微軟 (MSFT) 2025 Q2 法說會逐字稿

Hey, greetings and welcome to the Microsoft fiscal year 2025 second-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

嘿，大家好，歡迎參加微軟 2025 財年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host Brett Iversen, Vice President of Investor Relations. Please go ahead.

現在我很高興介紹主持人、投資者關係副總裁 Brett Iversen。請繼續。

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.

下午好，感謝您今天加入我們。與我一起參加電話會議的還有董事長兼執行長薩蒂亞‧納德拉 (Satya Nadella)；艾米‧胡德 (Amy Hood)，財務長； Alice Jolla，首席會計長；以及公司秘書兼副總法律顧問 Keith Dolliver。

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.

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，旨在補充我們在今天電話會議上的準備好的發言，並提供GAAP 和非GAAP 財務指標之間差異的調節。當我們在今天的電話會議上提供展望評論時，更詳細的展望幻燈片將在微軟投資者關係網站上提供。

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 second quarter performance in addition to the impact these items and events have on the financial results.

在本次電話會議中，我們將討論某些非 GAAP 項目。所提供的非 GAAP 財務指標不應被視為替代或優於根據 GAAP 編制的財務績效指標。它們作為額外的澄清項目，旨在幫助投資者進一步了解公司第二季度的業績以及這些項目和事件對財務結果的影響。

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均與去年同期相關。我們還將提供以固定匯率計算的成長率（如果有），作為評估我們基礎業務表現的框架，不包括外匯匯率波動的影響。當以固定匯率計算的成長率相同時，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.

通話結束後，我們將立即將準備好的發言發佈到我們的網站上，直到完整的記錄可用。今天的電話會議正在進行網路直播和錄音。如果您提出問題，它將包含在我們的直播、記錄以及錄音的任何未來使用中。您可以在微軟投資者關係網站上重播此通話並查看記錄。

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 factor 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、預期或其他陳述。這些聲明是基於當前的預期和假設，但存在風險和不確定性。由於今天的收益新聞稿、本次電話會議中的評論以及我們10-K 表、10-Q 表和向美國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中討論的因素，實際結果可能會有重大差異。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.

說完這些，我將把電話轉給 Satya。

Thank you, Brett. This quarter, we saw continued strength in Microsoft Cloud, which surpassed $40 billion in revenue for the first time, up 21% year-over-year. Enterprises are beginning to move from proof-of-concepts to enterprise-wide deployments to unlock the full ROI of AI. And our AI business has now surpassed an annual revenue run rate of $13 billion, up 175% year-over-year.

謝謝你，布雷特。本季度，我們看到微軟雲端運算持續保持強勁勢頭，其營收首次超過 400 億美元，年增 21%。企業開始從概念驗證轉向企業範圍的部署，以釋放人工智慧的全部投資報酬率。我們的人工智慧業務目前的年收入已超過 130 億美元，年增 175%。

Before I get into the details of the quarter, I want to comment on the core thesis behind our approach to how we manage our fleet, and how we allocate our capital to compute. AI scaling laws are continuing to compound across both pre-training and inference-time compute. We ourselves have been seeing significant efficiency gains in both training and inference for years now. On inference, we have typically seen more than 2x price-performance gain for every hardware generation, and more than 10x for every model generation due to software optimizations.

在介紹本季的細節之前，我想先評論一下我們如何管理車隊以及如何分配資本進行計算的方法背後的核心論點。人工智慧擴展定律在預訓練和推理時間計算中不斷複合。多年來，我們已經看到訓練和推理方面的效率顯著提升。經過推斷，我們通常會看到每一代硬體的性價比都會提高 2 倍以上，而由於軟體優化，每一代模型的性價比都會提高 10 倍以上。

And, as AI becomes more efficient and accessible, we will see exponentially more demand. Therefore, much as we have done with the commercial cloud, we are focused on continuously scaling our fleet globally and maintaining the right balance across training and inference, as well as geo distribution. From now on, it is a more continuous cycle governed by both revenue growth and capability growth, thanks to the compounding effects of software-driven AI scaling laws and Moore's law.

而且，隨著人工智慧變得越來越有效率和普及，我們將看到越來越大的需求。因此，就像我們在商業雲端上所做的那樣，我們專注於在全球範圍內不斷擴展我們的伺服器群，並在訓練和推理以及地理分佈之間保持適當的平衡。從現在開始，由於軟體驅動的人工智慧擴展定律和摩爾定律的複合效應，這將是一個由收入成長和能力成長共同支配的更連續的循環。

With that, I will walk through the progress we are making across every layer of the tech stack. Azure is the infrastructure layer for AI. We continue to expand our data center capacity in line with both near-term and long-term demand signals. We have more than doubled our overall data center capacity in the last three years. And we have added more capacity last year than any other year in our history.

我將逐步介紹我們在技術堆疊各層級所取得的進展。Azure 是 AI 的基礎架構層。我們根據短期和長期需求訊號繼續擴大資料中心容量。過去三年裡，我們的資料中心整體容量增加了一倍以上。去年我們新增的產能比歷史上任何一年都要多。

Our data centers, networks, racks, and silicon are all coming together as a complete system to drive new efficiencies to power both the cloud workloads of today and the next-gen AI workloads. We continue to take advantage of Moore's law and refresh our fleet, as evidenced by our support of the latest from AMD, Intel, NVIDIA, as well as our first party silicon innovation from Maia, Cobalt, Boost, and HSM. When it comes to cloud migrations, we continue to see customers like UBS move workloads to Azure. UBS alone migrated mainframe workloads encompassing nearly 400 billion records and 2 petabytes of data.

我們的資料中心、網路、機架和矽片都組合成一個完整的系統，以提高效率，為當今的雲端工作負載和下一代 AI 工作負載提供支援。我們繼續利用摩爾定律並更新我們的產品線，這一點從我們對 AMD、英特爾、NVIDIA 的最新產品以及 Maia、Cobalt、Boost 和 HSM 的第一方矽片創新的支持就可以看出。當談到雲端遷移時，我們不斷看到像 UBS 這樣的客戶將工作負載轉移到 Azure。光是瑞銀就遷移了涵蓋近 4,000 億筆記錄和 2PB 資料的大型主機工作負載。

And, we remain the cloud of choice for customers' mission critical Oracle, SAP, and VMWare apps. At the data layer, we are seeing Microsoft Fabric break out. We now have over 19,000 paid customers, from Hitachi to Johnson Controls, to Schaeffler. Fabric is now the fastest growing analytics product in our history. Power BI is also deeply integrated with Fabric, with over 30 million monthly active users, up 40% since last year.

而且，我們仍然是客戶關鍵任務 Oracle、SAP 和 VMWare 應用程式的首選雲端。在資料層，我們看到Microsoft Fabric 的突破。我們現在有超過 19,000 名付費客戶，包括日立、江森自控和舍弗勒。Fabric 目前是我們歷史上成長最快的分析產品。Power BI 還與 Fabric 深度集成，每月活躍用戶超過 3000 萬，比去年增長了 40%。

Beyond Fabric, we are seeing new AI driven data patterns emerge. If you look underneath ChatGPT or Copilot or Enterprise AI apps you see the growth of raw storage, database services and App platform services as these workloads scale. The number of Azure OpenAI apps running on Azure databases and Azure app services more than doubled year-over-year, driving significant growth in adoption across SQL Hyperscale and Cosmos DB.

除了 Fabric 之外，我們還看到新的 AI 驅動的資料模式出現。如果您查看 ChatGPT 或 Copilot 或 Enterprise AI 應用程序，您會看到隨著這些工作負載的擴展，原始儲存、資料庫服務和應用平台服務的成長。在 Azure 資料庫和 Azure 應用程式服務上執行的 Azure OpenAI 應用程式數量較去年同期成長了一倍以上，推動了 SQL Hyperscale 和 Cosmos DB 的採用率顯著成長。

Now, on to AI platforms and tools. As we shared last week, we are thrilled OpenAI has made new large Azure commitments. Through our strategic partnership, we continue to benefit mutually from each other's growth. And with OpenAI's APIs exclusively running on Azure, customers can count on us to get access to the world's leading models. And OpenAI has a lot more coming soon. So, stay tuned.

現在，討論 AI 平台和工具。正如我們上週所分享的，我們很高興 OpenAI 對 Azure 做出了新的重大承諾。透過我們的策略夥伴關係，我們繼續從彼此的成長中互利共贏。由於 OpenAI 的 API 僅在 Azure 上執行，客戶可以依靠我們來存取世界領先的模式。OpenAI 即將推出更多內容。因此，請繼續關注。

Azure AI Foundry features best-in-class tooling, runtimes to build agents and multi-agent apps, AI ops, and API access to thousands of models. Two months in, we already have more than 200,000 monthly active users. And we are well positioned with our support of both OpenAI's leading models and the best selection of open-source models and SLMs. DeepSeek's R1 launched today via the model catalog on Foundry and GitHub, with automated red teaming, content safety integration, and security scanning.

Azure AI Foundry 具有一流的工具、用於建立代理程式和多代理應用程式的執行時間、AI 操作以及對數千種模型的 API 存取。兩個月以來，我們的每月活躍用戶已超過 20 萬。而且，我們既支持 OpenAI 的領先模型，又支援最佳的開源模型和 SLM 選擇，因此處於有利地位。DeepSeek 的 R1 今天透過 Foundry 和 GitHub 上的模型目錄推出，具有自動紅隊、內容安全整合和安全掃描功能。

Our Phi family of SLMs has now been downloaded over 20 million times. And we also have more than 30 models from partners like Bayer, Paige.AI, Rockwell Automation, Siemens to address industry-specific use cases. With AI, how we build, deploy, and maintain code is fundamentally changing. And GitHub Copilot is increasingly the tool of choice for both digital natives like ASOS and Spotify, as well as the world's largest enterprises like HP, HSBC, and KPMG.

