微軟 (MSFT) 2024 Q3 法說會逐字稿

Greetings and welcome to the Microsoft Fiscal Year 2024 Third Quarter Earnings Conference Call (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Brett Iversen, Vice President of Investor Relations.

歡迎參加 Microsoft 2024 財年第三季財報電話會議（操作員說明） 謹此提醒，本次會議正在進行錄音。現在我想將會議交給東道主投資者關係副總裁 Brett Iversen。

Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Corporate Secretary and Deputy General Counsel. On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides the reconciliation of differences between GAAP and non-GAAP financial measures. More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call.

下午好，感謝您今天加入我們。與我通話的有董事長兼執行長薩蒂亞‧納德拉 (Satya Nadella)；艾米‧胡德，財務長；艾莉絲‧喬拉，首席會計官；以及公司秘書兼副總法律顧問 Keith Dolliver。在微軟投資者關係網站上，您可以找到我們的收益新聞稿和財務摘要幻燈片，其旨在補充我們在今天的電話會議中準備好的言論，並提供GAAP 和非GAAP 財務指標之間差異的調節。當我們對今天的電話會議提供展望評論時，將在微軟投資者關係網站上提供更詳細的展望幻燈片。

On this call, we will discuss certain non-GAAP items. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's third quarter performance in addition to the impact these items and events have on the financial results.

在這次電話會議上，我們將討論某些非公認會計準則項目。所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務績效指標。它們作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第三季度的業績以及這些項目和事件對財務業績的影響。

All growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted. We will also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we will refer to the growth rate only.

除非另有說明，我們今天在電話會議上進行的所有成長比較都與去年同期有關。我們也將提供以固定貨幣計算的成長率，作為評估我們的基礎業務表現的框架，排除外幣匯率波動的影響。如果以固定匯率計算的成長率相同，我們將只參考成長率。

We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.

我們將在通話後立即將準備好的評論發佈到我們的網站上，直到獲得完整的文字記錄。今天的電話會議正在進行網路直播並進行錄音。如果您提出問題，它將包含在我們的即時傳輸、文字記錄以及未來錄音的任何使用中。您可以重播通話並在 Microsoft 投資者關係網站上查看文字記錄。

During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。這些陳述基於當前的預期和假設，存在風險和不確定性。由於今天的收益新聞稿中討論的因素、本次電話會議期間發表的評論以及我們的10-K 表格、10-Q 表格以及向證券交易委員會提交的其他報告和文件中的風險因素部分，實際結果可能存在重大差異委員會。我們不承擔更新任何前瞻性聲明的責任。

And with that, I'll turn the call over to Satya.

然後，我會將電話轉給 Satya。

Thank you, Brett. It was a record third quarter powered by the continued strength of Microsoft Cloud, which surpassed $35 billion in revenue, up 23%. Microsoft Copilot and Copilot stack spanning everyday productivity, business process and developer services to models, data and infrastructure are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry.

謝謝你，布雷特。在微軟雲端持續強勁的推動下，第三季創下了創紀錄的業績，營收超過 350 億美元，成長 23%。 Microsoft Copilot 和 Copilot 堆疊涵蓋日常生產力、業務流程和開發人員服務、模型、數據和基礎設施，正在精心策劃人工智慧轉型的新時代，推動每個角色和行業取得更好的業務成果。

Now I'll highlight examples walking up the stack starting with AI infrastructure. Azure again took share as customers use our platforms and tools to build their own AI solutions. We offer the most diverse selection of AI accelerators, including the latest from NVIDIA, AMD as well as our own first-party silicon. Our AI innovation continues to build on our strategic partnership with OpenAI. More than 65% of the Fortune 500 now use Azure OpenAI service.

現在，我將重點介紹從人工智慧基礎設施開始的堆疊範例。隨著客戶使用我們的平台和工具建立自己的人工智慧解決方案，Azure 再次佔據了份額。我們提供最多樣化的 AI 加速器選擇，包括 NVIDIA、AMD 的最新產品以及我們自己的第一方晶片。我們的人工智慧創新持續建立在與 OpenAI 的策略合作夥伴關係的基礎上。超過 65% 的財富 500 強企業現在使用 Azure OpenAI 服務。

We also continue to innovate and partner broadly to bring customers the best selection of frontier models and open source models, LLMs and SLMs. With Phi-3, which we announced earlier this week, we offer the most capable and cost-effective SLM available. It's already being trialed by companies like CallMiner, LTIMindtree, PwC and TCS. Our Models as a Service offering makes it easy for developers to use LLMs and SLMs without having to manage any underlying infrastructure. Hundreds of paid customers from Accenture and EY to Schneider Electric are using it to take advantage of API access to third-party models including, as of this quarter, the latest from Cohere, Meta and Mistral.

我們也持續創新並廣泛合作，為客戶帶來前沿模型和開源模型、LLM 和 SLM 的最佳選擇。透過我們本週稍早宣布的 Phi-3，我們提供了功能最強大且最具成本效益的 SLM。 CallMiner、LTIMindtree、普華永道和 TCS 等公司已經對其進行了試用。我們的模型即服務產品使開發人員可以輕鬆使用 LLM 和 SLM，而無需管理任何底層基礎設施。從埃森哲、安永到施耐德電氣，數百名付費客戶正在使用它來利用 API 存取第三方模型，其中包括截至本季的 Cohere、Meta 和 Mistral 的最新模型。

And as part of a partnership announced last week, G42 will run its AI applications and services on our cloud. All up, the number of Azure AI customers continues to grow and average spend continues to increase. We also saw an acceleration of revenue from migrations to Azure. Azure Arc continues to help customers like DICK'S Sporting Goods, and World Bank streamlined their cloud migrations. Arc now has 33,000 customers, up over 2x year-over-year, and we are the hyperscale platform of choice for SAP and Oracle workloads with Conduent and Medline moving their on-premise Oracle estates to Azure and Kyndryl and L'Oreal migrating their SAP workloads to Azure.

作為上周宣布的合作夥伴關係的一部分，G42 將在我們的雲端上運行其人工智慧應用程式和服務。總而言之，Azure AI 客戶數量持續成長，平均支出持續增加。我們也看到遷移到 Azure 帶來的營收加速成長。 Azure Arc 繼續幫助 DICK'S Sporting Goods 和世界銀行等客戶簡化他們的雲端遷移。 Arc 現在擁有 33,000 名客戶，年成長超過 2 倍，我們是 SAP 和 Oracle 工作負載的首選超大規模平台，Conduent 和 Medline 將其本地 Oracle 資產遷移到 Azure，Kyndryl 和 L'Oreal 也遷移了 SAP將工作負載轉移到Azure。

Overall, we are seeing an acceleration in the number of large Azure deals from leaders across industries, including billion-dollar-plus multiyear commitments announced this month from Cloud Software Group and The Coca-Cola Company. The number of $100 million-plus Azure deals increased over 80% year-over-year, while the number of $10 million-plus deals more than doubled.

總體而言，我們看到各行業領導者的大型 Azure 交易數量有所增加，其中包括 Cloud Software Group 和可口可樂公司本月宣布的價值超過 10 億美元的多年承諾。價值 1 億美元以上的 Azure 交易數量年增超過 80%，而價值 1,000 萬美元以上的交易數量增加了一倍以上。

Now on to data and analytics. Our Microsoft Intelligent Data Platform provides customers with the broadest capability, spanning databases, analytics, business intelligence, governance and AI. Over half of our Azure AI customers also use our data and analytics tools. Customers are building intelligent applications running on Azure, PostgreSQL and Cosmos DB with deep integrations with Azure AI.

現在談談數據和分析。我們的 Microsoft 智慧數據平台為客戶提供最廣泛的功能，涵蓋資料庫、分析、商業智慧、治理和人工智慧。超過一半的 Azure AI 客戶也使用我們的資料和分析工具。客戶正在建立在 Azure、PostgreSQL 和 Cosmos DB 上運行的智慧應用程序，並與 Azure AI 深度整合。

TomTom is a great example. They've used Cosmos DB along with Azure OpenAI service to build their own immersive in-car infotainment system. We are also encouraged by our momentum with our next-generation analytics platform, Microsoft Fabric. Fabric now has over 11,000 paid customers, including leaders in every industry from ABB, EDP, Energy Transfer to Equinor, Foot Locker, ITOCHU and Lumen; and we are seeing increased usage intensity. Fabric is seamlessly integrated with Azure AI Studio, meaning customers can run models against enterprise data that's consolidated in Fabric's multi-cloud data lake, OneLake. And Power BI, which is also natively integrated with Fabric, provides business users with AI-powered insights. We now have over 350,000 paid customers.

TomTom 就是一個很好的例子。他們使用 Cosmos DB 和 Azure OpenAI 服務來建立自己的沉浸式車載資訊娛樂系統。我們也對下​​一代分析平台 Microsoft Fabric 的發展勢頭感到鼓舞。 Fabric 目前擁有超過 11,000 家付費客戶，包括各行業的領導者，從 ABB、EDP、Energy Transfer 到 Equinor、Foot Locker、ITOCHU 和 Lumen；我們發現使用強度增加。 Fabric 與 Azure AI Studio 無縫集成，這意味著客戶可以針對整合在 Fabric 多雲資料湖 OneLake 中的企業資料運行模型。 Power BI 也與 Fabric 原生集成，為業務用戶提供人工智慧驅動的見解。我們現在擁有超過 35 萬名付費客戶。

Now on to developers. GitHub Copilot is bending the productivity curve for developers. We now have 1.8 million paid subscribers with growth accelerating to over 35% quarter-over-quarter and continues to see increased adoption from businesses in every industry, including Itau, Lufthansa Systems, Nokia, Pinterest and Volvo Cars. Copilot is driving growth across the broader GitHub platform, too. AT&T, Citigroup and Honeywell all increased their overall GitHub usage after seeing productivity and code quality increases with Copilot. All up, more than 90% of the Fortune 100 are now GitHub customers, and revenue accelerated over 45% year-over-year.

現在輪到開發人員了。 GitHub Copilot 正在改變開發人員的生產力曲線。我們目前擁有 180 萬付費用戶，季度環比成長超過 35%，各行業企業的採用率不斷增加，包括 Itau、Lufthansa Systems、諾基亞、Pinterest 和沃爾沃汽車。 Copilot 也正在推動更廣泛的 GitHub 平台的成長。 AT&T、花旗集團和霍尼韋爾在看到 Copilot 提高了工作效率和程式碼品質後，都增加了 GitHub 的整體使用率。總而言之，超過 90% 的財富 100 強企業現在都是 GitHub 客戶，營收年增超過 45%。

Anyone can be a developer with new AI-powered features across our low-code, no-code tools, which makes it easier to build an app, automate workflow or create a Copilot using natural language. 30,000 Organizations across every industry have used Copilot Studio to customize Copilot for Microsoft 365 or build their own, up 175% quarter-over-quarter. Cineplex, for example, built a Copilot for customer service agents, reducing query handling time from as much as 15 minutes to 30 seconds. All up, over 330,000 organizations, including over half of Fortune 100, have used AI-powered capabilities in Power Platform, and Power Apps now has over 25 million monthly active users, up over 40% year-over-year.

