Shulou(Shulou.com)11/24 Report--

CTOnews.com news on October 26, Guo Mingyi released a market research briefing today, analyzing Microsoft's financial data for the first quarter of fiscal 2024 (the third quarter of this year). It is believed that from the perspective of capital expenditure, Microsoft's investment in AI has gradually shifted from configuring computing power to application and business development.

Mr Guo analyzed Microsoft's financial data and said the company's capital expenditure had slowed significantly and was lower than the increase in Nvidia's CoWoS AI chip shipments, indicating a shift in the focus of Microsoft's investment in AI and a greater focus on how to make money from AI.

CTOnews.com previously reported that Microsoft's biggest revenue growth in the first quarter still came from cloud investments, with the Intelligent Cloud division, including Microsoft Azure, generating $24.3 billion in revenue, up 19% from a year earlier. Azure server products and cloud services grew by 21%, while all other cloud services grew by 28%, or 26% at a fixed exchange rate.

The market may intuitively attribute Azure's revenue growth to AI services, but Guo Mingyi believes that the more key factor driving revenue is Azure's corporate customer mix, especially large enterprises, which helps to reduce the impact of the economic slowdown on Azure.

Guo Mingyi believes that Microsoft's capital expenditure may no longer be the main catalyst for AI supply chain stocks in the foreseeable future, but if the company's AI business can contribute to the continuous growth of the company as stated in the forecast, it will be conducive to the long-term growth of AI server shipments (more demand from competitors, small and medium-sized CSP and enterprise data centers) and investment confidence.

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