我們的 Phi 系列 SLM 現在已被下載超過 2000 萬次。我們還擁有來自拜耳、Paige.AI、羅克韋爾自動化、西門子等合作夥伴的 30 多個模型，以解決特定行業用例。有了人工智慧，我們建構、部署和維護程式碼的方式正在發生根本性的變化。GitHub Copilot 越來越成為 ASOS 和 Spotify 等數位原生代以及惠普、匯豐銀行和畢馬威等全球最大企業的首選工具。

We have been delighted by the early response to GitHub Copilot in VS Code, with more than a million signups in just the first week post-launch. All-up, GitHub is now home to 150 million developers, up 50% over the past two years. Now, on to the future of work.

我們對 VS Code 中 GitHub Copilot 的早期反應感到非常高興，發布後僅第一周就有超過一百萬的註冊人數。總體而言，GitHub 現已擁有 1.5 億開發人員，過去兩年成長了 50%。現在，我們來談談工作的未來。

Microsoft 365 Copilot is the UI for AI. It helps supercharge employee productivity, and provides access to a swarm of intelligent agents to streamline employee workflow. We are seeing accelerated customer adoption across all deal sizes, as we win new Microsoft 365 Copilot customers and see the majority of existing enterprise customers come back to purchase more seats. When you look at customers who purchased Copilot during its first quarter of availability, they have expanded their seats collectively by more than 10X over the past 18 months.

Microsoft 365 Copilot 是用於 AI 的 UI。它有助於提高員工的工作效率，並提供大量智慧代理來簡化員工的工作流程。隨著我們贏得新的 Microsoft 365 Copilot 客戶並看到大多數現有企業客戶回來購買更多席位，我們看到各種規模的客戶採用率都在加速成長。如果您查看在 Copilot 上市第一個季度內購買的客戶，您會發現在過去 18 個月中，他們的座位總數增加了 10 倍以上。

To share just one example; Novartis has added thousands of seats each quarter over the past year, and now has 40,000 seats. Barclays, Carrier Group, Pearson, and the University of Miami all purchased 10,000 or more seats this quarter. And, overall, the number of people who use Copilot daily again more than doubled quarter-over-quarter.

僅分享一個例子；諾華在過去一年中每季都增加數千個席位，現在擁有 40,000 個席位。巴克萊銀行、開利集團、培生集團和邁阿密大學本季均購買了 10,000 個或更多的座位。總體而言，每天使用 Copilot 的人數比上一季增加了一倍以上。

Employees are also engaging with Copilot more than ever. Usage intensity increased more than 60% quarter-over-quarter. And we are expanding our TAM with Copilot Chat, which was announced earlier this month. Copilot Chat, along with Copilot Studio, is now available to every employee to start using agents right in the flow of work.

員工與 Copilot 的互動也比以往更頻繁。使用強度季增60%以上。我們正在利用本月早些時候宣布的 Copilot Chat 來擴展我們的 TAM。現在，每位員工都可以使用 Copilot Chat 和 Copilot Studio 在工作流程中開始使用代理程式。

With Copilot Studio, we are making it as simple to build an agent as it is to create an Excel spreadsheet. More than 160,000 organizations have already used Copilot Studio, and they collectively created more than 400,000 custom agents in the last three months alone, up over 2x quarter-over-quarter. We have also introduced our own first party agents to facilitate meetings, manage projects, resolve common HR and IT queries, and access SharePoint data. And we also continue to see partners like Adobe, SAP, ServiceNow, and Workday build their third-party agents and integrate with Copilot.

借助 Copilot Studio，我們可以像建立 Excel 電子表格一樣簡單建立代理程式。已有超過 16 萬個組織使用了 Copilot Studio，僅在過去三個月內，他們就共創建了超過 40 萬個自訂代理，環比增長了 2 倍多。我們還引入了自己的第一方代理來促進會議、管理專案、解決常見的人力資源和 IT 查詢以及存取 SharePoint 資料。我們也繼續看到 Adob​​e、SAP、ServiceNow 和 Workday 等合作夥伴建立他們的第三方代理並與 Copilot 整合。

What is driving Copilot as the UI for AI, as well as our momentum with agents, is our rich data cloud, which is the world's largest source of organizational knowledge. Billions of e-mails, documents, and chats, hundreds of millions of Teams meetings, and millions of SharePoint sites are added each day. This is the enterprise knowledge cloud, and it's growing fast, up over 25% year-over-year. More broadly, what we are seeing is Copilot, plus agents, disrupting business applications. And we are leaning into this.

推動 Copilot 作為 AI 的 UI 以及我們與代理商共同發展勢頭的是我們豐富的數據雲，它是世界上最大的組織知識來源。每天都會增加數十億封電子郵件、文件和聊天、數億個 Teams 會議以及數百萬個 SharePoint 網站。這是企業知識雲，它成長迅速，年增超過25％。更廣泛地說，我們看到的是 Copilot 和代理商正在擾亂商業應用程式。我們正傾向於此。

With Dynamics 365, we took share as organizations like Ecolab, Lenovo, RTX, Total Energies, and Vizient switched to our AI-powered apps from legacy providers. In healthcare, DAX Copilot surpassed 2 million monthly physician-patient encounters, up 54% quarter-over-quarter. It is being used by top providers like Mass General Brigham, Michigan Medicine, Vanderbilt University Medical Center to increase the productivity of their physicians. When it comes to Windows, we are seeing momentum build as we approach end-of-support for Windows 10.

借助 Dynamics 365，我們佔據了市場份額，因為 Ecolab、聯想、RTX、Total Energies 和 Vizient 等公司已從傳統供應商轉向我們的 AI 驅動應用程式。在醫療保健領域，DAX Copilot 每月醫病溝通量超過 200 萬次，季增 54%。麻省總醫院布萊根醫院、密西根醫學院、范德堡大學醫學中心等頂級醫療服務提供者正在使用它來提高其醫生的工作效率。就 Windows 而言，隨著 Windows 10 支援終止的臨近，我們看到了發展的勢頭。

Customers are choosing the latest Windows 11 devices for their enhanced security and advanced AI capabilities. 15% of premium-priced laptops in the US this holiday were Copilot+ PCs, and we expect the majority of the PCs sold in the next several years to be Copilot+ PCs. We also see more and more developers, from Adobe and CapCut, to WhatsApp, build apps that leverage built-in NPUs.

客戶選擇最新的 Windows 11 裝置是因為其增強的安全性和先進的 AI 功能。這個假期，美國 15% 的高價筆記型電腦都是 Copilot+ 電腦，我們預計未來幾年銷售的大多數電腦都將是 Copilot+ 電腦。我們也看到越來越多的開發人員（從 Adob​​e 和 CapCut 到 WhatsApp）建立利用內建 NPU 的應用程式。

And they will soon be able to run DeepSeek's R1 distilled models locally on Copilot+ PCs, as well as the vast ecosystem of GPUs available on Windows. And beyond Copilot+ PCs, the most powerful AI workstation for local development is a Windows PC running WSL 2 powered by NVIDIA RTX GPUs.

他們很快就能在 Copilot+ PC 上本地運行 DeepSeek 的 R1 精簡模型，以及在 Windows 上龐大的 GPU 生態系統中運行。除了 Copilot+ PC 之外，用於本機開發的最強大的 AI 工作站是運行由 NVIDIA RTX GPU 提供支援的 WSL 2 的 Windows PC。

Now, on to security. We continue to make progress with our Secure Future Initiative. And we are applying what we have learned, introducing over 80 new product capabilities over the past year. With Security Copilot, organizations across the private and public sector, like City of Johannesburg, Eastman, Intesa Sanpaolo, National Australia Bank, and NTT, can resolve incidents 30% faster. Data governance is increasingly critical, and customers have now used Microsoft Purview to audit over two billion Copilot interactions for safe and compliant use.

現在，討論安全問題。我們的「安全未來倡議」繼續取得進展。我們正在運用所學到的知識，在過去的一年裡推出了 80 多種新產品功能。透過 Security Copilot，約翰尼斯堡市、伊士曼、Intesa Sanpaolo、澳洲國民銀行和 NTT 等私營和公共部門的組織解決事件的速度可以提高 30%。資料治理變得越來越重要，客戶現在已經使用 Microsoft Purview 審核超過 20 億次 Copilot 交互，以確保使用安全且合規。

Now, on to our consumer businesses, starting with LinkedIn. More professionals than ever are engaging in high-value conversations on LinkedIn, with comments up 37% year-over-year. Short-form video continues to grow on the platform, with video creation all-up growing at twice the rate of other post formats. We're also innovating with agents to help recruiters and small businesses find qualified candidates faster. And our hiring business again took share.

現在，我們來談談我們的消費者業務，從 LinkedIn 開始。越來越多的專業人士在 LinkedIn 上參與高價值對話，評論數量較去年同期成長 37%。該平台上的短影片持續成長，影片創作的成長速度是其他貼文格式的兩倍。我們也與代理商進行創新，幫助招募人員和小型企業更快找到合格的候選人。我們的招募業務再次佔據了市場份額。

In subscriptions, LinkedIn Premium surpassed $2 billion in annual revenue for the first time this quarter. Subscriber growth has increased nearly 50% over the past two years, and nearly 40% of subscribers have used our AI features to improve their profiles. And LinkedIn Marketing Solutions remains the leader in B2B advertising.

在訂閱業務方面，LinkedIn Premium 本季年收入首次超過 20 億美元。過去兩年，訂閱用戶數量增加了近 50%，近 40% 的訂閱用戶使用了我們的 AI 功能來改善他們的個人資料。LinkedIn 行銷解決方案仍然是 B2B 廣告領域的領導者。

Now, on to Search, Advertising and News. We once again took share across Bing and Edge. Edge surpassed 30% market share in the US on Windows, and has taken share for 15 consecutive quarters. The investments we have made in improving our ad rates are paying off, and advertisers increasingly see our network as an essential platform to optimize ROI. And our Copilot consumer app is seeing increased engagement and retention, with its improved speed, unique personality, first-of-its-kind features like Copilot Vision.