任何人都可以成為開發人員，在我們的低程式碼、無程式碼工具中使用新的人工智慧功能，這使得建立應用程式、自動化工作流程或使用自然語言建立 Copilot 變得更加容易。各行業的 30,000 個組織已使用 Copilot Studio 為 Microsoft 365 客製化 Copilot 或建立自己的 Copilot，環比成長 175%。例如，Cineplex 為客戶服務代理建立了 Copilot，將查詢處理時間從 15 分鐘縮短到 30 秒。總共有超過 33 萬個組織（包括超過一半的財富 100 強組織）使用了 Power Platform 中的 AI 功能，Power Apps 目前每月活躍用戶超過 2,500 萬，年成長超過 40%。

Now on to future of work. We are seeing AI democratize expertise across the workforce. What inventory turns are to efficiency of supply chains, knowledge turns the creation and diffusion and knowledge are to productivity of an organization. And Copilot for Microsoft 365 is helping increase knowledge turns. That's having a cascading effect, changing work, work artifacts and workflows and driving better decision-making, collaboration and efficiency.

現在談談未來的工作。我們看到人工智慧使整個勞動力隊伍的專業知識民主化。庫存週轉對供應鏈效率的影響，知識週轉對創造與傳播的影響，知識對組織生產力的影響。 Microsoft 365 的 Copilot 正在協助提升知識週轉。這會產生連鎖效應，改變工作、工作工件和工作流程，並推動更好的決策、協作和效率。

This quarter, we made Copilot available to organizations of all types and sizes from enterprises to small businesses. Nearly 60% of the Fortune 500 now use Copilot, and we have seen accelerated adoption across industries and geographies with companies like Amgen, BP, Cognizant, Koch Industries, Moody's, Novo Nordisk, NVIDIA and Tech Mahindra purchasing over 10,000 seats. We're also seeing increased usage intensity from early adopters, including a nearly 50% increase in the number of Copilot-assisted interactions per user in Teams, bridging group activity with business process workflows and enterprise knowledge.

本季度，我們向從企業到小型企業的所有類型和規模的組織提供了 Copilot。近60% 的財富500 強企業現在都在使用Copilot，我們看到了跨行業和地區的加速採用，Amgen、BP、Cognizant、Koch Industries、Moody's、Novo Nordisk、NVIDIA 和Tech Mahindra 等公司購買了超過10,000個席位。我們也看到早期採用者的使用強度增加，包括 Teams 中每個使用者的 Copilot 輔助互動數量增加了近 50%，將小組活動與業務流程工作流程和企業知識連結起來。

And we're not stopping there. We're accelerating our innovation, adding over 150 Copilot capabilities since the start of the year. With Copilot and Dynamics 365, we are helping businesses transform every role and business function as we take share with our AI-powered apps across all categories. This quarter, we made our Copilot for Service and Copilot for Sales broadly available, helping customer service agents and sellers at companies like Land O'Lakes, Northern Trust, Rockwell Automation and Toyota Group generate role-specific insights and recommendations from across Dynamics 365 and Microsoft 365 as well as third-party platforms like Salesforce, ServiceNow and Zendesk.

我們不會就此止步。我們正在加速創新，自今年年初以來增加了 150 多種 Copilot 功能。透過 Copilot 和 Dynamics 365，我們正在幫助企業轉變每個角色和業務功能，因為我們在所有類別中與人工智慧驅動的應用程式分享。本季度，我們廣泛提供了Copilot for Service 和Copilot for Sales，幫助Land O'Lakes、Northern Trust、羅克韋爾自動化和豐田集團等公司的客戶服務代理和銷售人員從Dynamics 365 和Dynamics 365 中產生針對特定角色的見解和建議。

And with our Copilot for Finance, we are drawing context from Dynamics as well as ERP systems like SAP to reduce labor-intensive processes like collections and contract and invoice capture for companies like Dentsu and IDC. ISVs are also building their own Copilot integrations. For example, new integrations between Adobe Experience Cloud and Copilot will help marketeers access campaign insights in the flow of their work. When it comes to devices, Copilot in Windows is now available on nearly 225 million Windows 10 and Windows 11 PCs, up 2x quarter-over-quarter. With Copilot, we have an opportunity to create an entirely new category of devices purpose built for this new generation of AI.

透過我們的 Copilot for Finance，我們正在從 Dynamics 以及 SAP 等 ERP 系統中汲取背景信息，以減少 Dentsu 和 IDC 等公司的收款、合約和發票採集等勞動密集型流程。 ISV 也在建立自己的 Copilot 整合。例如，Adobe Experience Cloud 和 Copilot 之間的新整合將有助於行銷人員在工作流程中獲得行銷活動洞察。在裝置方面，Windows 中的 Copilot 現在可在近 2.25 億台 Windows 10 和 Windows 11 電腦上使用，環比成長 2 倍。透過 Copilot，我們有機會創建專為新一代人工智慧打造的全新設備類別。

All of our largest OEM partners have announced AI PCs in recent months. And this quarter, we introduced new Surface devices, which includes integrated NPUs to power on device AI experiences like auto framing and live captions. And there's much more to come. In just a few weeks, we'll hold a special event to talk about our AI vision across Windows and devices.

近幾個月來，我們所有最大的 OEM 合作夥伴都發布了人工智慧 PC。本季度，我們推出了新的 Surface 設備，其中包括整合 NPU，可支援自動取景和即時字幕等設備 AI 體驗。還有更多的事情即將發生。幾週後，我們將舉辦一次特別活動，討論我們跨 Windows 和裝置的 AI 願景。

When it comes to Teams, we once again saw year-over-year usage growth. We're rolling out a new version, which is up to 2x faster while using 50% less memory to all customers. We surpassed 1 million Teams Rooms for the first time as we continue to make hybrid meetings better with new AI-powered features like automatic camera switching and speaker recognition. And Teams Phone continues to be the market leader in cloud calling now with over 20 million PSTN users, up nearly 30% year-over-year. All of this innovation is driving growth across Microsoft 365 companies across the private and public sector, including Amadeus, BlackRock, Chevron, Ecolab, Kimberly-Clark. All chose our premium E5 offerings this quarter for advanced security, compliance, voice and analytics.

在 Teams 方面，我們再次看到使用量較去年同期成長。我們正在推出一個新版本，速度提高了 2 倍，同時為所有客戶使用的記憶體減少了 50%。我們的團隊會議室數量首次突破 100 萬個，我們繼續利用新的人工智慧功能（例如自動攝影機切換和演講者識別）來改善混合會議。 Teams Phone 仍然是雲端通話市場的領導者，目前擁有超過 2,000 萬 PSTN 用戶，較去年同期成長近 30%。所有這些創新正在推動私營和公共部門的 Microsoft 365 公司的成長，包括艾瑪迪斯、貝萊德、雪佛龍、藝康、金佰利。本季度所有人都選擇了我們的優質 E5 產品來實現高級安全性、合規性、語音和分析。

Now on to industry and cross-industry clouds. We are also bringing AI-powered transformation to every industry. In health care, DAX Copilot is being used by more than 200 health care organizations, including Providence, Stanford Health care and WellSpan Health. And in manufacturing, this week at Hannover Messe, customers like BMW, Siemens and Volvo Penta shared how they're using our cloud and AI solutions to transform factory operations.

現在轉向產業和跨產業雲端。我們也為每個產業帶來人工智慧驅動的轉型。在醫療保健領域，DAX Copilot 已被 200 多家醫療保健組織使用，包括普羅維登斯 (Providence)、史丹佛醫療保健 (Stanford Health care) 和 WellSpan Health。在製造業方面，本週在漢諾威工業博覽會上，寶馬、西門子和沃爾沃遍達等客戶分享了他們如何使用我們的雲端和人工智慧解決方案來改變工廠運作。

Now on to security. Security underpins every layer of the tech stack, and it's our #1 priority. We launched our Secure Future Initiative last fall for this reason, bringing together every part of the company to advance cybersecurity protection, and we are doubling down on this very important work, putting security above all else, before all other features and investments. We are focused on making continuous progress across the 6 pillars of this initiative as we protect tenants and isolate production systems, protect identities and secrets, protect networks, protect engineering systems, monitor and detect threats, and accelerate responses and remediation.

現在談談安全性。安全性支撐著技術堆疊的每一層，這是我們的第一要務。為此，我們去年秋天推出了“安全未來計劃”，將公司的各個部門聚集在一起推進網路安全保護，我們正在加倍努力開展這項非常重要的工作，將安全置於所有其他功能和投資之上。我們致力於在該計劃的六大支柱上取得持續進展，保護租戶和隔離生產系統、保護身分和秘密、保護網路、保護工程系統、監控和偵測威脅以及加速回應和補救。

We remain committed to sharing our learnings, tools and innovation with customers. A great example is Copilot for Security, which we made generally available earlier this month, bringing together LLMs with domain-specific skills informed by our threat intelligence and 78 trillion daily security signals to provide security teams with actionable insights.

我們仍然致力於與客戶分享我們的經驗、工具和創新。一個很好的例子是Copilot for Security，我們在本月初全面推出，將具有特定領域技能的法學碩士聚集在一起，這些技能由我們的威脅情報和78 兆個每日安全訊號提供，為安全團隊提供可行的見解。

Now let me talk about our consumer businesses starting with LinkedIn. We continue to combine our unique data with this new generation of AI to transform the way members learn, sell and get hired. Features like LinkedIn AI-assisted messages are seeing a 40% higher acceptance rate and accepted over 10% faster by job seekers saving hirers time and making it easier to connect them to candidates. Our AI-powered collaborative articles, which has reached over 12 million contributions are helping increase engagement on the platform, which reached a new record this quarter. New AI features are also helping accelerate LinkedIn Premium growth with revenue up 29% year-over-year. And we are also seeing strength across our other businesses with hiring taking share for the seventh consecutive quarter.

