微软不到一周评级两度被下调，人工智能相关风险遭警告

\u003cdiv class=\"rich_media_content\"\u003e\u003c!--NO_AD_ERROR_2--\u003e\u003cp data-end=\"77\" data-start=\"9\"\u003e随着华尔街对人工智能可能给软件股带来的潜在颠覆愈发警惕，微软公司的股票在不到一周内第二次遭到评级下调。\u003c/p\u003e\n\u003cp data-end=\"246\" data-start=\"79\"\u003e周一，Melius Research将微软评级从“买入”下调至“持有”，理由是对\u003c!--VERTICAL_CARD_BEGIN_0--\u003e资本开支（capex）\u003c!--VERTICAL_CARD_END_0--\u003e以及微软以\u003c!--VERTICAL_CARD_BEGIN_1--\u003eCopilot\u003c!--VERTICAL_CARD_END_1--\u003e为品牌的产品的担忧。Copilot是微软向办公人群销售AI软件工具的主要载体。此前，上周晚些时候，Stifel也做出了类似的下调，分析师当时警告称微软\u003c!--VERTICAL_CARD_BEGIN_2--\u003eAzure云计算\u003c!--VERTICAL_CARD_END_2--\u003e业务的增长速度存在隐忧。\u003c!--NO_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\n\u003cp data-end=\"433\" data-start=\"248\"\u003eMelius分析师Ben Reitzes在报告中写道：“由于\u003c!--VERTICAL_CARD_BEGIN_3--\u003eAnthropic\u003c!--VERTICAL_CARD_END_3--\u003e的Cowork等产品的出现，微软强大�套件可能面临挑战，甚至可能不得不免费提供Copilot才能保持相关性，这将损害其最赚钱的\u003c!--VERTICAL_CARD_BEGIN_4--\u003e生产力部门\u003c!--VERTICAL_CARD_END_4--\u003e的增长和利润率。这种现实还会占用Azure的内部资源，从而限制该业务的业绩超预期空间。”\u003c!--NO_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\n\u003cp data-end=\"543\" data-start=\"435\"\u003e此次评级下调发生在投资者对整个软件行业长期前景愈发不安之际。来自Anthropic等公司的AI工具被视为重要的颠覆力量，并可能对增长构成长期、甚至永久性的逆风。\u003c!--SECURE_LINK_BEGIN_0--\u003e高盛\u003c!--SECURE_LINK_END_0--\u003e的一篮子软件股񑌥月下旬以来已下跌�%。\u003c!--AI_MID_AD_0--\u003e\u003c!--NO_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\n\u003cp data-end=\"584\" data-start=\"545\"\u003e尽管如此，微软股价周一一度上񄢒.4%，但仍较去�月的高点下跌超�%。\u003c/p\u003e\n\u003cp data-end=\"669\" data-start=\"586\"\u003e股价疲软在很大程度上源于微软本月早些时候公布的业绩。由于分析师对Azure云计算业务增长放缓以及公司在\u003c!--SECURE_LINK_BEGIN_1--\u003e人工智能\u003c!--SECURE_LINK_END_1--\u003e上的巨额投入表示担忧，微软股价当时遭遇了历史性抛售。\u003c/p\u003e\n\u003cp data-end=\"803\" data-start=\"671\"\u003e在Reitzes看来，微软正处于“进退两难”的局面：为了追赶Alphabet和亚马逊，公司必须大幅增加资本开支，这意味着\u003c!--VERTICAL_CARD_BEGIN_5--\u003e自由现金流\u003c!--VERTICAL_CARD_END_5--\u003e可能会再次受到打击。但如果现在不加大投入，那要么反映出执行层面的问题，要么是为了管理盈利表现——这两种情况都不是好事。\u003c!--NO_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\n\u003cp data-end=\"887\" data-start=\"805\"\u003eReitzes还对人工智能是否最终能带来回报表示担忧，称“我们越来越认为，为AI额外付费，这件事并不存在。Copilot可能不得不免费捆绑提供，从而在长期推高成本。”\u003c/p\u003e\n\u003cp data-end=\"927\" data-start=\"889\"\u003eMelius还将微软的目标价下调�美元，这是华尔街最低的目标价之一。\u003c/p\u003e\n\u003cp data-end=\"1025\" data-is-last-node=\"\" data-is-only-node=\"\" data-start=\"929\"\u003e尽管遭到下调，在彭博追踪的分析师中，仍约�%建议买入微软股票，其余均给出相当于“持有”的评级，没有任何分析师建议卖出。平均目标价略高�美元，意味着较当前股价仍有接�%的上涨空间。\u003c!--NO_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. ';counter-increment:olCounter;font-variant-numeric:tabular-nums;display:inline-block}.rich_media_content ul[data-ex-list]{--ul-list-style-type: circle;list-style-type:none;position:relative}.rich_media_content ul[data-ex-list].nonUnicode-list-style-type\u003eli\u003e:first-child::before{content:var(--ul-list-style-type) ' ';font-variant-numeric:tabular-nums;display:inline-block;transform:scale(0.5)}.rich_media_content ul[data-ex-list].unicode-list-style-type\u003eli\u003e:first-child::before{content:var(--ul-list-style-type) ' ';font-variant-numeric:tabular-nums;display:inline-block;transform:scale(0.8)}.rich_media_content