現在，談談搜尋、廣告和新聞。我們再次在 Bing 和 Edge 上佔據份額。Edge 在美國 Windows 上的市佔率超過 30%，並且已連續 15 個季度佔據主導地位。我們在提高廣告費率方面所做的投資正在獲得回報，廣告商越來越多地將我們的網路視為優化投資回報率的重要平台。我們的 Copilot 消費者應用程式憑藉其更快的速度、獨特的個性以及 Copilot Vision 等首創的功能，吸引了越來越多的用戶。

Just today we made Think Deeper, powered by o1, free and default for all Copilot users globally. Now, on to gaming. We are focused on improving the profitability of the business, in order to position it for long-term growth, driven by higher-margin content and platform services. And we are delivering on this plan. Black Ops 6 was the top-selling game on Xbox and PlayStation this quarter and saw more players in its launch quarter than any other paid release in franchise history.

就在今天，我們推出了由 o1 提供支援的 Think Deeper，對全球所有 Copilot 用戶免費提供並作為預設功能。現在開始遊戲。我們專注於提高業務獲利能力，以便在利潤率更高的內容和平台服務的推動下實現長期成長。我們正在實施這個計劃。《黑色行動 6》是本季 Xbox 和 PlayStation 上最暢銷的遊戲，其發布當季的玩家數量超過了該系列歷史上任何其他付費遊戲。

And we saw rave reviews of Indiana Jones and the Great Circle, which has already been played by more than 4 million people. We also continue to see strong momentum for Xbox Cloud Gaming, with a record 140 million hours streamed this quarter. All-up, Game Pass set a new quarterly record for revenue and grew its PC subscriber base by over 30%, as we focus on driving fully-paid subscribers across endpoints.

我們也看到了《法櫃奇兵：大圓環》的熱烈評價，已經有超過 400 萬人玩過這部電影。我們也繼續看到 Xb​​ox 雲端遊戲的強勁發展勢頭，本季串流播放時間達到創紀錄的 1.4 億小時。總體而言，Game Pass 創下了季度收入新紀錄，PC 用戶群成長了 30% 以上，因為我們專注於推動各個終端的全額付費用戶。

In closing, we continue to innovate across our tech stack to help our customers in this AI era. And I am energized by the many opportunities ahead.

最後，我們將繼續在技術堆疊上進行創新，以幫助人工智慧時代的客戶。未來的眾多機會讓我充滿活力。

With that, let me turn it over to Amy.

說完這些，讓我把話題交給艾米。

Thank you, Satya, and good afternoon everyone. This quarter, revenue was $69.6 billion, up 12%. Gross margin dollars increased 13% and 12% in constant currency while operating income increased 17% and 16% in constant currency. And earnings per share was $3.23, an increase of 10%.

謝謝你，薩蒂亞，大家下午好。本季營收為696億美元，成長12%。毛利率以固定匯率計算分別成長 13% 和 12%，而營業收入則以固定匯率計算分別成長 17% 和 16%。每股收益為 3.23 美元，成長 10%。

We delivered another quarter of double-digit top and bottom-line growth. Results were driven by strong demand for our cloud and AI offerings while we also improved our operating leverage with higher-than-expected operating income growth. As you heard from Satya, our AI business annual revenue run rate surpassed $13 billion and was above expectations.

我們又一個季度實現了兩位數的營收和淨利潤成長。業績受到對我們的雲端和人工智慧產品的強勁需求的推動，同時我們也透過高於預期的營業收入成長提高了我們的營業槓桿率。正如您從薩蒂亞那裡聽到的，我們的人工智慧業務年收入運行率超過了 130 億美元，超出了預期。

Commercial bookings increased 67% and 75% in constant currency and were significantly ahead of expectations driven by Azure commitments from OpenAI. Execution was strong across our core annuity sales motions with growth in the number of 100-million-dollar-plus contracts for both Azure and Microsoft 365.

商業預訂量以固定匯率計算增長了 67% 和 75%，並且得益於 OpenAI 對 Azure 的承諾，大大超出了預期。我們的核心年金銷售動議執行情況強勁，Azure 和 Microsoft 365 的 1 億美元以上合約數量均有所增長。

Commercial remaining performance obligation increased to $298 billion, up 34% and 36% in constant currency. Roughly 40% will be recognized in revenue in the next 12 months, up 21% year-over-year. The remaining portion, recognized beyond the next 12 months, increased 45%. And this quarter, our annuity mix was 97%.

商業剩餘履約義務增加至 2,980 億美元，成長 34%，以固定匯率計算成長 36%。約有 40% 將在未來 12 個月內確認為收入，年增 21%。剩餘部分在未來 12 個月後確認，增加了 45%。本季度，我們的年金組合為 97%。

FX did not have a significant impact on our results and was roughly in line with expectations on total company revenue, More Personal Computing revenue, total company COGS, and operating expense. FX decreased revenue more than expected in our commercial segments.

外匯對我們的結果沒有產生重大影響，並且與公司總收入、更多個人計算收入、公司總銷貨成本和營運費用的預期大致一致。外匯對我們商業部門的收入造成的下降幅度超出預期。

Microsoft Cloud revenue was $40.9 billion and grew 21%. Microsoft Cloud gross margin percentage was 70%, in line with expectations, and decreased 2 points year-over-year driven by scaling our AI infrastructure.

微軟雲端運算收入為 409 億美元，成長 21%。微軟雲端毛利率為 70%，符合預期，由於我們擴大了 AI 基礎設施，比去年同期下降了 2 個百分點。

Company gross margin percentage increased slightly year-over-year to 69% primarily driven by sales mix shift to higher margin businesses as well as improvement in Gaming and Search, partially offset by the impact of scaling our AI infrastructure.

公司毛利率同比略有增長，達到 69%，這主要得益於銷售組合向利潤率更高的業務轉變，以及遊戲和搜尋業務的改善，但部分抵消了我們擴大人工智慧基礎設施的影響。

Operating expenses increased 5%, lower than expected, and operating margins increased 2 points year-over-year to 45%. The better-than expected margin expansion was driven by delivering efficiencies across our businesses as we invest to scale AI infrastructure and build AI applications. At a total company level, headcount at the end of December was 2% higher than a year ago and was relatively unchanged from last quarter.

營業費用增加5%，低於預期，營業利潤率年增2個百分點至45%。利潤率成長好於預期，是由於我們投資擴大人工智慧基礎設施和建立人工智慧應用程序，從而提高了整個業務的效率。從整個公司層級來看，12 月底的員工總數比去年同期增加了 2%，與上一季相比基本上沒有變化。

Now to our segment results. Revenue from Productivity and Business Processes was $29.4 billion and grew 14% and 13% in constant currency even with the unfavorable FX impact noted earlier. Results were ahead of expectations driven by Microsoft 365 commercial.

現在來看看我們的分部業績。生產力與業務流程收入為 294 億美元，成長 14%，即使考慮到先前提到的不利外匯影響，以固定匯率計算仍成長 13%。在Microsoft 365商業化的推動下，業績超乎預期。

M365 commercial cloud revenue increased 16% and 15% in constant currency, slightly ahead of expectations due to better-than-expected performance in E5 and M365 Copilot. With M365 Copilot, we continue to see growth in adoption, expansion, and usage. ARPU growth was again driven by E5 and M365 Copilot. Paid M365 commercial seats grew 7% year-over-year with installed base expansion across all customer segments, though primarily in our small and medium business and frontline worker offerings.

M365 商業雲端收入以固定匯率計算成長 16% 和 15%，略高於預期，原因是 E5 和 M365 Copilot 的表現優於預期。隨著 M365 Copilot 的推出，我們不斷看到採用、擴展和使用的成長。E5 和 M365 Copilot 再次推動了 ARPU 的成長。付費 M365 商業席位年增 7%，安裝基數擴大到所有客戶群，但主要集中在我們的中小型企業和第一線員工產品。

M365 commercial products revenue increased 13%, significantly ahead of expectations driven by higher-than-expected transactional purchasing with the launch of Office 2024 as well as the Windows Commercial on-premises components from the better-than-expected performance of M365 suites noted earlier.

M365 商業產品收入成長 13%，大幅超出預期，這得益於 Office 2024 的推出以及 Windows Commercial 本地組件的交易購買量高於預期，以及之前提到的 M365 套件表現好於預期。

M365 consumer cloud revenue increased 8%, slightly ahead of expectations. We saw continued momentum in M365 consumer subscriptions which grew 10% to $86.3 million with mix shift to M365 Basic.

M365消費者雲端營收成長8%，略高於預期。我們看到 M365 消費者訂閱量持續保持成長勢頭，隨著業務結構向 M365 Basic 轉移，訂閱量增長 10%，達到 8,630 萬美元。

LinkedIn revenue increased 9% with continued growth across all lines of business. In our Talent Solutions business, results were slightly below expectations driven by continued weakness in the hiring market in key verticals. Dynamics 365 revenue increased 19% and 18% in constant currency, slightly ahead of expectations with growth across all workloads.

LinkedIn 營收成長 9%，所有業務線均持續成長。在我們的人才解決方案業務中，由於主要垂直領域的招募市場持續疲軟，業績略低於預期。Dynamics 365 營收成長 19%，以固定匯率計算成長 18%，略高於預期，所有工作負載均實現成長。

Segment gross margin dollars increased 13% and 12% in constant currency and gross margin percentage decreased slightly year-over-year driven by scaling our AI infrastructure. Operating expenses increased 6% and operating income increased 16% and 15% in constant currency.

由於擴大我們的人工智慧基礎設施，分部毛利率以固定匯率計算成長了 13% 和 12%，毛利率百分比較去年同期略有下降。營業費用增加 6%，營業收入增加 16%，以固定匯率計算則增加 15%。

Next, the Intelligent Cloud segment. Revenue was $25.5 billion and grew 19% with more unfavorable FX impact than expected. Excluding the unfavorable FX impact, results in Azure non-AI services, on-prem server, and enterprise and partner services were slightly lower than expected, partially offset by better-than-expected results in Azure AI services.

接下來是智慧雲部分。營收為 255 億美元，成長 19%，但外匯影響比預期更為不利。排除不利的外匯影響，Azure 非 AI 服務、本地伺服器以及企業和合作夥伴服務的結果略低於預期，但 Azure AI 服務的結果好於預期，部分抵消了這種影響。

Azure and other cloud services revenue grew 31%. Azure growth included 13 points from AI services, which grew 157% year over year and was ahead of expectations even as demand continued to be higher than our available capacity. Growth in our non-AI services was slightly lower than expected due to go-to-market execution challenges, particularly with our customers that we primarily reach through our scale motions, as we balance driving near-term non-AI consumption with AI growth.