現在我就從LinkedIn開始講一下我們的消費業務。我們繼續將我們獨特的數據與新一代人工智慧相結合，以改變會員學習、銷售和就業的方式。 LinkedIn 人工智慧輔助訊息等功能的接受率提高了 40%，求職者的接受速度提高了 10% 以上，從而節省了雇主的時間，並使他們更容易與候選人建立聯繫。我們由人工智慧驅動的協作文章已達到超過 1200 萬篇，有助於提高平台的參與度，該平台在本季度創下了新紀錄。新的人工智慧功能也有助於加速 LinkedIn Premium 的成長，營收年增 29%。我們也看到其他業務的實力，招募連續第七個季度佔據份額。

Now on to search, advertising and news. We once again took share across Bing and Edge as we continue to apply this new generation of AI to transform how people search and browse. Bing reached over 140 million daily active users, and we are particularly encouraged by our momentum in mobile. Our free Copilot apps on iOS and Android saw a surge in downloads after our Super Bowl ad and are among the highest rated in this category. We also rolled out Copilot to our ad platform this quarter, helping marketeers use AI to generate recommendations for product images, headlines and descriptions.

現在介紹搜尋、廣告和新聞。隨著我們繼續應用新一代人工智慧來改變人們搜尋和瀏覽的方式，我們再次在 Bing 和 Edge 上佔據了份額。 Bing 的每日活躍用戶數量超過 1.4 億，我們對行動領域的發展動能尤其感到鼓舞。在我們的超級盃廣告之後，我們 iOS 和 Android 上的免費 Copilot 應用程式的下載量激增，並且躋身該類別中評價最高的行列。本季我們也在廣告平台上推出了 Copilot，幫助行銷人員使用人工智慧產生產品圖片、標題和描述的推薦。

Now on to gaming. We are committed to meeting players where they are by bringing great games to more people on more devices. We set third quarter records for game streaming hours, console usage and monthly active devices. And last month, we added our first Activision Blizzard title Diablo IV to our Game Pass service. Subscribers played over 10 million hours within the first 10 days, making it 1 of our biggest first-party Game Pass launches ever. We were also encouraged by ongoing success of Call of Duty: Modern Warfare 3, which is attracting new gamers and retaining franchise loyalists.

現在開始遊戲。我們致力於透過為更多設備上的更多人帶來精彩的遊戲來滿足玩家的需求。我們在遊戲串流媒體小時數、遊戲機使用率和月度活躍設備方面創下了第三季的記錄。上個月，我們在 Game Pass 服務中加入了動視暴雪的首款遊戲《暗黑破壞神 IV》。訂閱者在前 10 天內玩了超過 1000 萬小時，使其成為我們有史以來最大的第一方 Game Pass 發布之一。我們也對《決勝時刻：現代戰爭 3》的持續成功感到鼓舞，它吸引了新玩家並留住了系列忠實玩家。

Finally, we are expanding our games to new platforms, bringing 4 of our fan favorite titles to Nintendo Switch and Sony PlayStation for the first time. In fact, earlier this month, we had 7 games among the top 25 on the PlayStation store more than any other publisher.

最後，我們將遊戲擴展到新平台，首次將 4 款我們粉絲最愛的遊戲帶到 Nintendo Switch 和 Sony PlayStation。事實上，本月早些時候，我們有 7 款遊戲躋身 PlayStation 商店前 25 名，比其他任何發行商都多。

In closing, I'm energized about our opportunity ahead as we innovate to help people and businesses thrive in this new era.

最後，我對未來的機會充滿信心，因為我們不斷創新，幫助人們和企業在這個新時代蓬勃發展。

With that, let me turn it over to Amy.

那麼，讓我把它交給艾米。

Thank you, Satya, and good afternoon, everyone. Our third quarter revenue was $61.9 billion, up 17%; and earnings per share was $2.94, up 20%. Results exceeded expectations, and we delivered another quarter of double-digit top and bottom line growth with continued share gains across many of our businesses.

謝謝薩蒂亞，大家下午好。我們第三季的營收為 619 億美元，成長 17%；每股收益為2.94美元，成長20%。結果超出了預期，我們的營收和利潤又實現了一個季度兩位數的成長，許多業務的份額持續成長。

In our commercial business, bookings increased 29% and 31% in constant currency, significantly ahead of expectations, driven by Azure commitments with an increase in average deal size and deal length as well as strong execution across our core annuity sales motions. In Microsoft 365, suite strength contributed to ARPU expansion for our Office Commercial business, although new business growth continued to moderate for stand-alone products sold outside the Microsoft 365 suite.

在我們的商業業務中，在Azure 承諾的推動下，以固定匯率計算，預訂量增長了29% 和31%，大大超出了預期，平均交易規模和交易長度有所增加，而且我們的核心年金銷售行動得到了強而有力的執行。在 Microsoft 365 中，儘管在 Microsoft 365 套件之外銷售的獨立產品的新業務成長繼續放緩，但套件的實力促進了 Office 商業業務的 ARPU 擴張。

Commercial remaining performance obligation increased 20% and 21% in constant currency to $235 billion. Roughly 45% will be recognized in revenue in the next 12 months, up 20% year-over-year. The remaining portion recognized beyond the next 12 months increased 21%. And this quarter, our annuity mix increased to 97%.

以固定匯率計算，商業剩餘履約義務增加了 20% 和 21%，達到 2,350 億美元。大約 45% 將在未來 12 個月內確認為收入，年增 20%。未來 12 個月後確認的剩餘部分增加了 21%。本季度，我們的年金組合增加至 97%。

In our consumer business, PC market demand was slightly better than we expected, benefiting Windows OEM, while advertising spend landed relatively in line with our expectations. In gaming, we also saw better-than-expected performance of Activision titles, benefiting Xbox content and services.

在我們的消費業務中，PC 市場需求略優於我們的預期，使 Windows OEM 受益，而廣告支出的下降相對符合我們的預期。在遊戲方面，我們也看到動視遊戲的表現優於預期，使 Xbox 內容和服務受益。

At a company level, Activision contributed a net impact of approximately 4 points to revenue growth, was a 2 point drag on operating income growth and had a negative $0.04 impact to earnings per share. A reminder that this net impact includes adjusting for the movement of Activision content from our prior relationship as a third-party partner to first party and also includes $935 million from purchase accounting adjustments, integration and transaction-related cost.

在公司層面，動視暴雪對收入成長產生了約 4 個百分點的淨影響，對營業收入成長產生了 2 個百分點的拖累，並對每股收益產生了 0.04 美元的負面影響。請注意，這種淨影響包括對動視內容從我們先前作為第三方合作夥伴的關係轉移到第一方的調整，還包括來自購買會計調整、整合和交易相關成本的 9.35 億美元。

FX did not have a significant impact on our results and was roughly in line with our expectations on total company revenue, segment level revenue, COGS and operating expense growth. Microsoft Cloud revenue was $35.1 billion and grew 23%, ahead of expectations. Microsoft Cloud gross margin percentage decreased slightly year-over-year to 72%, a bit better than expected. Excluding the impact of the change in accounting estimate for useful lives, gross margin percentage increased slightly, driven by improvement in Azure and Office 365 even with the impact of scaling our AI infrastructure, partially offset by sales mix shift to Azure.

外匯對我們的業績沒有重大影響，並且與我們對公司總收入、部門級收入、銷貨成本和營運費用成長的預期大致一致。微軟雲端營收為 351 億美元，成長 23%，超乎預期。微軟雲毛利率年減至72%，略優於預期。排除使用壽命會計估計變化的影響，毛利率略有增長，這得益於Azure 和Office 365 的改進，即使我們的人工智慧基礎設施規模擴大也帶來了影響，但部分被銷售組合轉向Azure 所抵消。

Company gross margin dollars increased 18% and gross margin percentage increased slightly year-over-year to 70%. Excluding the impact of the change in accounting estimate, gross margin percentage increased roughly 1 point even with the impact from the purchase accounting adjustments, integration and transaction-related costs from the Activision acquisition. Growth was driven by the improvement in Azure and Office 365 just mentioned as well as sales mix shift to higher-margin businesses. Operating expenses increased 10% with 9 points from the Activision acquisition.

公司毛利率成長 18%，毛利率較去年小幅成長至 70%。排除會計估計變更的影響，即使考慮收購動視收購的會計調整、整合和交易相關成本的影響，毛利率仍增加了約1個百分點。成長是由剛才提到的 Azure 和 Office 365 的改進以及銷售組合轉向利潤率更高的業務所推動的。營運支出因收購動視暴雪而增加 9 個百分點，成長 10%。

At a total company level, head count at the end of March was 1% lower than a year ago. Operating income increased 23%, and operating margins increased roughly 2 points year-over-year to 45%. Excluding the impact of the change in accounting estimate, operating margins increased roughly 3 points, driven by the higher gross margin noted earlier and improved operating leverage through continued cost discipline.

從公司整體來看，3 月底的員工人數比去年同期減少了 1%。營業收入成長 23%，營業利益率年增約 2 個百分點，達到 45%。排除會計估計變更的影響，營業利潤率增長了約 3 個百分點，這得益於前面提到的較高毛利率以及透過持續的成本控制提高了營業槓桿。

Now to our segment results. Revenue from Productivity and Business Processes was $19.6 billion and grew 12% and 11% in constant currency, in line with expectations. Office Commercial revenue grew 13% and 12% in constant currency. Office 365 Commercial revenue increased 15%, in line with expectations, driven by healthy renewal execution, ARPU growth from continued E5 momentum and early Copilot for Microsoft 365 progress. Paid Office 365 Commercial seats grew 8% year-over-year with installed base expansion across all customer segments. Seat growth was again driven by our small and medium business and frontline worker offerings, although growth continued to moderate in SMB.

現在我們的細分結果。生產力和業務流程收入為 196 億美元，以固定匯率計算分別成長 12% 和 11%，符合預期。以固定匯率計算，辦公室商業收入分別成長 13% 及 12%。 Office 365 商業收入成長了 15%，符合預期，這得益於健康的續訂執行、持續的 E5 勢頭帶來的 ARPU 成長以及 Microsoft 365 的早期 Copilot 進展。隨著所有客戶群的安裝基礎不斷擴大，付費 Office 365 商業席位較去年同期成長 8%。儘管中小型企業的成長持續放緩，但我們的中小型企業和第一線員工產品再次推動了席位成長。

Office Commercial licensing declined 20% and 18% in constant currency, with continued customer shift to cloud offerings. Office Consumer revenue increased 4%, slightly below expectations. Microsoft 365 subscriptions grew 14% to $80.8 million. LinkedIn revenue increased 10% and 9% in constant currency, ahead of expectations, driven by slightly better-than-expected performance in our premium subscriptions and Talent Solutions businesses.

