高盛分析师Kash Rangan与Gili Naftalovich近日发布报告，指出尽管近期有报道称微软可能推迟或取消某些 AI数据中心租约，但高盛依然对微软持乐观态度，并维持其资本开支预测不变。微软近期回应将坚持其超过800亿美元的资本支出计划，但将在某些领域进行策略性调整或放缓基础设施建设。
高盛表示，微软在云端堆栈的各个层面(应用程序、平台、基础设施)都拥有强大的实力，因此，高盛认为微软有能力抓住一些长期的趋势，例如生成型AI、公有云消费、SaaS、数位转型、AI/ML、商业智慧/分析、DevOps等。高盛重申了对微软的“买入”评级，维持对2025和2026财年的资本支出估算，分别为88亿美元和91亿美元。随着微软云端业务年化收入接近1000亿美元，其营运杠杆效应将持续推动每股盈余增长，预计到2028财年，EPS将会翻倍。
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