Azure 和其他雲端服務收入成長了 31%。Azure 的成長包括來自 AI 服務的 13 個百分點，該服務年增 157%，並且超出了預期，儘管需求仍然高於我們的可用容量。由於進入市場的執行挑戰，我們的非人工智慧服務的成長略低於預期，特別是對於我們主要透過規模化行動接觸的客戶，因為我們在推動近期非人工智慧消費與人工智慧成長之間取得平衡。

In our on-premises server business, revenue decreased 3%, slightly below expectations driven by slower-than-expected purchasing around Windows Server 2025 launch. Enterprise and partner services revenue decreased 1%, below expectations with lower-than-expected performance across Enterprise Support Services and Industry Solutions.

在我們的本地伺服器業務中，收入下降了 3%，略低於預期，原因是 Windows Server 2025 發布前後的購買速度低於預期。企業和合作夥伴服務收入下降 1%，低於預期，企業支援服務和產業解決方案的表現低於預期。

Segment gross margin dollars increased 12% and 13% in constant currency and gross margin percentage decreased 4 points year-over-year driven by scaling our AI infrastructure. Operating expenses increased 10% and operating income grew 14%.

由於擴大我們的人工智慧基礎設施，分部毛利率以固定匯率計算成長了 12% 和 13%，毛利率百分比較去年同期下降了 4 個百分點。營業費用增加10%，營業收入成長14%。

Now to More Personal Computing. Revenue was $14.7 billion, relatively unchanged year-over-year with better-than-expected results driven primarily by Windows OEM pre-builds, usage from a third-party partnership in Search, as well as Call of Duty launch performance in Gaming. Windows OEM and Devices revenue increased 4% year-over-year, ahead of expectations, driven by commercial inventory builds in advance of Windows 10 end of support as well as uncertainty around tariffs.

現在轉向更個人化的計算。營收為147 億美元，與去年同期相比基本持平，業績好於預期，主要得益於Windows OEM 預建版、第三方合作夥伴在搜尋領域的使用情況，以及《決勝時刻》在遊戲領域的發布表現。Windows OEM 和設備收入年增 4%，超出預期，這得益於 Windows 10 支持結束前商業庫存的增加以及關稅的不確定性。

Search and news advertising revenue ex-TAC increased 21% and 20% in constant currency, ahead of expectations driven by usage from a third-party partnership. Growth continues to be driven by rate expansion and healthy volume growth in both Edge and Bing.

受第三方合作夥伴使用量的推動，搜尋和新聞廣告收入（扣除 TAC）分別成長 21% 和 20%（以固定匯率計算），超出預期。Edge 和 Bing 的費率擴張和健康的數量增長繼續推動著增長。

And in Gaming, revenue decreased 7% and 8% in constant currency as content and services growth continued to be offset by hardware declines. Xbox content and services revenue increased 2%, ahead of expectations driven by stronger-than-expected performance in Blizzard and Activision content, including Call of Duty.

在遊戲業務方面，由於內容和服務的成長繼續被硬體下滑所抵消，以固定匯率計算，收入下降了 7% 和 8%。Xbox 內容和服務收入成長 2%，超乎預期，這得益於暴雪和動視的內容（包括《決勝時刻》）表現強於預期。

Segment gross margin dollars increased 13% and 12% in constant currency. Gross margin percentage increased 6 points year-over-year driven by sales mix shift to higher margin businesses as well as strong execution on margin improvement in Gaming and Search. Operating expenses decreased 1%. Operating income increased 32% and 30% in constant currency driven by continued prioritization of higher margin opportunities.

以固定匯率計算，分部毛利率成長了 13%，為 12%。毛利率百分比年增 6 個百分點，這得益於銷售組合向利潤率更高的業務轉變，以及遊戲和搜尋業務利潤率的強勁提升。營業費用下降了1%。由於繼續優先考慮更高利潤機會，營業收入成長了 32%，以固定匯率計算成長了 30%。

Now back to total company results. Capital expenditures including finance leases were $22.6 billion, in line with expectations, and cash paid for PP&E was $15.8 billion. More than half of our cloud and AI related spend was on long-lived assets that will support monetization over the next 15 years and beyond. The remaining cloud and AI spend was primarily for servers, both CPUs and GPUs, to serve customers based on demand signals including our customer contracted backlog.

現在回顧公司整體業績。包括融資租賃在內的資本支出為 226 億美元，符合預期，支付的 PP&E 現金為 158 億美元。我們在雲端運算和人工智慧相關支出中的一半以上都用於支援未來 15 年及以後貨幣化的長期資產。剩餘的雲端和人工智慧支出主要用於伺服器（包括 CPU 和 GPU），以根據需求訊號（包括客戶合約積壓）為客戶提供服務。

Cash flow from operations was $22.3 billion, up 18% driven by strong cloud billings and collections, partially offset by higher supplier, employee, and tax payments. Free cash flow was $6.5 billion, down 29% year-over-year, reflecting the capital expenditures noted earlier. This quarter, other income and expense was negative $2.3 billion, lower than our October guidance due to the impairment charge from our Cruise investment. Our effective tax rate came in slightly lower than anticipated at 18%.

經營活動現金流為 223 億美元，成長 18%，主要得益於強勁的雲端運算帳單和收款，但供應商、員工和稅收支付的增加部分抵消了這一增長。自由現金流為 65 億美元，年減 29%，反映了先前提到的資本支出。本季度，其他收入和支出為負 23 億美元，低於我們 10 月的預期，原因是我們對 Cruise 投資的減損費用。我們的有效稅率略低於預期，為 18%。

And finally, we returned $9.7 billion to shareholders through dividends and share repurchases. Now, moving to our Q3 outlook, which unless specifically noted otherwise, is on a US dollar basis. First, FX. With the strengthening of the US dollar since October, we now expect FX to decrease total revenue growth by 2 points. Within the segments, we expect FX to decrease revenue growth by 2 points in Productivity and Business Processes and Intelligent Cloud and roughly 1 point in More Personal Computing.

最後，我們透過股利和股票回購向股東返還了 97 億美元。現在，讓我們來看看第三季的展望，除非另有特別說明，否則都是以美元為基礎的。首先，外匯。隨著10月份以來美元的走強，我們現在預計外匯將導致總收入成長減少2個百分點。在這些細分領域中，我們預期外匯會影響生產力和業務流程以及智慧雲端領域的營收成長 2 個百分點，以及個人運算領域的營收成長約 1 個百分點。

When compared to our October guidance assumptions on Q3 FX impact, this is a decrease to total revenue of roughly $1 billion. We expect FX to decrease COGS growth by approximately 2 points and operating expense growth by approximately one point. Our outlook has many of the trends we saw in Q2 continue thru Q3. Demand for our differentiated cloud and AI offerings across the Microsoft Cloud should drive another quarter of strong growth.

與我們 10 月對第三季外匯影響的指導假設相比，總收入減少了約 10 億美元。我們預計外匯將使 COGS 成長降低約 2 個百分點，營業費用成長降低約 1 個百分點。我們預計第二季看到的許多趨勢將延續到第三季。對 Microsoft Cloud 中差異化雲端和 AI 產品的需求將推動另一個季度的強勁成長。

In commercial bookings, with a relatively flat expiry base and a strong prior year comparable in terms of large Azure contracts, we expect growth to be roughly flat year-over-year. We expect consistent execution across our core annuity sales motions and continued long-term commitments to our platform. 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. Microsoft Cloud gross margin percentage should be roughly 69%, down year-over-year driven by the impact of scaling our AI infrastructure.

在商業預訂方面，由於到期基數相對平穩，且去年同期 Azure 大型合約數量強勁，我們預計成長將與去年同期大致持平。我們期望核心年金銷售動議的執行和對我們平台的長期承諾能夠持續進行。提醒一下，更大的長期 Azure 合約在時間上更難以預測，這可能會導致我們的預訂量成長率的季度波動加劇。微軟雲端毛利率百分比應為 69% 左右，受擴大 AI 基礎設施的影響，較去年同期下降。

Next to segment guidance. In Productivity and Business Processes we expect revenue to grow between 11% and 12% in constant currency, or $29.4 billion to $29.7 billion. M365 commercial cloud revenue growth should be between 14% and 15% in constant currency, relatively stable compared to our better-than-expected Q2 results. We expect continued ARPU growth thru E5 and M365 Copilot and we again expect some seat growth moderation given the size of the installed base.

接下來是細分指導。在生產力和業務流程方面，我們預計營收將以固定匯率成長 11% 至 12%，即 294 億美元至 297 億美元。M365 商業雲端營收成長率以固定匯率計算應在 14% 至 15% 之間，與我們好於預期的第二季業績相比相對穩定。我們預計 ARPU 將透過 E5 和 M365 Copilot 繼續成長，並且考慮到安裝基數的規模，我們再次預期座位數成長將有所放緩。

For M365 commercial products, we expect revenue to be relatively unchanged year-over-year. As a reminder, M365 commercial products include Windows Commercial on-premises components of M365 suites so our quarterly revenue growth can have variability primarily from in-period revenue recognition depending on the mix of contracts.

對於M365商業產品，我們預期營收與去年同期相比將保持相對不變。提醒一下，M365 商業產品包括 M365 套件的 Windows Commercial 內部部署組件，因此我們的季度收入增長可能主要因合約組合導致的期間收入確認而發生變化。

M365 consumer cloud revenue growth should be in the mid to high single digits driven by M365 subscriptions. For LinkedIn, we expect revenue growth in the low to mid-single digits. Although we expect growth across all businesses, the Q2 trends in Talent Solutions should continue in Q3 as a headwind to growth. And in Dynamics 365, we expect revenue growth to be in the mid-teens driven by continued growth across all workloads. For Intelligent Cloud we expect revenue to grow between 19% and 20% in constant currency, or $25.9 billion to $26.2 billion.