隨著客戶持續轉向雲端產品，以固定匯率計算，Office 商業許可下降了 20% 和 18%。 Office Consumer營收成長4%，略低於預期。 Microsoft 365 訂閱量成長 14%，達到 8,080 萬美元。以固定匯率計算，LinkedIn 營收成長 10% 和 9%，超出預期，這得益於我們的高級訂閱和人才解決方案業務的業績略好於預期。

However, in Talent Solutions, bookings growth continues to be impacted by the weaker hiring environment in key verticals. Dynamics revenue grew 19% and 17% in constant currency, ahead of expectations. Growth was driven by Dynamics 365, which grew 23% and 22% in constant currency with continued growth across all workloads and better-than-expected new business, although bookings growth remains moderated.

然而，在人才解決方案中，預訂成長持續受到關鍵產業招聘環境疲軟的影響。以固定匯率計算，Dynamics 營收成長 19% 和 17%，超出預期。成長是由 Dynamics 365 推動的，以固定匯率計算，Dynamics 365 成長了 23% 和 22%，所有工作負載持續成長，新業務好於預期，儘管預訂成長仍然放緩。

Segment gross margin dollars increased 11%, and gross margin percentage decreased slightly year-over-year. Excluding the impact of the change in accounting estimate, gross margin percentage increased slightly driven by improvement in Office 365. Operating expenses increased 1% and operating income increased 17% and 16% in constant currency.

分部毛利率成長 11%，毛利率較去年同期略有下降。剔除會計估計變更的影響，在 Office 365 改善的推動下，毛利率略有上升。

Next, the Intelligent Cloud segment. Revenue was $26.7 billion, increasing 21%, ahead of expectations with better-than-expected results across all businesses. Overall, server products and cloud services revenue grew 24%. Azure and other cloud services revenue grew 31% ahead of expectations, while our AI services contributed 7 points of growth as expected.

接下來是智慧雲部分。營收為 267 億美元，成長 21%，超出預期，所有業務的業績均優於預期。整體而言，伺服器產品和雲端服務收入成長了24%。 Azure和其他雲端服務收入成長31%，超預期，而我們的AI服務貢獻了7個百分點的成長，符合預期。

In the non-AI portion of our consumption business, we saw greater-than-expected demand broadly across industries and customer segments as well as some benefit from a greater-than-expected mix of contracts with higher in-period recognition. In our per user business, the enterprise mobility and security installed base grew 10% to over 274 million seats, with continued impact from the growth trends in new stand-alone business noted earlier. In our on-premises server business, revenue increased 6%, ahead of expectations, driven by better-than-expected renewal strength particularly for contracts with higher in-period revenue recognition.

在消費業務的非人工智慧部分，我們看到各個行業和客戶群的需求都超出預期，並且部分受益於超出預期的合約組合和較高的期內認可度。在我們的每用戶業務中，企業行動和安全安裝基數成長了 10%，達到超過 2.74 億個席位，前面提到的新獨立業務成長趨勢的持續影響。在我們的本地伺服器業務中，營收成長了 6%，超出預期，這得益於好於預期的續約力度，特別是對於期內收入確認較高的合約。

Enterprise and partner services revenue decreased 9% on a strong prior year comparable for enterprise support services. Segment gross margin dollars increased 20% and gross margin percentage decreased slightly year-over-year. Excluding the impact of the change in accounting estimate (inaudible) percentage increased slightly, primarily driven by the improvement in Azure noted earlier even with the impact of scaling our AI infrastructure, partially offset by sales mix shift to Azure. Operating expenses increased 1% and operating income grew 32%.

企業和合作夥伴服務收入與前一年相比，企業支援服務收入下降了 9%。分部毛利率成長 20%，毛利率較去年同期略有下降。排除會計估計變化的影響（聽不清），百分比略有增加，這主要是由前面提到的Azure 的改進推動的，即使擴展我們的人工智慧基礎設施也產生了影響，但部分被銷售組合轉向Azure 所抵消。營業費用成長 1%，營業收入成長 32%。

Now to More Personal Computing. Revenue was $15.6 billion, increasing 17% with 15 points of net impact from the Activision acquisition. Results were above expectations driven by better-than-expected performance in gaming and Windows OEM. Windows OEM revenue increased 11% year-over-year, ahead of expectations, primarily driven by the slightly better PC market noted earlier as well as mix shift to higher monetizing markets.

現在介紹更多個人計算。營收為 156 億美元，成長 17%，動視收購帶來的淨影響為 15 個百分點。由於遊戲和 Windows OEM 的表現優於預期，結果超出了預期。 Windows OEM 營收年增 11%，超出預期，這主要是由於先前提到的 PC 市場略有好轉以及向更高貨幣化市場的混合轉型所推動。

Windows commercial products and cloud services revenue increased 13% and 12% in constant currency, below expectations with impact from the growth trends in new stand-alone business noted earlier as well as lower in-period revenue recognition from a mix of contracts. Devices revenue decreased 17% and 16% in constant currency as we remain focused on our higher-margin premium products. Overall, Surface demand was slightly lower than expected. Search and news advertising revenue ex TAC increased 12%, ahead of expectations with continued volume growth and increased engagement on Bing and Edge.

Windows 商業產品和雲端服務收入以固定匯率計算分別成長 13% 和 12%，低於預期，原因是先前提到的新獨立業務成長趨勢以及混合合約帶來的期內收入確認下降。由於我們仍然專注於利潤率較高的高端產品，以固定匯率計算，設備收入下降了 17% 和 16%。整體而言，Surface 需求略低於預期。搜尋和新聞廣告收入（除 TAC 外）成長 12%，超出預期，因為 Bing 和 Edge 的銷售持續成長以及參與度提高。

And in gaming, revenue increased 51% and 50% in constant currency with 55 points of net impact from the Activision acquisition. Results were ahead of expectations, primarily driven by Call of Duty. Xbox content and services revenue increased 62% and 61% in constant currency with 61 points of net impact from the Activision acquisition. Xbox hardware revenue decreased 31% and 30% in constant currency. Segment gross margin dollars increased 27% and 26% in constant currency, with 13 points of net impact from the Activision acquisition. Gross margin percentage increased roughly 4 points year-over-year, primarily driven by sales mix shift to higher-margin businesses. Operating expenses increased 41% with 43 points from the Activision acquisition. Operating income increased 16% and 15% in constant currency.

在遊戲領域，以固定匯率計算，營收成長了 51% 和 50%，動視收購帶來的淨影響為 55 個百分點。結果超出預期，主要是由《決勝時刻》推動的。 Xbox 內容和服務收入以固定匯率計算分別成長 62% 和 61%，動視收購帶來的淨影響為 61 個百分點。以固定匯率計算，Xbox 硬體收入下降了 31% 和 30%。以固定匯率計算，該部門的毛利率分別增加了 27% 和 26%，動視收購帶來的淨影響為 13 個百分點。毛利率年增約 4 個百分點，主要是因為銷售組合轉向利潤率較高的業務。營運費用因收購動視暴雪而增加 41%，增加 43 個百分點。以固定匯率計算，營業收入分別成長 16% 及 15%。

Now back to total company results. Capital expenditures, including finance leases, were $14 billion to support our cloud demand, inclusive of the need to scale our AI infrastructure. Cash paid for PP&E was $11 billion. Cash flow from operations was $31.9 billion, up 31%, driven by strong cloud billings and collections. Free cash flow was $21 billion, up 18% year-over-year, reflecting higher capital expenditures to support our cloud and AI offerings. This quarter, other income and expense was negative $854 million, lower than anticipated, driven by losses on investments accounted for under the equity method. Our effective tax rate was approximately 18%. And finally, we returned $8.4 billion to shareholders through dividends and share repurchases.

現在回到公司整體業績。包括融資租賃在內的資本支出為 140 億美元，用於支援我們的雲端需求，包括擴展我們的人工智慧基礎設施的需求。 PP&E 支付的現金為 110 億美元。在強勁的雲端帳單和收款推動下，營運現金流達 319 億美元，成長 31%。自由現金流為 210 億美元，年增 18%，反映出支持我們的雲端和人工智慧產品的資本支出增加。本季其他收入和支出為負 8.54 億美元，低於預期，原因是以權益法計算的投資損失。我們的有效稅率約為 18%。最後，我們透過股利和股票回購向股東返還 84 億美元。

Now moving to our Q4 outlook, which, unless specifically noted otherwise, is on a U.S. dollar basis. First, FX. Based on current rates, which reflect the recent strengthening of the U.S. dollar, we now expect FX to decrease total revenue and segment level revenue growth by less than 1 point. When compared to our January guide for Q4 FX, this is a decrease to total revenue of roughly $700 million. We expect FX to decrease COGS growth by approximately 1 point and operating expense growth by less than 1 point.

現在轉向我們的第四季展望，除非另有特別說明，否則都是以美元為基礎的。首先，外匯。根據反映美元近期走強的當前匯率，我們現在預計外匯總收入和細分市場收入成長將下降不到 1 個百分點。與我們 1 月第四季外匯指南相比，總收入減少了約 7 億美元。我們預計外匯將導致銷貨成本增加約 1 個百分點，營運費用成長下降不到 1 個百分點。

In commercial bookings, we expect solid growth on a relatively flat expiry base driven by continued strong commercial sales execution. As a reminder, larger long-term Azure contracts, which are more unpredictable in their timing, can drive increased quarterly volatility in our bookings growth rate.

在商業預訂方面，我們預計在持續強勁的商業銷售執行的推動下，到期基數相對平坦，從而實現穩健增長。提醒一下，規模較大的長期 Azure 合約在時間上更難以預測，這可能會導致我們的預訂成長率的季度波動性增加。

Microsoft Cloud gross margin percentage should decrease roughly 2 points year-over-year. Excluding the impact from the change in accounting estimate, Q4 cloud gross margin percentage will be down slightly as improvement in Azure, inclusive of scaling our AI infrastructure, will be offset by sales mix shift to Azure.

微軟雲毛利率應較去年同期下降約2個百分點。排除會計估計變更的影響，第四季度雲毛利率將略有下降，因為 Azure 的改善（包括擴展我們的人工智慧基礎設施）將被銷售組合轉向 Azure 所抵消。

We expect capital expenditures to increase materially on a sequential basis driven by cloud and AI infrastructure investments. As a reminder, there can be normal quarterly spend variability in the timing of our cloud infrastructure build-outs and the timing of finance leases. We continue to bring capacity online as we scale our AI investments with growing demand. Currently, near-term AI demand is a bit higher than our available capacity.