ol:not([data-ex-list]){padding-left:revert}.rich_media_content ul:not([data-ex-list]){padding-left:revert}.rich_media_content table{display:table;border-collapse:collapse;margin-bottom:var(--news-bottom-distance)}.rich_media_content table th,.rich_media_content table td{word-wrap:break-word;border:1px solid #ddd;white-space:nowrap;padding:2px 5px}.rich_media_content table th{font-weight:700;background-color:#f0f0f0;text-align:left}.rich_media_content table p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content table th{background:var(--news-tabel-th-night-color)}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content table th{background:var(--news-tabel-th-night-color)}}.rich_media_content .qqnews_image_desc,.rich_media_content p[type=om-image-desc]{line-height:20px!important;text-align:center!important;font-size:14px!important;color:#666!important}.rich_media_content div[data-exeditor-arbitrary-box=wrap]:not([data-exeditor-arbitrary-box-special-style]){max-width:100%}.rich_media_content .qqnews-content{--wmfont: 0;--wmcolor: transparent;font-size:var(--wmfont);color:var(--wmcolor);line-height:var(--wmfont)!important;margin-bottom:var(--wmfont)!important}.rich_media_content .qqnews_sign_emphasis{background:#f7f7f7}.rich_media_content .qqnews_sign_emphasis ol{word-wrap:break-word;border:none;color:#5c5c5c;line-height:28px;list-style:none;margin:14px 0 6px;padding:16px 15px 4px}.rich_media_content .qqnews_sign_emphasis p{margin-bottom:12px!important}.rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{padding-left:30px}.rich_media_content .qqnews_sign_emphasis ol\u003eli{list-style:none}.rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep:first-child::before{margin-left:-30px;content:counter(olCounter,decimal) ''!important;counter-increment:olCounter!important;font-variant-numeric:tabular-nums!important;background:#37f;border-radius:2px;color:#fff;font-size:15px;font-style:normal;text-align:center;line-height:18px;width:18px;height:18px;margin-right:12px;position:relative;top:-1px}.data_color_scheme_dark .rich_media_content .qqnews_sign_emphasis{background:#262626}.data_color_scheme_dark .rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{color:#a9a9a9}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qqnews_sign_emphasis{background:#262626}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{color:#a9a9a9}}.rich_media_content h1,.rich_media_content h2,.rich_media_content h3,.rich_media_content h4,.rich_media_content h5,.rich_media_content h6{margin-bottom:var(--news-bottom-distance);font-weight:700}.rich_media_content h1{font-size:20px}.rich_media_content h2,.rich_media_content h3{font-size:19px}.rich_media_content h4,.rich_media_content h5,.rich_media_content h6{font-size:18px}.rich_media_content li:empty{display:none}.rich_media_content ul,.rich_media_content ol{margin-bottom:var(--news-bottom-distance)}.rich_media_content div\u003ep:only-child{margin-bottom:0!important}.rich_media_content .cms-cke-widget-title-wrap p{margin-bottom:0!important}\u003c/style\u003e\u003c/div\u003e

【纠错】

【责任编辑:目标喷子王】

深度观察

新华全媒头条丨摔手柄预警！索尼PS5最难游戏TOP8《绝地潜兵2》登顶