在M365訂閱的推動下，M365消費者雲端收入成長應達到中高個位數。對於 LinkedIn，我們預計其收入成長率將達到低至中個位數。儘管我們預計所有業務都會成長，但人才解決方案第二季的趨勢應該會在第三季持續，成為成長的阻力。在 Dynamics 365 方面，我們預期營收成長將達到十五六成，這得益於所有工作負載的持續成長。對於智慧雲，我們預計營收將以固定匯率成長 19% 至 20%，即 259 億美元至 262 億美元。

Revenue will continue to be driven by Azure which, as a reminder, can have quarterly variability primarily from in-period revenue recognition depending on the mix of contracts.

收入將繼續由 Azure 推動，提醒一下，Azure 的季度變化主要來自於根據合約組合確定的期間收入確認。

In Azure, we expect Q3 revenue growth to be between 31% and 32% in constant currency driven by strong demand for our portfolio of services. As we shared in October, the contribution from our AI services will grow from increased AI capacity coming online. In non-AI services healthy growth continues, although we expect ongoing impact thru H2 as we work to address the execution challenges noted earlier. And while we expect to be AI capacity constrained in Q3, by the end of FY25 we should be roughly in line with near-term demand given our significant capital investments.

在 Azure 方面，我們預計第三季營收成長率將達到 31% 至 32%（以固定匯率計算），這得益於對我們服務組合的強勁需求。正如我們 10 月所分享的那樣，隨著 AI 容量的增加，我們的 AI 服務貢獻將繼續增長。非人工智慧服務領域仍在繼續健康成長，儘管我們預計影響將持續到下半年，因為我們正努力解決前面提到的執行挑戰。雖然我們預計第三季人工智慧產能將受到限制，但考慮到我們大量的資本投資，到 2025 財年末，我們的產能應該大致與近期需求持平。

In our on-premises server business, we expect revenue to decline in the mid-single digits driven by a decrease in transactional purchasing. And in Enterprise and partner services, we expect revenue growth to be in the low to mid-single digits. In More Personal Computing, we expect revenue to be $12.4 billion to $12.8 billion with continued prioritization of higher margin opportunities. Windows OEM and Devices revenue should decline in the low to mid-single digits. We expect revenue from Windows OEM to be relatively flat year-over-year as our outlook assumes inventory levels will normalize. Actual results may differ based on current tariff uncertainties. Devices revenue will decline.

在我們的內部伺服器業務中，我們預計由於交易採購的減少，收入將下降中等個位數。在企業和合作夥伴服務方面，我們預期收入成長率將達到低至中等個位數。在更多個人運算方面，我們預計收入將達到 124 億美元至 128 億美元，並繼續優先考慮利潤率更高的機會。Windows OEM 和裝置收入應該會下降低至中等個位數。我們預計 Windows OEM 的營收將與去年同期相比相對持平，因為我們的前景假設庫存水準將恢復正常。由於當前關稅的不確定性，實際結果可能有所不同。設備收入將會下降。

Search and news advertising ex-TAC revenue growth should be in the mid-teens from continued growth in both volume and revenue per search with share gains across Edge and Bing. Growth is expected to moderate from last quarter primarily due to additional FX impact and as the third-party partnership usage noted earlier returns to more normal levels. Search ex-TAC growth will be higher than overall Search and news advertising revenue growth, which we expect to be in the mid to high single digits.

搜尋和新聞廣告（不含 TAC）收入成長應該在 15% 左右，這得益於 Edge 和 Bing 份額的增加以及搜尋量和單次搜尋收入的持續成長。預計成長將較上一季放緩，主要原因是額外的外匯影響，以及前面提到的第三方合作夥伴關係使用率恢復到更正常的水平。扣除 TAC 因素後的搜尋收入增幅將高於整體搜尋和新聞廣告收入增幅，我們預期後者將達到中高個位數。

And in Gaming, we expect revenue growth to be in the low single digits. We expect Xbox content and services revenue growth to be in the low to mid-single digits driven by first-party content as well as Xbox Game Pass. Hardware revenue will decline year-over-year.

在遊戲領域，我們預期收入成長率將達到個位數。我們預計，在第一方內容和 Xbox Game Pass 的推動下，Xbox 內容和服務收入將成長低至中等個位數。硬體收入將年減。

Now back to company guidance. We expect COGS to grow between 19% and 20% in constant currency or to be between $21.65 billion to $21.85 billion and operating expense to grow between 5% and 6% in constant currency or to be between $16.4 billion and $16.5 billion.

現在回到公司指導。我們預計，以固定匯率計算，銷貨成本將成長19% 至20%，即在216.5 億美元至218.5 億美元之間，而營業費用將以固定匯率計算增長5% 至6%，即164 億美元至165 億美元之間。

Other income and expense is expected to be roughly negative $1 billion primarily driven by investments accounted for under the equity method. As a reminder, we do not recognize mark-to-market gains or losses on equity method investments. And lastly, we expect our Q3 effective tax rate to be approximately 18%.

其他收入和支出預計約為負 10 億美元，主要由於權益法核算的投資所致。提醒一下，我們不確認權益法投資的市價收益或損失。最後，我們預計第三季有效稅率約為 18%。

Now some additional thoughts on the rest of the fiscal year and beyond. First, FX. With the strengthening of the US dollar since October, we now expect FX to decrease Q4 revenue and COGS growth by more than one point and operating expense growth by roughly one point. Next, capital expenditures. We expect quarterly spend in Q3 and Q4 to remain at similar levels as our Q2 spend.

現在談談我對本財政年度剩餘時間及以後的一些想法。首先，外匯。隨著十月份以來美元的走強，我們目前預計外匯將導致第四季營收和銷貨成本成長下降一個多個百分點，營業費用成長下降約一個個百分點。接下來是資本支出。我們預計第三季和第四季的季度支出將與第二季的支出保持相似的水平。

In FY26, we expect to continue investing against strong demand signals including customer contracted backlog we need to deliver against across the entirety of our Microsoft Cloud. However, the growth rate will be lower than FY25 and the mix of spend will begin to shift back to short-lived assets which are more correlated to revenue growth.

在 26 財年，我們預計將繼續投資於強勁的需求訊號，包括我們需要在整個 Microsoft Cloud 中交付的客戶合約積壓訂單。然而，成長率將低於 FY25，支出組合將開始轉向與收入成長更相關的短期資產。

As a reminder, our long-lived infrastructure investments are fungible, enabling us to remain agile as we meet customer demand globally across our Microsoft Cloud including AI workloads. As always, there can be quarterly spend variability from cloud infrastructure buildouts and the timing of delivery of finance leases.

提醒一下，我們長期的基礎設施投資是可替代的，使我們能夠保持敏捷，同時滿足 Microsoft Cloud （包括 AI 工作負載）上全球客戶的需求。與往常一樣，雲端基礎設施建設和融資租賃交付時間會導致季度支出發生變化。

For the full fiscal year, we continue to expect double-digit revenue and operating income growth as we focus on delivering efficiencies across both COGS and operating expense. And, given the operating leverage that we've delivered throughout the year, inclusive of efficiency gains as we scale our AI infrastructure and utilize our own AI solutions, we now expect FY25 operating margins to be up slightly year-over-year. And finally, our FY25 full year effective tax rate should be between 18% and 19%.

對於整個財年，我們將繼續預期營收和營業收入將實現兩位數的成長，因為我們將專注於提高銷貨成本和營業費用的效率。而且，考慮到我們全年實現的營運槓桿，包括我們擴展人工智慧基礎設施和利用我們自己的人工智慧解決方案所帶來的效率提升，我們現在預計25 財年的營運利潤率將比去年同期略有上升。最後，我們的 FY25 全年有效稅率應在 18% 至 19% 之間。

In closing, we are committed to delivering real world AI solutions that help customers grow and improve their results. We are confident in our leadership position as we grow with our customers.

最後，我們致力於提供現實世界的人工智慧解決方案，幫助客戶成長並改善他們的績效。隨著我們與客戶共同成長，我們對自己的領導地位充滿信心。

Before turning to Q&A, I have one special thank you. Brett Iversen is moving to a new role here as the head of our Americas sales finance team. On behalf of the company, thank you for your tremendous impact leading Investor Relations for the past four years and for the partnership with both Satya and me. And I'd like to welcome Jonathan Neilson, the former head of finance for our Security products, who is returning to Investor Relations to lead the team.

在進入問答環節之前，我要特別感謝一位朋友。布雷特艾佛森 (Brett Iversen) 將調任新職位，擔任我們美洲銷售財務團隊的主管。我代表公司感謝您在過去四年中對投資者關係的巨大影響，以及與 Satya 和我之間的合作。我還要歡迎我們安全產品前財務主管喬納森·尼爾森 (Jonathan Neilson) 重返投資者關係部門領導團隊。

Thanks Amy. We'll now move over to Q&A out of respect for others on the call. We request that participants. Please only ask one question. Operator, can you please repeat your instructions?

謝謝艾米。出於對電話會議中其他與會者的尊重，我們現在將進入問答環節。我們請求參與者。請只問一個問題。接線員，您能重複您的指令嗎？

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指示） 摩根士丹利 (Morgan Stanley) 的 Keith Weiss。

And echoing Amy's comments, Brett, congratulations on the new role. It's been a pleasure working with you and best of luck in that new role.

和艾米的評論一致，布雷特，恭喜你獲得新的角色。與您共事非常愉快，並祝福您在新的職位上一切順利。

Looking at the quarter, another really solid quarter when it comes to commercial bookings. But again, we were a little disappointed on Azure coming in at the bottom end of the guidance range. Amy, I was hoping you could dig into perhaps what some of those execution issues were, what the resolution of those issues were. And do we still feel comfortable in the acceleration into the back half of the year that you were talking about after the June quarter and after last quarter?

縱觀本季度，就商業預訂而言，這又是一個真正穩健的季度。但是，我們再次對 Azure 處於指導範圍的底端感到有些失望。艾米，我希望你可以深入研究一下其中的一些執行問題以及這些問題的解決方案。那麼，在 6 月季度和上個季度之後，我們是否仍然對您所說的下半年的加速成長感到滿意？

Thanks, Keith. Let me spend a little time on that about what we saw in Q2 and give you some additional background on the near-term execution issues that we're talking about. First, let me be very specific. They are in the non-AI ACR component. Our AI -- Azure AI results were better than we thought due to very good work by the operating teams pulling in some delivery dates even by weeks. When your capacity constrained matter, and it was good execution by the team, and you see that in the revenue results.