我們預計，在雲端和人工智慧基礎設施投資的推動下，資本支出將較上季大幅成長。提醒一下，我們的雲端基礎設施建設時間和融資租賃時間可能會出現正常的季度支出變化。隨著需求的不斷增長，我們不斷擴大人工智慧投資規模，我們將繼續擴大產能。目前，近期人工智慧需求略高於我們的可用能力。

Next, to segment guidance. In Productivity and Business Processes, we expect revenue to grow between 9% and 11% in constant currency or USD 19.9 billion to USD 20.2 billion. In Office Commercial, revenue growth will again be driven by Office 365 with seat growth across customer segments and ARPU growth primarily through E5. We expect Office 365 revenue growth to be approximately 14% in constant currency. We continue to progress with adoption of Copilot for Microsoft 365 and remain excited for the long-term growth opportunity.

其次，要分段指導。在生產力和業務流程方面，我們預計以固定匯率計算收入將成長 9% 至 11%，即 199 億美元至 202 億美元。在 Office Commercial 領域，營收成長將再次由 Office 365 推動，各個客戶群的席位成長以及 ARPU 成長主要透過 E5 實現。我們預計 Office 365 營收成長以固定匯率計算約為 14%。我們在採用 Copilot for Microsoft 365 方面不斷取得進展，並對長期成長機會保持興奮。

In our on-premises business, we expect revenue to decline in the mid- to high teens. In Office Consumer, we expect revenue growth in the low to mid-single digits, driven by Microsoft 365 subscriptions. For LinkedIn, we expect revenue growth in the mid- to high single digits driven by continued growth across all businesses. And in Dynamics, we expect revenue growth in the low to mid-teens, driven by Dynamics 365. For both LinkedIn and Dynamics, the continued bookings growth moderation noted earlier is a headwind to Q4 revenue growth.

在我們的本地業務中，我們預計收入將下降到十幾歲左右。在 Office Consumer 方面，我們預計在 Microsoft 365 訂閱的推動下，營收將實現中低個位數成長。對於 LinkedIn，我們預計在所有業務持續成長的推動下，營收將實現中高個位數成長。在Dynamics 中，我們預計在Dynamics 365 的推動下，營收成長將在十幾歲至中位數之間。阻力。

For Intelligent Cloud, we expect revenue to grow between 19% and 20% in constant currency or USD 28.4 billion to USD 28.7 billion. Revenue will continue to be driven by Azure, which, as a reminder, can have quarterly variability primarily from our per user business and in-period revenue recognition depending on the mix of contracts.

對於智慧雲，我們預計以固定匯率計算收入將成長 19% 至 20%，即 284 億美元至 287 億美元。收入將繼續由 Azure 驅動，提醒一下，它的季度變化主要來自我們的每用戶業務和期內收入確認，具體取決於合約的組合。

In Azure, we expect Q4 revenue growth to be 30% to 31% in constant currency or similar to our stronger-than-expected Q3 results. Growth will be driven by our Azure consumption business and continued contribution from AI with some impact from the AI capacity availability noted earlier. Our per-user business should see benefit from Microsoft 365 suite momentum. Though we expect continued moderation in seat growth rates given the size of the installed base.

在 Azure，我們預期第四季營收成長以固定匯率計算為 30% 至 31%，或與我們強於預期的第三季業績類似。成長將由我們的 Azure 消費業務和人工智慧的持續貢獻所推動，並受到前面提到的人工智慧容量可用性的一些影響。我們的每用戶業務應該會從 Microsoft 365 套件的勢頭中受益。儘管考慮到安裝基數的規模，我們預計座位成長率將繼續放緩。

In our on-premises server business, we expect revenue growth in the low to mid-single digits with continued hybrid demand, including licenses running in multi-cloud environments. And in enterprise and partner services, revenue should decline in the mid- to high single digits on a high prior year comparable for enterprise support services.

在我們的本地伺服器業務中，隨著混合需求的持續成長（包括在多雲環境中運行的許可證），我們預計收入將實現中低個位數成長。在企業和合作夥伴服務中，與企業支援服務相比，收入應比前一年的高個位數下降。

In More Personal Computing, we expect revenue to grow between 10% and 13% in constant currency or USD $15.2 billion to USD 15.6 billion. Windows OEM revenue growth should be in the low to mid-single digits as PC market unit volumes continue at pre-pandemic levels. In Windows Commercial products and cloud services, customer demand for Microsoft 365 and our advanced security solutions should drive revenue growth in the mid-single digits.

在更多個人運算方面，我們預計以固定匯率計算收入將成長 10% 至 13%，即 152 億美元至 156 億美元。隨著 PC 市場銷售繼續保持在大流行前的水平，Windows OEM 收入成長應該在低至中個位數。在 Windows 商業產品和雲端服務中，客戶對 Microsoft 365 和我們的高階安全解決方案的需求應會推動收入實現中個位數成長。

As a reminder, our quarterly revenue growth can have variability primarily from in-period revenue recognition depending on the mix of contracts. In Devices, revenue should decline in the mid-teens as we continue to focus on our higher-margin premium products. Search and news advertising ex TAC revenue growth should be in the low to mid-teens driven by continued volume strength. This will be higher than overall search and news advertising revenue growth, which we expect to be relatively flat.

提醒一下，我們的季度營收成長可能會發生變化，主要來自期內收入確認，具體取決於合約的組合。在設備方面，隨著我們繼續專注於利潤率較高的高端產品，收入應該會下降。在銷售持續強勁的推動下，搜尋和新聞廣告（除 TAC 之外）的收入成長應在十幾歲至中十幾歲之間。這將高於整體搜尋和新聞廣告收入成長，我們預期整體搜尋和新聞廣告收入成長將相對持平。

And in gaming, we expect revenue growth in the low to mid-40s, including approximately 50 points of net impact from the Activision acquisition. We expect Xbox content and services revenue growth in the high 50s driven by approximately 60 points of net impact from the Activision acquisition. Hardware revenue will decline again year-over-year.

在遊戲領域，我們預計營收成長將在 40 左右左右，其中包括動視收購帶來的約 50 個百分點的淨影響。我們預計 Xbox 內容和服務收入將在 50 多歲左右成長，這得益於動視收購帶來的約 60 個百分點的淨影響。硬體收入將再次年減。

Now back to company guidance. We expect COGS between USD 19.6 billion to USD 19.8 billion, including approximately $700 million from purchase accounting, integration and transaction-related costs from the Activision acquisition. We expect operating expense of USD 17.15 billion to USD 17.25 billion, including approximately $300 million from purchase accounting, integration and transaction-related costs from the Activision acquisition.

現在回到公司指導。我們預計銷貨成本在 196 億美元至 198 億美元之間，其中包括來自動視收購的採購會計、整合和交易相關成本的約 7 億美元。我們預計營運費用為 171.5 億美元至 172.5 億美元，其中約 3 億美元來自動視收購的採購會計、整合和交易相關成本。

Therefore, we now expect full year FY '24 operating margins to be up over 2 points year-over-year, even with our cloud and AI investments, the impact from the Activision acquisition and the headwind from the change in useful lives last year. This operating margin expansion reflects the hard work across every team to drive efficiencies and maintain disciplined cost management, knowing we will continue to grow our cloud and AI investments next year. Other income and expense should be roughly negative $850 million as interest income will be more than offset by interest expense and losses on investments accounted for under the equity method.

因此，我們現在預計 24 財年全年營業利潤率將年增超過 2 個百分點，即使考慮到我們的雲端和人工智慧投資、動視收購的影響以及去年使用壽命變化的不利影響。營業利潤率的成長反映了每個團隊為提高效率和維持嚴格的成本管理所做的辛勤工作，因為我們知道明年我們將繼續增加雲端和人工智慧投資。其他收入和支出應大致為負 8.5 億美元，因為利息收入將被利息支出和權益法核算的投資損失所抵銷。

As a reminder, we are required to recognize gains or losses on our equity investments, which can increase quarterly volatility. We expect our Q4 effective tax rate to be approximately 18%.

提醒一下，我們需要確認股權投資的收益或損失，這可能會增加季度波動。我們預計第四季的有效稅率約為 18%。

Now I'd like to share some closing thoughts as we look to the next fiscal year. We continue to focus on building businesses that create meaningful value for our customers and therefore, significant growth opportunities for years to come. In FY '25, that focus on execution should again lead to double-digit revenue and operating income growth. To scale to meet the growing demand signal for our cloud and AI products, we expect FY '25 capital expenditures to be higher than FY '24. These expenditures over the course of the next year are dependent on demand signals and adoption of our services, so we will manage that signal through the year.

現在，當我們展望下一個財年時，我想分享一些結束語。我們繼續專注於建立為客戶創造有意義價值的業務，從而在未來幾年創造重大成長機會。在 25 財年，對執行的關注將再次帶來兩位數的收入和營業收入成長。為了擴大規模以滿足我們的雲端和人工智慧產品不斷增長的需求訊號，我們預計 25 財年的資本支出將高於 24 財年。明年的這些支出取決於需求訊號和我們服務的採用情況，因此我們將全年管理該訊號。

We will also continue to prioritize operating leverage. And therefore, we expect FY '25 operating margins to be down only about 1 point year-over-year, even with our significant cloud and AI investments as well as a full year of impact from the Activision acquisition. We are leading the AI platform wave and are committed to bringing that value to our global customers as we enter the final quarter of our fiscal year.

我們也將繼續優先考慮營運槓桿。因此，我們預計 25 財年的營運利潤率將同比僅下降約 1 個百分點，即使我們在雲端和人工智慧領域進行了大量投資，並且動視收購對全年產生了影響。我們正在引領人工智慧平台浪潮，並致力於在進入本財年最後一個季度時為我們的全球客戶帶來這一價值。

With that, let's go to Q&A, Brett.

接下來，讓我們進行問答，布雷特。

Thanks, Amy. We'll now move over to Q&A. (Operator Instructions) Operator, can you please repeat your instructions?

謝謝，艾米。我們現在將進入問答環節。 （操作員指示）操作員，您能重複您的指示嗎？

(Operator Instructions) And our first question comes from the line of Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Congratulations on the fantastic quarter. A lot of excitement in the marketplace around generative AI and the potential of these technologies, but there's also a lot of investment going on behind them. It looks like Microsoft is on track to ramp CapEx over 50% year-on-year this year to over $50 billion. And there's media speculation of more spending ahead with some reports talking about like $100 billion data center. So obviously, investments are coming well ahead of the revenue contribution, but what I was hoping for is that you could give us some color on how you as the management team try to quantify the potential opportunities that underlie these investments because they are getting very big. And maybe if you could give us some hint on whether there's any truth to the potential of like $100 billion data center out there.

