGL）的谷歌雲在遷移激勵方面仍然更爲積極。
Slowinski considers Microsoft's roughly 24-times calendar 2027 P/E reasonable given its accelerating revenue growth and expanding AI monetization opportunity.
斯洛溫斯基認爲，鑑於微軟的營收增長加速且人工智能變現機遇不斷擴大，其約24倍的2027年市盈率是合理的。
MSFT Price Action: Microsoft shares were up 1.09% at $530.20 at the time of publication on Monday, according to Benzinga Pro data.
微軟股價走勢：據Benzinga Pro數據顯示，截至週一發稿時，微軟股價上漲1.09%，報530.20美元。 (Benzinga)