謝謝，基斯。讓我花一點時間討論我們在第二季度看到的情況，並為您提供一些有關我們正在討論的近期執行問題的更多背景資訊。首先，讓我具體講一下。它們位於非 AI ACR 組件中。我們的 AI——Azure AI 的結果比我們想像的要好，這要歸功於營運團隊的出色工作，他們甚至將一些交付日期提前了數週。當你的能力受到限制時，如果團隊執行得很好，你就會在收入結果中看到這一點。

On the non-AI side, really, the challenges were in what we call the scale motion. So think about primarily these are customers we reach through partners and through more indirect methods of selling. And really, the art form there is as these customers, which we reach in this way, are trying to balance how do you do an AI workload with continuing some of the work they've done on migrations and other fundamentals, we then took our sales motions in the summer and really change to try to balance those two.

在非人工智慧方面，真正的挑戰在於我們所謂的規模運動。因此，主要考慮這些是我們透過合作夥伴和更間接的銷售方式接觸的客戶。實際上，我們以這種方式接觸到的這些客戶正在嘗試平衡如何完成人工智慧工作負載與繼續他們在遷移和其他基本方面所做的一些工作，然後我們採取了我們的夏季的銷售動向並真正做出改變以試圖平衡這兩者。

As you do that, you learn with your customers and with your partners on getting that balance right between where to put our investments, where to put the marketing dollars, and importantly, where to put people, in terms of coverage and being able to help customers make those transitions. And I think we are going to make some adjustments to make sure we are in balance because when you make those changes in the summer, by the time it works its way through the system, you can see the impacts on whether you have that balance right.

當你這樣做的時候，你會和你的客戶以及你的合作夥伴一起學習如何在投資、行銷資金和人員部署之間取得平衡，更重要的是，在覆蓋範圍和幫助能力方面顧客進行這些轉變。我認為我們將進行一些調整，以確保我們保持平衡，因為當你在夏天做出這些改變時，當它在整個系統中發揮作用時，你就能看到對平衡是否正確產生的影響。

And so the teams are working through that. They're already making adjustments. And I expect while we will see some impact through H2 just because when you work through the scale motion, it can take some time for that to adjust. I feel good that the teams understand and are working through that. So hopefully, that's just -- helpful on that.

所以團隊正在努力解決這個問題。他們已開始做出調整。我預計我們會透過 H2 看到一些影響，因為當你透過規模運動進行工作時，可能需要一些時間來進行調整。我很高興看到團隊理解這一點並正在努力解決。所以希望這能對此有所幫助。

We talked a little bit about Q3. And so we've talked about 31% to 32% after publishing a 31% this quarter. Our AI results that we had felt good about and talked about our ability to land that revenue is the same. So again, in Q3, we are working from a pretty constrained capacity place. And that's no different than it was our expectation to be in that position last October when I talked to you all.

我們稍微談論了第三季的情況。因此，在本季公佈 31% 之後，我們又討論了 31% 至 32% 的成長率。我們對我們的人工智慧結果感到滿意，並且談論了我們獲得收入的能力。因此，在第三季度，我們的產能再次受到限制。這與去年 10 月我與大家交談時我們預期的狀況沒有什麼不同。

And when I talk about being at a capacity constraint, it takes two things. You have to have space, which I generally call long-lived assets, right, that's the infrastructure and the land and then you have to have kits. We're continuing, and you've seen that's why our spend has pivoted this way to be in the long-lived investment. We have been short, power, and space.

當我談到容量限制時，它涉及兩件事。你必須有空間，我通常稱之為長期資產，對，那就是基礎設施和土地，然後你必須有工具包。我們會繼續，而且您已經看到，這就是為什麼我們的支出會轉向長期投資。我們一直缺乏力量和空間。

And so as you see those investments land that we've made over the past three years, we get closer to that balance by the end of this year. And so the confidence on the AI side continues to be there in terms of being able to sell, utilize and be, I think, encouraged by the signals. What we're seeing is waiting to see just how the non-AI ACR works through the scale motions in H2, but in general, the only thing that changed is really that scale motion from my seat. Keith, I hope that's helpful. Satya?

所以正如你所看到的，我們在過去三年中所做的投資，到今年年底我們會更接近這個平衡。因此，我認為，在銷售、利用和受到訊號的鼓舞方面，人們對人工智慧的信心仍然存在。我們正在等待觀察非 AI ACR 如何透過 H2 中的縮放運動發揮作用，但總的來說，唯一改變的實際上是從我的座位看到的縮放運動。基思，我希望這有幫助。薩蒂亞？

Yeah. I think, Amy, just one thing I'd add, Keith, to your question is, as Amy said, the AI growth rate is actually better than what we expected, and we work through some of the supply stuff and more importantly, some of the workloads are scaling well. And when you look underneath any of these AI workloads, the other thing that is good is the ratio even what we would call just regular storage, data services, app services. So underneath ChatGPT or a Copilot or even the emerging AI workloads in the enterprise. So that's all good.

是的。我認為，艾米，基思，我只想補充一點，正如艾米所說，人工智慧的成長率實際上比我們預期的要好，而且我們解決了一些供應問題，更重要的是，一些的工作負載能夠很好地擴展。當你查看這些 AI 工作負載時，另一個好的事情是我們稱之為常規儲存、資料服務、應用服務的比例。因此在 ChatGPT 或 Copilot 甚至企業中新興的 AI 工作負載之下。一切都很好。

The enterprise workloads, whether it's SAP or whether it's VMware migrations, what have you, that's also in good shape. And it's just the scale place where Amy talked about this nuance, right? How do you really tweak the incentives, go-to-market at a time of platform shifts you want to make sure you lean into even the new design wins, and you just don't keep doing the stuff that you did in the previous generation. And that's the art form Amy was referencing to getting sure you get the right balance. But let me put it this way. You would rather win the new than just protect the past. And that's one other thing that we definitely will lean into always.

企業工作負載，無論是 SAP 或 VMware 遷移，都處於良好狀態。這只是艾米談論這個細微差別的規模所在，對嗎？你如何真正調整激勵措施，在平台轉變的時候進入市場，你要確保自己能抓住新的設計機會，而不是繼續做上一代所做的事情。這就是艾米提到的藝術形式，以確保正確的平衡。但請讓我這樣說。你寧願贏得新的事物，也不願只保護過去。這是我們絕對會一直堅持的另一件事。

Mark Moerdler, Bernstein Research.

伯恩斯坦研究公司 (Bernstein Research) 的馬克‧莫德勒 (Mark Moerdler)

Can you give more color on what drove the four larger than expected Microsoft AI revenue. We talked a bit about the Azure AI component of it. But can you give more color on that? And our estimates are that the Copilot was much bigger than we expected and growing much faster. Any more details on the breakdown of what that Microsoft AI would be great.

您能否詳細說明一下微軟 AI 收入超出預期的四個原因？我們談論了一些關於 Azure AI 元件的事情。但您能對此進行更詳細的說明嗎？我們估計，Copilot 比我們預期的要大得多，而且成長速度也更快。如果能提供更多有關微軟 AI 細分的細節就更好了。

Thanks, Mark, for the question. Yes, that was, as we talked about better than expected, A couple of pieces to that, which you've correctly identified. Number one is the Azure component we just talked about. And the second piece, you're right, Microsoft Copilot was better. And what was important about that it was -- we saw strength both in seats, both new seats and expansion seats, as Satya talked about, and usage, which doesn't directly impact revenue, but of course, indirectly does as people get more and more value on it. And also price per seat was actually quite good. We still have a good signal for value. So those are the biggest pieces, Mark, of that outperformance in terms of our expectations.

謝謝馬克提問。是的，正如我們所討論的，情況比預期的要好，其中有幾個部分，您已經正確識別了。第一是我們剛才談到的 Azure 元件。第二點，您說得對，Microsoft Copilot 更好。重要的是——正如 Satya 所說，我們看到了席位（包括新席位和擴展席位）和使用率的強勁增長，這不會直接影響收入，但當然會間接影響收入，因為人們獲得更多並賦予其更多價值。而且每個座位的價格其實相當不錯。我們仍然有良好的價值訊號。所以馬克，就我們的預期而言，這些就是業績超出預期的最大因素。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Satya, you mentioned DeepSeek a couple of times in your prepared remarks. I think everyone would love your thoughts on what you're seeing there. And are we seeing AI scale now at lower cost? Are we reaching a mark where you can see that? Or do we still have some time to go?

Satya，您在準備好的發言中多次提到了 DeepSeek。我想每個人都會喜歡你對所見所聞的看法。我們現在是否看到人工智慧規模的擴大和成本的降低？我們是否已經達到了您可以看到的水平？或者說我們還有時間嗎？

Yeah. Thanks, Brent. So in my remarks, I talked about how in some sense, what's happening with AI is no different than what was happening with the regular computer cycle. It's always about bending the curve and then putting more points up the curve. So there's Moore's Law that's working in hyperdrive. Then on top of that, there is the AI scaling laws, both the pre-training and the inference time compute that compound, and that's all software.

是的。謝謝，布倫特。因此，在我的演講中，我談到了從某種意義上說，人工智慧領域發生的事情與常規電腦週期領域發生的事情沒有什麼不同。它總是關於彎曲曲線，然後在曲線上放置更多的點。這就是摩爾定律在超速時的作用。在此基礎上，還有人工智慧的擴展定律，預訓練和推理時間都會計算該化合物，而這些都是軟體。

You should think of what I said in my remarks, which we have observed for a while, which is 10x on improvements per cycle just because of all the software optimizations on inference. And so that's what you see. And then to that, I think DeepSeek has had some real innovations. And that is some of the things that even OpenAI found in o1. And so we are going to -- obviously, now that all gets commoditized, and it's going to get broadly used.