恭喜這個精彩的季度。市場上圍繞著生成式人工智慧和這些技術的潛力有很多令人興奮的事情，但它們背後也有大量的投資正在進行中。看起來微軟今年的資本支出預計將年增 50% 以上，達到 500 億美元以上。媒體猜測未來將有更多支出，一些報告指出資料中心的支出將達到 1,000 億美元。很明顯，投資遠遠領先於收入貢獻，但我希望您能告訴我們，作為管理團隊，您如何嘗試量化這些投資背後的潛在機會，因為它們變得非常大。也許您可以給我們一些提示，告訴我們價值 1000 億美元的資料中心的潛力是否真實。

Thank you, Keith, for the question. Let me start and Amy, you can add. At a high level, the way we, as a management team, talk about it is there are 2 sides to this, right? There is training and there's inference. What -- given that we want to be a leader in this big generational shift and paradigm shift in technology, that's on the training side. We want to be able to allocate the capital required to essentially be training these large foundation models and stay on the leadership position there. And we've done that successfully all the way today, and you've seen it flow through our P&L, and you can continue to see that going forward.

謝謝基斯提出的問題。讓我開始吧，艾米，你可以補充。從較高的層面來看，我們作為管理團隊談論這個問題的方式有兩面，對嗎？有訓練，就有推理。鑑於我們希望成為這一重大技術代際轉變和範式轉變的領導者，那就是培訓方面。我們希望能夠分配培訓這些大型基礎模型所需的資金，並保持在那裡的領導地位。今天我們已經成功地做到了這一點，您已經看到它貫穿我們的損益表，並且您可以繼續看到它的發展。

Then, Amy referenced what we also do on the inference side, which is, one, we first innovate and build products. And of course, we have an infrastructure business that's also dependent on a lot of ISVs building products that run on our infrastructure. And it's all going to be demand driven. In other words, we track very closely what's happening with inference demand, and that's something that we will manage, as Amy said in her remarks, very, very closely.

然後，Amy 提到了我們在推理方面也所做的事情，即，第一，我們首先創新並打造產品。當然，我們的基礎設施業務也依賴許多 ISV 建置在我們的基礎設施上運行的產品。這一切都將由需求驅動。換句話說，我們非常密切地追蹤推理需求的情況，正如艾米在她的演講中所說，我們將非常非常密切地管理這一點。

So we feel -- and obviously, we've been doing this, quite frankly, Keith, for now multiple years. So this is not the quarter. I realize in the news, it's a lot more in the quarter nowadays. But if you look at it, we have been doing what is essentially capital allocation to be a leader in AI for multiple years now, and we plan to sort of essentially keep taking that forward.

所以我們覺得——很明顯，坦白說，基思，我們多年來一直在這樣做。所以這不是季度。我在新聞中意識到，現在這個季度的新聞要多得多。但如果你仔細觀察一下，我們多年來一直在做本質上是資本配置的事情，以成為人工智慧領域的領導者，我們計劃基本上繼續向前推進。

And Keith, I do think it's important to really think about our planning cycles, and we do talk about spending sequentially higher. And we look forward to being able to continue to build out the infrastructure needed to meet the demand. Another thing that you really asked in the beginning was the opportunity and the size of that. And I think in some ways, it's important to think about every business process that can be impacted and the opportunity that's represented by every business process.

基思，我確實認為認真考慮我們的計劃週期很重要，我們確實談論了支出的連續增加。我們期待能夠繼續建造滿足需求所需的基礎設施。你一開始真正問的另一件事是機會和機會的規模。我認為在某些方面，重要的是要考慮每個可能受到影響的業務流程以及每個業務流程所代表的機會。

And so when you think of it that way, I think the opportunity is significant. The opportunity to power that next wave of "cloud infrastructure" is important. It's important because we've been the leader for this decade of the cloud transition, and it's important for us to confidently invest to do that in the second wave, building on our success in the first. And I think that's really the best way to think about how we'll spend, is the same way we approached it for a decade. Watch the signal. Invest to be a leader in the technical foundation, and then execute consistently to add value to customers. The opportunity is represented by the amount of value we add. And I look forward to being able to continue to deliver that.

因此，當你這樣想時，我認為機會是重大的。為下一波「雲端基礎設施」提供動力的機會非常重要。這很重要，因為我們一直是這十年雲端轉型的領導者，對我們來說，在第一波成功的基礎上，在第二波浪潮中自信地投資實現這一目標非常重要。我認為這確實是考慮我們將如何支出的最佳方式，這與我們十年來的處理方式相同。注意信號。投資成為技術基礎的領導者，然後持續執行，為客戶增加價值。機會以我們增加的價值量來表示。我期待能夠繼續實現這一目標。

The next question comes from the line of Brent Thill with Jefferies.

下一個問題來自布倫特·希爾和傑弗里斯的對話。

Satya, how would you characterize the demand environment? On one hand, you have bookings in Azure both accelerating year-over-year in the quarter, but we're seeing a lot of future concern, hesitation from other vendors we all cover. So I think everyone would love to get your sense of budget health for customers this year.

Satya，您如何描述需求環境？一方面，本季 Azure 的預訂量比去年同期都在加速，但我們看到了我們所涵蓋的其他供應商對未來的擔憂和猶豫。因此，我認為每個人都希望了解今年客戶的預算健康狀況。

Great question, Brent. There are a couple of things I would say. On the Azure side, which I think is what you specifically asked, we feel very, very good about the -- we're fundamentally a share taker there because if you look at it from our perspective, at this point, Azure has become a port of call for pretty much anybody who is doing an AI project.

好問題，布倫特。我有幾件事要說。在 Azure 方面，我認為這是您特別詢問的，我們對此感覺非常非常好 - 我們從根本上來說是那裡的份額接受者，因為如果您從我們的角度來看，此時，Azure 已經成為一個幾乎所有從事人工智慧專案的人都會來這裡。

And so that's sort of been a significant help for us in terms of acquiring even new customers. Some of the logos, I even referenced in my remarks, are new Azure customers. So that's one. The second thing that we're also seeing is AI just doesn't sit on its own. So AI projects obviously start with calls to AI models, but they also use a vector database. In fact, Azure Search, which is really used by even ChatGPT, is one of the fastest growing services for us.

因此，這對我們甚至在獲取新客戶方面都有很大幫助。我甚至在評論中提到的一些徽標是 Azure 新客戶。這就是其中之一。我們還看到的第二件事是人工智慧並不能獨立存在。因此，人工智慧專案顯然是從呼叫人工智慧模型開始的，但它們也使用向量資料庫。事實上，甚至 ChatGPT 也真正使用的 Azure 搜尋是我們成長最快的服務之一。

We have Fabric integration to Azure AI and so -- Cosmos DB integration. So the data tier, the dev tools is another place where we are seeing great traction. So we are seeing adjacent services in Azure that get attached to AI.

我們將 Fabric 整合到 Azure AI 等—Cosmos DB 整合。因此，資料層、開發工具是我們看到巨大吸引力的另一個地方。因此，我們看到 Azure 中的相鄰服務與人工智慧相關。

And lastly, I would say, migration to Azure as well. So this is not just all an AI story. We are also looking at customers -- I mean, this is something that we have talked about in the past, which is there's always an optimization cycle. But there's also -- as people optimize, they spend money on new project starts, which will grow and then they'll optimize. So it's a continuous side of it. So these are the 3 trends that are playing out on Azure in terms of what at least we see on demand side.

最後，我想說的是，遷移到 Azure。所以這不僅僅是一個人工智慧的故事。我們也在關注客戶——我的意思是，這是我們過去討論過的事情，那就是總是有一個優化週期。但還有——隨著人們優化，他們會花錢啟動新項目，這些項目將會成長，然後他們就會優化。所以它是它的連續的一面。至少從我們在需求方面看到的情況來看，這些是 Azure 上出現的 3 個趨勢。

The next question comes from the line of Mark Moerdler with Bernstein Research.

下一個問題來自伯恩斯坦研究中心的馬克‧莫德勒（Mark Moerdler）。

Congratulations on the quarter and the guidance. I want to follow up on the AI obviously. We're seeing companies shifting their IT spending to invest in and learn about AI rather than receiving additional budgets for AI. At some point for AI to be transformative, as everyone expects, it needs to be accretive to spending. Satya, when do you believe AI will hit the maturity level? Will it be net increase to IT or outside of IT spending? And what would be the leading indicators of that maturation? And Amy, am I characterizing this correctly as it relates to Azure? Some projects are being delayed so that, that spending could be shifted to -- from core Azure toward Azure AI?

恭喜本季和指引。顯然我想跟進人工智慧。我們看到公司將 IT 支出轉向投資和了解人工智慧，而不是接受額外的人工智慧預算。正如每個人所期望的那樣，人工智慧在某個時候會帶來變革，它需要增加支出。 Satya，您認為人工智慧何時會達到成熟水準？是 IT 支出的淨成長還是 IT 支出以外的淨成長？成熟的先行指標是什麼？艾米，我對與 Azure 相關的這一點的描述是否正確？一些項目被推遲，以便支出可以轉移到——從核心 Azure 轉向 Azure AI？

Yes. Great set of questions, Mark. Let me just start by saying a good place to start is to watch what's happening in terms of standard issues for software teams, right? I mean if you think about it, they bought tools in the past. Now you basically buy tools plus Copilot, right? So you could even say that this is characterized as perhaps shift of what is OpEx dollars into effectively tool spend because it gives operating leverage to all of the OpEx dollars you're spending today, right?

是的。很好的一組問題，馬克。首先我想說，一個好的起點是觀察軟體團隊的標準問題發生了什麼，對吧？我的意思是，如果你想一想，他們過去曾經購買過工具。現在你基本上買工具加上Copilot，對吧？因此，您甚至可以說，這可能是將營運支出轉化為有效的工具支出，因為它為您今天支出的所有營運支出提供了營運槓桿，對嗎？

That's really a good example of, I think, what's going to happen across the board. We see that in customer service. We see that in sales. We see that in marketing, anywhere there's operations. That's why I described it as knowledge turns. You can even think of it as lean for [knowledge] work, right, because it just reduces waste, increases speed and customer value.

我認為，這確實是一個很好的例子，說明了將要發生的全面情況。我們在客戶服務中看到了這一點。我們在銷售中看到了這一點。我們在行銷中看到了這一點，只要有營運。這就是為什麼我將其描述為知識轉變。您甚至可以將其視為[知識]工作的精益，對吧，因為它只會減少浪費，提高速度和客戶價值。

And so one of the interesting rate limiters is culture change inside of organizations. When I say culture change, that means process change. And Amy referenced this even in her answer to the first question because, at the end of the day, companies will have to take a process, simplify the process, automate the process and apply these solutions.