你應該想想我在我的評論中所說的內容，我們已經觀察了一段時間，僅僅因為所有軟體都對推理進行了優化，每個週期的改進就達到了 10 倍。這就是你所看到的。就此而言，我認為 DeepSeek 確實有一些真正的創新。這也是 OpenAI 在 o1 中發現的一些東西。所以我們會——顯然，現在一切都已經商品化，並將得到廣泛的應用。

And the big beneficiaries of any software cycle like that is the customers, right? Because at the end of the day, if you think about it, right, what was the big lesson learned from client server to cloud, more people bought servers except it was called cloud. And so when token prices fall, infants computing prices fall, that means people can consume more, and there'll be more apps written.

任何軟體週期的最大受益者都是客戶，對嗎？因為到最後，如果你想一想，對吧，從客戶端伺服器到雲端的最大教訓是什麼，更多的人購買了伺服器，只是它被稱為雲端。因此，當當代幣價格下降時，嬰兒計算價格也會下降，這意味著人們可以消費更多，也會編寫更多的應用程式。

And it's interesting to see that when I referenced these models that are pretty powerful, it's unimaginable to think that here we are in beginning of '25 where on the PC, you can run a model that requires pretty massive cloud infrastructure. So that type of optimizations means AI will be much more ubiquitous. And so therefore, for a hyperscaler like us, a PC platform provider like us, this is all good news as far as I'm concerned.

有趣的是，當我提到這些非常強大的模型時，很難想像我們在 25 年代初，在 PC 上就可以運行需要非常龐大的雲端基礎設施的模型。所以這種類型的優化意味著人工智慧將變得更加普遍。因此，對於我們這樣的超大規模企業、像我們這樣的 PC 平台供應商來說，就我而言，這都是好消息。

Karl Keirstead, UBS.

瑞銀的卡爾·科爾斯特德（Karl Keirstead）

Maybe this one as well for Satya, and it's also away from the numbers. But Satya, I wanted to ask you about the Stargate news and the announced changes in the OpenAI relationship last week. It seems that most of your investors have interpreted this as Microsoft, for sure, remaining very committed to OpenAI's success. But electing to take more of a backseat in terms of funding OpenAI's future training CapEx needs. I was hoping you might frame your strategic decision here around Stargate, and Amy, whether there's any takeaway for investors from that decision in terms of how you're thinking about CapEx needs over the next several years.

或許這對 Satya 來說也是如此，而且它也遠離了數字。但是 Satya，我想問您有關星際之門的新聞以及上周宣布的 OpenAI 關係變化的問題。似乎大多數投資者都將此解讀為微軟肯定仍然致力於 OpenAI 的成功。但在為 OpenAI 未來的培訓資本支出需求提供資金方面，該公司選擇退居次要地位。我希望您能圍繞《星際之門》來製定您的策略決策，艾米，就您如何看待未來幾年的資本支出需求而言，這個決策是否能為投資者帶來一些啟示？

Yeah. thanks for the question. So we remain very happy with the partnership with OpenAI. And as you saw, they have committed in a big way to Azure and even in the bookings what we recognize is just the first tranche of it. And so you'll see, given the role we have more benefits of that even into the future. And obviously, their success is our success because we win all the other commercial arrangements that we detailed out in the blog that we put out even commensurate with that announcement.

是的。謝謝你的提問。因此我們對與 OpenAI 的合作感到非常高興。正如您所看到的，他們已經對 Azure 做出了巨大承諾，甚至在預訂中我們也意識到這只是第一批。所以你會看到，鑑於我們的角色，即使在未來我們也會獲得更多的好處。顯然，他們的成功就是我們的成功，因為我們贏得了我們在部落格中詳述的與該公告相稱的所有其他商業安排。

But to your overall point, the thing that I would say is we are building a pretty fungible fleet, right? We're making sure that there's the right balance between training and inference, it's geo distributed. We are working super hard on all the software oppositions, right? I mean just not the software optimizations that come because of what DeepSeek has done, but all the work we have done to, for example, reduce the prices of GPT models, over the years in partnership with OpenAI. In fact, we did a lot of the work on the inference optimizations on it, and that's been key to driving, right?

但就你的整體觀點而言，我想說的是，我們正在建造一支相當可替代的艦隊，對嗎？我們要確保訓練和推理之間有適當的平衡，它是地理分佈的。我們正在非常努力地解決所有軟體反對問題，對嗎？我指的不僅是 DeepSeek 所做的軟體最佳化，還包括我們多年來與 OpenAI 合作所做的所有工作，例如降低 GPT 模型的價格。事實上，我們在推理優化方面做了很多工作，這對駕駛來說至關重要，對吧？

One of the key things to note in AI is you just don't launch the frontier model but if you do expensive to serve, it's no good, right? It does -- it won't generate any demand. So you've got to have that optimization that inferencing costs are coming down and they can be consumed broadly. And so that's the fleet physics we are managing.

在人工智慧中要注意的關鍵事項之一是，不要只是推出前沿模型，但如果服務成本高昂，那就不好了，對嗎？確實如此——它不會產生任何需求。所以你必須進行最佳化，以降低推理成本，並使其能夠被廣泛使用。這就是我們管理的艦隊物理學。

And also, remember, you don't want to buy too much of anything at one time because the Moore's Law every year is going to give you 2x, your optimization is going to give you 10x. You want to continuously upgrade the fleet, modernize the fleet age, fleet, and at the end of the day, have the right ratio of monetization and demand-driven monetization to what you think of as the training expense. So I feel very good about the investment we are making and it's fungible and it just allows us to scale more long-term business.

另外，請記住，你不想一次買太多東西，因為摩爾定律每年都會給你 2 倍，你的優化會給你 10 倍。您希望不斷升級車隊，使車隊年齡、車隊現代化，並最終將貨幣化和需求驅動的貨幣化與您認為的培訓費用有正確的比例。因此，我對我們所做的投資感到非常滿意，它是可替代的，並且它使我們能夠擴大更多的長期業務。

And maybe, Karl, just to reiterate a little of the comments that I made on CapEx because I think it's helpful surround a bit more in what Satya is saying, a fungible fleet means. We have -- and I think we talked about it, close to $300 billion of RPO, that is committed customer contracts that need to be delivered on. And the faster we can do that and the more efficiently we can do that, the better off we are not just the OpenAI partnership, which is a piece of that but with the entire platform that we need to deliver for our customers.

卡爾，也許只是想重申我對資本支出的一些評論，因為我認為這對薩蒂亞所說的可替代艦隊的含義有幫助。我們有—我想我們也討論過這個，接近 3000 億美元的 RPO，這是需要履行的承諾客戶合約。我們越快做到這一點，越能有效率地做到這一點，我們就能獲得更好的結果，這不僅是對OpenAI 合作夥伴關係的一部分，也是對我們需要為客戶提供的整個平台的回報。

And I think the other thing that's sometimes missing is when we say fungible, we mean not just the primary use, which we've always talked about, which is inference, but there is some training, post training, which is a key component. And then they're just running the commercial hub, which at every layer under at every modern AI app that's going to be built, it will be required. It will be required to be distributed, and it will be required to be global. And all of those things are really important because it then means you're the most efficient.

我認為有時會忽略的另一件事是，當我們說可替代時，我們的意思不僅僅是主要用途，也就是我們一直在談論的推理，而且還有一些訓練和後期訓練，這是關鍵組成部分。然後他們只是運行商業中心，每個即將建造的現代 AI 應用程式的每一層都需要它。它需要分佈式，並且需要全球化。所有這些都非常重要，因為這意味著你是最有效率的。

And so the investment you see is making CapEx. You're right, the front end has been this infrastructure build that lets us really catch up not just on the AI infrastructure we needed, think about that as the building itself, data centers, but also some of the catch-up we need to do on the Commercial Cloud side. And then you'll see the pivot to more CPU and GPU. And that pivot will more directly correlate to revenue, and it will be contracted either with the partnership that you asked about with OpenAI or with others.

所以您看到的投資就是資本支出。你說得對，前端是基礎設施建設，它讓我們真正趕上來的不僅僅是我們所需要的人工智慧基礎設施，想想建築本身、資料中心，還有我們需要趕上的一些在商業雲端做。然後你會看到轉向更多的 CPU 和 GPU。而且這種轉變將與收入更直接相關，並將與您詢問的 OpenAI 或其他公司的合作夥伴關係簽訂合約。

And so I do think the way I want everyone to internalize it is that the CapEx growth is going through that cycle pivot, which is far more correlated to customer contract delivery, no matter who the end customer is.

因此，我確實認為，我希望每個人都內化它的方式是，資本支出成長正在經歷這個週期性轉折，這與客戶合約交付的相關性更高，無論最終客戶是誰。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

And I'll echo my congrats and gratitude to Brett as well. Satya, as we think about Microsoft's very rich Copilot portfolio, now having been in market for over a year, with the products and precision only getting better and the cost of inference coming down, how do you think about the journey from here and perhaps the ability to package and evolve the go-to-market to address the broadest range of customers and customer requirements out there.

我也要向布雷特表示祝賀和感謝。Satya，微軟 Copilot 產品線非常豐富，目前已經上市一年多了，產品和精度越來越好，推理成本也越來越低，您如何看待接下來的發展，以及能夠打包並改進上市方案，以滿足最廣泛的客戶和客戶要求。

Thanks, Brad, for the question. In fact, you saw us make two announcements recently. One is on the M365 Copilot side, we now have the Copilot Chat. So this is now going to be broadly deployed across the entire installed base effectively because you can go have this now done by IT and everybody can start using web-grounded and chat with all the enterprise controls right away and has Copilot Studio built in. And so that means they can start building agents. So we think of that plus the full Copilot as a good combination that I think will accelerate quite frankly, in terms of just seat usage and agent building and what have you. So that's one.