因此，有趣的速率限制因素之一是組織內部的文化變革。當我說文化變革時，這意味著流程變革。艾米甚至在回答第一個問題時也提到了這一點，因為最終，公司將必須採取流程、簡化流程、自動化流程並應用這些解決方案。

And so that requires not just technology but in fact, companies to go do the hard work of culturally changing how they adopt technology to drive that operating leverage. And this is where we're going to see firm-level performance differences. So one of the things we see is any customer who is working closely with us deploying it. Internally at Microsoft, we see it, right? We're also taking our own medicine to apply this across every process. And we know that this is not just about technology. It's about being able to have the methodology that goes with it.

因此，這不僅需要技術，事實上還需要公司努力從文化上改變他們採用技術來推動營運槓桿的方式。這就是我們將看到公司層級績效差異的地方。因此，我們看到的一件事是任何與我們密切合作部署它的客戶。在微軟內部，我們看到了這一點，對嗎？我們也採用自己的藥物將其應用到每個流程中。我們知道這不僅僅是技術的問題。這是關於能夠擁有與之相適應的方法論。

And so we see it in software development. We see it in customer service. We're seeing it even in the horizontal use of Copilot today where every day people are discovering new workflows that they can optimize. And so that's like the PC when it became standard issue in early '90s. That's the closest analogy I can come up with.

我們在軟體開發中也看到了這一點。我們在客戶服務中看到了這一點。即使在今天 Copilot 的橫向使用中，我們也看到了這一點，人們每天都在發現可以優化的新工作流程。這就像 90 年代初 PC 成為標準配置一樣。這是我能想到的最接近的類比。

And so yes, it will take time to -- for it to percolate through the economy. But this is faster diffusion, faster rate of adoption than anything we have seen in the past. As evidenced even by Copilot, right, it's faster than any suite we have sold in the past. And -- while it is going to require workflow and process change.

所以，是的，它需要時間才能滲透到經濟中。但這比我們過去看到的任何東西都更快的傳播和採用。甚至 Copilot 也證明了這一點，對吧，它比我們過去銷售的任何套件都快。而且——雖然這需要工作流程和流程的改變。

And Mark, maybe to answer your question on are we seeing project starts transition from maybe the -- something that was core consumption to an AI project. In our results, that's not what we saw. We saw more what Satya was speaking to earlier, which is you see maybe growth in migrations again. You're seeing work in the data space, again, and you're seeing AI project starts.

馬克，也許要回答你的問題，我們是否看到專案開始從核心消耗轉變為人工智慧專案。在我們的結果中，這不是我們所看到的。我們更多地看到了薩蒂亞之前所說的內容，即你可能會再次看到移民的增長。你會再次看到數據領域的工作，並且會看到人工智慧專案的啟動。

And I think that's why maybe you see our growth be different, of course, than you see IT budget spend. It's because it's a share, I think, improvement plus also really focusing on what Satya said. It's about spending maybe in other areas that we don't traditionally think of as being in the IT budget spend under a CIO. It's spend being done by the Head of Customer Service. It's spend being done by the head of marketing. And I do think that will be important as we think about the opportunity ahead.

我認為這就是為什麼我們的成長當然會與 IT 預算支出有所不同。我認為這是因為這是一種分享，一種改進，也真正關注薩蒂亞所說的內容。這可能涉及到我們傳統上不認為屬於 CIO 領導下的 IT 預算支出的其他領域的支出。這是由客戶服務主管完成的支出。這是由行銷主管完成的支出。我確實認為，當我們思考未來的機會時，這很重要。

The next question comes from the line of Karl Keirstead with UBS.

下一個問題來自瑞銀集團 (UBS) 的卡爾凱爾斯特德 (Karl Keirstead)。

Satya and Amy, congrats on these outstanding Azure results. I'd love to hone in a little bit on the 7 point lift to Azure growth from AI, outstanding number, but it's leveling off a little bit from 6 points in December. I'm wondering if you could unpack that a little bit. To what extent did the capacity issues that you Amy highlighted on the call impact that number. Is there any seasonality? I wouldn't think so. Or any other factor that can swing around that number that you'd advise us to keep in mind?

Satya 和 Amy，恭喜這些出色的 Azure 成績。我很想稍微磨練一下人工智慧對 Azure 成長的 7 點提升，這個數字非常出色，但與 12 月的 6 點相比，已經趨於平穩。我想知道你是否可以稍微解開一下。艾米在電話中強調的容量問題在多大程度上影響了這個數字。有季節性嗎？我不這麼認為。或者您建議我們記住的任何其他可能圍繞該數字波動的因素？

Thanks, Karl. There's not a seasonality to the numbers. So you're absolutely right to start there, and it's a good question. The way to think about it is a bit more by -- it is how much capacity we have in play and how much capacity that we have to sell on the inferencing side in particular. And so that is partially why you see the capital investment in the shape that it is, is because right this minute, we do have demand that exceeds our supply by a bit. So it is fair to say that, that could have been an impact on the number for the quarter and does impact a little bit the number in Q4.

謝謝，卡爾。這些數字不存在季節性。所以你從這裡開始是絕對正確的，這是一個很好的問題。思考這個問題的方式更多的是——我們有多少能力在發揮作用，以及我們必須在推理方面出售多少能力。這就是為什麼你看到資本投資現在的樣子的部分原因，因為就在此刻，我們的需求確實有點超過了我們的供應。因此，可以公平地說，這可能會對本季度的數字產生影響，並且確實會對第四季度的數字產生一些影響。

And the next question comes from the line of Raimo Lenschow with Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

I have more conceptual question for Satya. If you think about copilots and what you're doing there, you're kind of impacting a lot of this in businesses and the opportunities seem very broad-based. How do you think this will play out in the industry between you guys offering certain copilots versus like the rest of the industry following and everyone seems to have a copilot now and seems to be talking about it? How does that impact what you want to do, your partner strategy going forward?

我有更多概念性問題要問 Satya。如果你考慮一下副駕駛以及你在那裡所做的事情，你會對企業產生很大的影響，而且機會似乎非常廣泛。您認為這在行業中會如何發揮作用，你們提供某些副駕駛，而行業中的其他人則緊隨其後，現在每個人似乎都有副駕駛，並且似乎都在談論它？這對您想做的事情以及您未來的合作夥伴策略有何影響？

Yes, it's a great question. So the way we see it play out is, if you think about it, the way Office was used broadly for knowledge work was in the context of business processes, right? So it's not like -- when people do knowledge work, they're not doing knowledge work. They're doing knowledge work in support of making progress in the context of sales enablement, customer service revenue ops, supply chain or what have you, right? So that's the first thing to note. And they do it inside of e-mail. They do it inside of Teams. They do it inside of Excel, PowerPoint, Word and what have you.

是的，這是一個很好的問題。因此，我們看到的結果是，如果你仔細想想，Office 廣泛用於知識工作的方式是在業務流程的背景下，對吧？所以這不像是——當人們從事知識工作時，他們並不是在做知識工作。他們正在做知識工作，以支援在銷售支援、客戶服務收入營運、供應鏈或其他方面取得進展，對嗎？所以這是首先要注意的事情。他們在電子郵件中進行此操作。他們在 Teams 內部執行此操作。他們在 Excel、PowerPoint、Word 等工具中完成此操作。

Now we have the ability to essentially bridge the work and the work artifacts inside of these knowledge worker tools with the workflow and the business process and the business process data. So when we think about our Copilot, our Copilot has that ability to integrate, whether it's with ServiceNow. It has the ability to integrate with SAP, with Salesforce, with obviously Dynamics. That's what we are seeing.

現在，我們能夠從本質上將這些知識工作者工具內的工作和工作工件與工作流程、業務流程和業務流程資料連結起來。因此，當我們考慮 Copilot 時，我們的 Copilot 具有整合能力，無論是否與 ServiceNow 整合。它能夠與 SAP、Salesforce、顯然還有 Dynamics 整合。這就是我們所看到的。

In fact, you'll hear us talk a lot about it at our developer conference, which is the extensibility -- and Copilot Studio is really off to the races in terms of the product that most people are excited because one of the things in the enterprise is you want to ground your copilot with the enterprise data, which is in all of these SaaS applications, and Copilot Studio is the tool to use there to make that happen.

事實上，您會在我們的開發者大會上聽到我們談論很多關於可擴展性的內容，Copilot Studio 確實在大多數人都感到興奮的產品方面處於領先地位，因為其中的一件事企業級是指您希望副駕駛能夠使用企業數據，這些數據存在於所有這些SaaS 應用程式中，而Copilot Studio 就是實現這一目標的工具。

And so that's what we are seeing, which is we are building a Copilot, which also happens to be an orchestrator of all these other copilots, which to us appear as extensions. And net-net, what happens is some of these knowledge worker tools that people have used all the time, right, because when you think about Teams, when you're having a meeting, you're not doing a random meeting. The meeting is in the context of some business process. It could be a supply chain meeting where you're trying to understand which suppliers to bet on or what terms to do. And so now you can access all that data right in the Team's context.

這就是我們所看到的，我們正在建造一個副駕駛，它也恰好是所有其他副駕駛的協調者，對我們來說，這些副駕駛似乎是擴展。而網絡，所發生的是人們一直在使用的一些知識工作者工具，對吧，因為當你想到 Teams 時，當你開會時，你並不是在進行隨機會議。會議是在某些業務流程的背景下進行的。這可能是供應鏈會議，您試圖了解該押注於哪些供應商或執行哪些條款。因此，現在您可以在團隊上下文中存取所有資料。

So that's, I think, what's exciting for us, having built all these horizontal tools, which I would say we're under underappreciated for the amount of work -- how you -- people use those tools to make progress on business process, but we now get to bridge that between the business applications and knowledge worker tools more horizontally.

所以，我認為，這對我們來說是令人興奮的，建立了所有這些橫向工具，我想說的是，我們對工作量的認識被低估了——人們如何使用這些工具來在業務流程上取得進展，但是我們現在可以更水平地在業務應用程式和知識工作者工具之間架起橋樑。

And the next question comes from the line of Michael Turrin with Wells Fargo.

下一個問題來自邁克爾·特林 (Michael Turrin) 與富國銀行 (Wells Fargo) 的對話。

Appreciate you taking the question. I wanted to go back to Azure. You've been hinting at stabilization there for the past couple of quarters, but still very good to see the balance. Maybe you can expand on just what the commercial bookings number, appreciating the variability there does in terms of visibility. And any characterization you can give us around what you're seeing in areas like cost optimization and core workload growth coming back is just helpful context for us in unpacking the numbers.

感謝您提出問題。我想回到蔚藍。在過去的幾個季度中，您一直在暗示該地區會趨於穩定，但仍然很高興看到這種平衡。也許您可以擴展商業預訂數量，了解可見性方面的可變性。您可以向我們提供的有關您在成本優化和核心工作負載增長等領域所看到的情況的任何描述都有助於我們了解這些數字。

Thanks, Michael. Maybe to -- I may take those a bit in reverse. It's a little easier to address them. When you think about -- we've been talking about sort of stabilization and what you saw this quarter, if you break down the Azure number as you saw, which I think I talked a little bit about with Karl, was 7 points of contribution from AI, and you could call them the difference [24] from our core really Azure business. And within that, the activity we saw in the consumption side was really this balance that we were quite used to and have seen throughout the cloud transition. We saw new workload starts and we saw optimizations.

謝謝，麥可。也許——我可能會稍微顛倒一下。解決它們要容易一些。當你想到——我們一直在談論某種穩定以及你在本季度看到的情況時，如果你按照你所看到的方式分解Azure 數字，我想我與Karl 對此進行了一些討論，那就是7 點貢獻來自 AI，您可以將它們稱為與我們真正的核心 Azure 業務的區別 [24]。其中，我們在消費方面看到的活動其實是我們非常習慣並且在整個雲端轉型過程中看到的這種平衡。我們看到了新的工作負載的開始，並看到了最佳化。

And then those optimizations create new budget, and you apply it. And that cycle, which is actually quite normal, we saw it again this quarter in a balanced way. And I think when we talk about stabilization or even what we saw between Q2 and Q3, which is a bit of acceleration in that core, was a lot of the newer project starts relating back to not just AI starts but lots of other workflows. The companies are still going from on-prem to cloud. That's why Satya mentioned migrations. And some of that, which I know isn't as exciting as talking about all the AI projects, this is still really foundational work to allow companies to take advantage of the cost savings. And the total TCO is still really good.

然後這些優化會建立新的預算，然後您就可以應用它。這個週期實際上很正常，我們在本季以平衡的方式再次看到了它。我認為，當我們談論穩定性，甚至我們在第二季度和第三季度之間看到的情況時，這是該核心的一點加速，許多新項目的啟動不僅與人工智慧的啟動有關，還與許多其他工作流程有關。這些公司仍在從本地部署轉向雲端運算。這就是薩蒂亞提到移民的原因。其中一些，我知道並不像談論所有人工智慧專案那麼令人興奮，這仍然是讓公司能夠利用成本節約的真正基礎工作。而且整體 TCO 仍然非常好。

And so I think that balance is really what you saw this quarter, and I do feel like there wasn't really a big difference, Michael, across industries or across geos. So I would say it was actually pretty consistent, is the other maybe texture that I could give you to that question.

因此，我認為這種平衡確實是您在本季度看到的情況，邁克爾，我確實覺得跨行業或跨地域並沒有太大的差異。所以我想說它實際上非常一致，這是我可以給你回答這個問題的另一個可能的紋理。

And so then when you're saying do we keep sort of pointing to stabilization, I really do look sort of workload to workload, what are we seeing, where it starts. And this one actually felt quite balanced, and optimizations look like they normally would, which, by the way, is super important. It's something we encourage customers to do. You want to run your workloads as efficiently as you possibly can. It's critical to customers being able to grow and get value out of that. So I sometimes think we -- you all may ask the question more as a negative, and for us, it's just about a healthy cycle at the customer account level.

因此，當你說我們是否繼續保持穩定時，我確實在考慮工作量與工作量之間的關係，我們看到了什麼，它從哪裡開始。這實際上感覺非常平衡，優化看起來就像平常一樣，順便說一句，這是非常重要的。這是我們鼓勵客戶這樣做的事情。您希望盡可能有效率地運行工作負載。對於客戶能夠成長並從中獲取價值至關重要。所以我有時認為，你們可能會更多地將這個問題視為負面問題，對我們來說，這只是客戶帳戶層面的健康循環。

Consistent core cloud growth is still pretty exciting to us as well.

持續的核心雲端成長對我們來說仍然非常令人興奮。

The next question comes from the line of Kirk Materne with Evercore ISI.

下一個問題來自 Evercore ISI 的 Kirk Materne。

I'll add my congrats in the quarter. Satya, I was wondering if you could chime in on a discussion that comes up a lot with investors, which is, is there a sort of data quality problem in the market in terms of being able to take advantage of all these new GenAI capabilities? And I was just curious if you could comment on do you see companies making inroads on sort of addressing that. And do you see that as sort of an inhibitor to AI growth at all at this point?

我將在本季表示祝賀。 Satya，我想知道您是否可以參與一個投資者經常討論的問題，即市場上是否存在利用所有這些新 GenAI 功能的數據品質問題？我只是好奇你是否可以評論一下你是否看到公司在解決這個問題上取得了進展。目前您是否認為這會成為人工智慧發展的一種抑制劑？

Yes, it's a great question because there are 2 sets of things in order to make sense of -- for successful deployment of these new AI capabilities. I mean if you sort of say this, what is this AI, it does 2 things, right? There's a new user experience. There's a natural language interface, and second thing is it's a reasoning engine. And the reasoning engine requires good data, and it's good -- requires good data for grounding, right?

是的，這是一個很好的問題，因為為了成功部署這些新的人工智慧功能，有兩件事需要理解。我的意思是，如果你這麼說，這個人工智慧是什麼，它做了兩件事，對吧？有一種新的使用者體驗。有一個自然語言介面，第二件事是它是一個推理引擎。推理引擎需要良好的數據，這很好——需要良好的數據作為基礎，對嗎？

So people talk about something called retrieval augmented generation. And in that context, having good grounding data that then helps with the reasoning, I think, is helpful. And then, of course, people are also looking to sort of fine-tune or RLHF or essentially take the large model and ground it further.

所以人們談論一種叫做檢索增強生成的東西。在這種情況下，我認為擁有良好的基礎數據有助於推理，是有幫助的。當然，人們也在尋求某種微調或 RLHF，或本質上採用大型模型並進一步完善它。

So all of these tools are now available, the sophistication of how people can deploy these models across various business processes, where there is data and where there is tuning of these models is also getting more widespread, even at system integrators and other developers are there to help enterprises.

因此，所有這些工具現在都可用，人們如何在各種業務流程中部署這些模型、有數據的地方以及對這些模型進行調整的地方也變得越來越普遍，甚至在系統整合商和其他開發人員中也是如此。

So all that's maturing. So we feel good. And this is what I think, on the commercial side. These are some of the harder problems to solve broad consumer, right? I mean I think this is a couple of orders of magnitude of improvements in, I'll call it, our models before we can sort of have more sophisticated open-ended consumer scenarios. Whereas in the enterprise, these are all things we can go tackle. Again, I'd point to GitHub. If you think about how it's got an entire system, right, it's just not an AI model. It's the AI -- or the user experience, scaffolding, the editor, the chat, the interpreter and the debugger, work along with the continuations of the model to help essentially create these reasoning traces which help the entire thing work.

所以一切都在成熟。所以我們感覺很好。這就是我在商業方面的想法。這些都是廣大消費者更難解決的問題，對嗎？我的意思是，我認為在我們能夠擁有更複雜的開放式消費者場景之前，我稱之為模型的改進是幾個數量級的。而在企業裡，這些都是我們可以去解決的。我再次指出 GitHub。如果你想想它是如何擁有整個系統的，對吧，它不是一個人工智慧模型。它是人工智慧——或者說用戶體驗、腳手架、編輯器、聊天、解釋器和調試器，與模型的延續一起工作，從本質上幫助創建這些推理跟踪，從而幫助整個事情工作。

And effectively, what we are doing with Copilot, Copilot Studio and connectors to all these business systems, think of it as we are creating GitHub Copilot like scenarios for every business system. That's what I think is going to have both what Amy referenced as business value and better grounding. But you're absolutely right in saying a lot of work we're doing with Fabric or Cosmos or PostgreS or SQL is about preparing that data so that it can be integrated with these AI projects.

實際上，我們正​​在使用 Copilot、Copilot Studio 以及所有這些業務系統的連接器所做的事情，可以將其視為我們正在為每個業務系統建立類似 GitHub Copilot 的場景。我認為這將同時具有艾米所說的商業價值和更好的基礎。但你說我們在 Fabric、Cosmos、PostgreS 或 SQL 上所做的許多工作都是為了準備數據，以便將其與這些人工智慧專案集成，這是絕對正確的。

Our last question will come from the line of Alex Zukin with Wolfe Research.

我們的最後一個問題將來自沃爾夫研究中心的亞歷克斯·祖金（Alex Zukin）。

I wanted to ask the AI question but from a Microsoft 365 Copilot perspective. I think you talked a little bit about starting to see some of those impacts positively in the quarter on the Office business. I wanted to ask more broadly around that capacity constraint that you alluded to in your prepared remarks, Amy. And kind of how does the easing -- how tied are we like as you invest for that CapEx and bring more of the capacity online? How much does that unblock or unlock the ability to deliver both a higher Azure AI number as well as a higher Microsoft 365 Copilot number?

我想從 Microsoft 365 Copilot 的角度提出人工智慧問題。我認為您談到了本季開始看到其中一些對 Office 業務的積極影響。艾米，我想更廣泛地詢問您在準備好的演講中提到的能力限制。當您投資資本支出並帶來更多線上容量時，寬鬆政策有何影響？這對提供更高的 Azure AI 數量以及更高的 Microsoft 365 Copilot 數量的能力有多大影響？

Thanks for the question. It's a good opportunity to clarify. We -- and I would not say that there is a capacity constraint on the Copilots. It's a real priority for us to make sure we optimize the allocation of our capacity to make sure that those per user businesses are able to continue to grow. And so think about that as our priority 1. And so then what that does mean is capacity constraints, when we have them, you'll tend to see them on the Azure infrastructure side. The consumption side of the business is a better way of thinking about it.

謝謝你的提問。這是一個澄清的好機會。我們——我不會說副駕駛的能力受到限制。我們真正的首要任務是確保優化容量分配，以確保每用戶業務能夠持續成長。因此，請將此視為我們的首要任務 1。企業的消費面是一種更好的思考方式。

Thanks, Alex. That wraps up the Q&A portion of today's earnings call. Thank you for joining us today, and we look forward to speaking with all of you soon.

謝謝，亞歷克斯。今天的財報電話會議的問答部分就到此結束。感謝您今天加入我們，我們期待很快與大家交談。

Thank you all.

謝謝你們。

Thank you.

謝謝。

This concludes today's conference. You may now disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。此時您可以斷開線路。享受你一天剩下的時間。