謝謝布拉德提出這個問題。事實上，您看到我們最近發布了兩項公告。一個是在 M365 Copilot 端，我們現在有了 Copilot Chat。因此，現在這將被廣泛部署到整個安裝基礎上，因為您現在就可以讓IT 部門完成這項工作，並且每個人都可以開始使用基於Web 的技術並立即與所有企業控制進行聊天，並且內建了Copilot Studio。這意味著他們可以開始建立代理。因此，我們認為它加上完整的 Copilot 是一個很好的組合，我認為坦率地說，這將加速座位使用和代理建設等方面的發展。這就是其中之一。

And the other thing is you also see even on the consumer side, we just yesterday launched o1, the Think Harder feature on Copilot now that's powered by o1, it's available globally. So you can see the benefits of inference optimization and the cost coming down means you can drive more ubiquity of what were features that ones were premium tier, and that's all definitely something that we will do across. But the same thing is happening in GitHub Copilot, same thing in Security Copilot. Or across the length and breadth of our portfolio, you'll see that.

另一件事是，您也會看到，即使在消費者方面，我們昨天剛剛推出了 o1，Copilot 上的 Think Harder 功能現在由 o1 提供支持，並可在全球範圍內使用。因此，您可以看到推理優化的好處，而成本的降低意味著您可以推動高級功能的普及，而這肯定是我們會做的事情。但是同樣的事情也發生在 GitHub Copilot 上，在 Security Copilot 上也發生了同樣的事情。或者縱觀我們的整個投資組合，你都會看到這一點。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

That's great. Satya, if you look at several years, any sense of what percent of inference done on Azure will be done on proprietary models versus open models. And with that said, does it matter to Microsoft at the end of the day?

那太棒了。Satya，如果你回顧幾年，你就會知道 Azure 上進行的推理中，有多少百分比是在專有模型上完成的，有多少百分比是在開放模型上完成的。話雖如此，但最終這對微軟來說很重要嗎？

Yeah, it's a good question because at some level, what you're seeing is effectively lots of models that get used in any application, right? When you look underneath even a Copilot or a GitHub Copilot or what have you, you already see lots of many different models that you -- you build models, you fine-tune models, you distill models. Some of them are models that you distill into an open source model. So there's going to be a combination. So we've always maintained that it's always good to have frontier models. You want to always build your application with high ambition using the best model that is available and then optimize from thereon.

是的，這是個好問題，因為在某種程度上，您所看到的實際上有很多可用於任何應用程式的模型，對嗎？當你查看 Copilot 或 GitHub Copilot 或其他東西時，你已經看到許多不同的模型，你可以建立模型、微調模型、提煉模型。其中一些是您提煉成開源模型的模型。因此會有一個組合。因此我們始終認為擁有前沿模型總是好的。您希望始終使用現有的最佳模型，滿懷雄心地建立您的應用程序，然後在此基礎上進行最佳化。

So that's So that's also another side, like there's a temporality to it, right? What you start with is at a given COGS profile doesn't need to be the end because you continuously optimize for latency and COGS and putting in different mode. And in fact, all that complexity, by the way, has to be managed by a new app [store]. So one of the things that we are investing heavily on is foundry because from an app developer perspective, you want to keep pace with the flurry of models that are coming in and you want to have an evergreen way for your application to benefit from all that innovation.

所以這也是另一方面，就像它有時間性一樣，對吧？您從給定的 COGS 設定檔開始，並不需要作為結束，因為您會不斷優化延遲和 COGS 並採用不同的模式。事實上，所有這些複雜性都必須由一個新的應用程式來管理[店家]。因此，我們大力投資的一件事就是代工，因為從應用程式開發人員的角度來看，你希望跟上不斷湧現的各種模型的步伐，並希望有一種常青的方式讓你的應用程式從所有這些模型中受益創新。

But not have all the dev cost or the devops cost or what people talk about AI Ops costs. So we are also investing significantly in all the app server for any workload to be able to benefit from all these different models, open source, close source, different weight classes and at the same time from an operations perspective, it's faster, easier for you.

但並非擁有所有的開發成本或 DevOps 成本或人們所談論的 AI Ops 成本。因此，我們也在所有應用程式伺服器上進行了大量投資，以便能夠從所有這些不同的模型、開源、閉源、不同的權重等級中受益，同時從營運的角度來看，它更快、更容易。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Great to hear about the strength you're seeing in copilot. Would love to get some color as to where you're seeing that strength? Is it departmental deals, customers moving from proof of concept departmental deals, maybe multiple departmental deals in the enterprise. You mentioned some uptick in usage trends. Would love to get some color on just the common use cases that you're seeing that give you that confidence that, that will ramp into monetization later.

很高興聽到你在副駕駛中看到了實力。您想了解一下您如何看待這種優勢嗎？它是部門交易嗎？您提到了使用趨勢的一些上升。我很想了解您所看到的常見用例，這些用例會為您帶來信心，這些用例以後將會實現貨幣化。

Yeah. I mean, I think the initial sort of set of seats were for places where there's more belief in immediate productivity, a sales team, in finance or in supply chain, where there is a lot of like, for example, SharePoint rounded data that you want to be able to use in conjunction with web data and have it produce results that are beneficial. But then what's happening, very much like what we have seen in the previous generation product, two things is that people collaborate across functions, across roads, right?

是的。我的意思是，我認為最初的席位是針對那些更相信即時生產力的地方，例如銷售團隊、財務或供應鏈，那裡有很多類似 SharePoint 的匯總數據，你可以希望能夠與網絡數據結合使用並產生有益的結果。但接下來發生的事情與我們在上一代產品中看到的非常相似，兩件事是人們跨職能、跨道路進行協作，對嗎？

For example, even in my own daily habit is, I go to chat, I use work tab and get results, and I immediately share using pages with colleagues. I sort of call it think with AI and work with people. And that pattern then requires you to make it more of a standard issue across the enterprise. And so that's what we are seeing. It starts maybe at a department level quickly, the collaboration network effects will effectively demand that you spread it across. You can do it by cohort and what have you. And so what we've made it easier even is to start with Copilot Chat plus this, and so that gives the enterprise customers even more flexibility to have something that's more ubiquitous.

例如，即使在我自己的日常習慣中，我去聊天，我使用工作標籤並獲得結果，我立即使用頁面與同事分享。我稱之為用人工智慧思考並與人合作。然後，這種模式要求你使其成為整個企業的標準問題。這就是我們所看到的。它可能很快就會從部門層級開始，協作網路效應將有效地要求你將其傳播開來。您可以透過群組和其他方式來完成此操作。因此，我們讓一切變得更容易，即從 Copilot Chat 開始，讓企業客戶可以更靈活地使用更普及的東西。

Thanks, Brad. Operator, we have time one last question.

謝謝，布拉德。接線員，我們還有時間問最後一個問題。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

I wanted to go back to commercial bookings. Commercial RPO, I think, increased 39 billion sequentially. That's the most we've ever seen on a sequential basis, commercial bookings growth, 75% constant currency. That's 2x higher than we've seen in the last decade. I appreciate there's some volatility with this metric, but it does feel like this quarter change relative to momentum on backlog and bookings. Can you just talk about the breadth of where that strength came from? Was it broad-based? Was there a couple of large deals? Any color there would be helpful.

我想回到商業預訂。我認為，商業RPO環比增加了390億美元。這是我們所見過的連續最高商業預訂量成長，以固定匯率計算為 75%。比過去十年高出兩倍。我知道這個指標存在一些波動，但感覺這個季度相對於積壓訂單和預訂量而言發生了變化。您能談談這種力量來自何處嗎？它的影響範圍廣泛嗎？有沒有幾筆大交易？任何顏色都有幫助。

Thanks, Brent. It's a great question. We talked a little bit about what are the main drivers, which was one of the Azure commitments that OpenAI has made. And I do want to say, well, that is obviously a big component, you'll continue to see OpenAI make commitment. So I don't -- I want to separate the concept that it's one time versus an ongoing relationship that will grow as they grow, which should absolutely will.

謝謝，布倫特。這是一個很好的問題。我們稍微談論了一下主要驅動因素，這是 OpenAI 對 Azure 的承諾之一。我確實想說，這顯然是一個重要組成部分，你會繼續看到 OpenAI 做出承諾。所以我不想——我想把一次性的關係與隨著他們的成長而持續發展的關係區分開來，而這絕對是應該的。

And to your question on what else is participating in that number. First, we did have very good core motions. Our core motions are things like, to your point, renewals of our existing contracts, add-on to those contracts upsell like, for example, Copilot or GitHub Copilot or other processes or I think that's important. We also had a good E5 quarter, which when we talk a lot about M365 Copilot, I sometimes forget but also talk about suite momentum. And we saw that as well this quarter, which we felt very good about. And then the final component is large Azure commitments. And those really did look as we affected, which is good.

至於您問的還有什麼參與這個數字。首先，我們確實有非常好的核心動議。我們的核心動議包括諸如您所說的續簽現有合約、在這些合約上附加銷售，例如 Copilot 或 GitHub Copilot 或其他流程，我認為這很重要。我們的 E5 季度也表現良好，當我們談論 M365 Copilot 時，我有時會忘記，但也會談論套件動能。本季我們也看到了這一點，我們對此感到非常高興。最後一個組成部分是大型 Azure 承諾。而且它們確實看起來和我們所影響的一樣，這很好。

To your point, and that you're seeing a really broad-based growth. Those Azure commitments take two forms. One, it's existing customers who've worked through their commitments and are making larger commitments, which is a good commitment signed for the platform. And then you have new customers making commitments, and we also saw that this quarter. And so to your point, sometimes I think a big number that looks like this can make you think it's just one thing. I think you're right. Some of it was one thing, but a lot of it was good execution consistently across the workloads.

正如您所說，您確實看到了真正廣泛的增長。Azure 的承諾有兩種形式。一是現有客戶已經履行了承諾，並做出了更大的承諾，這對平台來說是一個很好的承諾。然後您有新客戶做出承諾，我們在本季度也看到了這一點。所以對於你的觀點，有時我認為像這樣的一個大數字會讓你以為這只是一件事。我認為你是對的。有些是一回事，但很多都是在工作量範圍內一致地執行得很好。

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

謝謝，布拉德。這就是今天財報電話會議的問答部分。感謝您今天的加入，我們期待很快與大家交談。

Thank you all.

謝謝大家。

Thank you.

謝謝。

This concludes today's conference. You may disconnect your lines at this time, and enjoy the rest of your day.

今天的會議到此結束。現在您可以斷開線路並享受剩餘的一天。