微軟 (MSFT) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Microsoft fiscal year 2025 third quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Jonathan Neilson, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加微軟 2025 財年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁喬納森·尼爾森 (Jonathan Neilson)。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首席執行官薩蒂亞·納德拉 (Satya Nadella)；艾米·胡德 (Amy Hood)，首席財務官； Alice Jolla，首席會計官；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 a reconciliation of differences between GAAP and non-GAAP financial measures.

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對帳。

More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call. 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.

當我們在今天的電話會議上提供展望評論時，微軟投資者關係網站上將提供更詳細的展望幻燈片。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依照 GAAP 編製的財務績效指標。

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. All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted.

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三季度的業績以及這些項目和事件對財務結果的影響。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有關。

We will also provide growth rates in constant currency when available as a framework for assessing how our underlying business 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.

我們也將提供以固定貨幣計算的成長率（如有），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。如果以不變貨幣計算的成長率相同，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.

我們將在電話會議結束後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為止。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。

You can replay the call and view the transcript on the Microsoft Investor Relations website. During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events.

您可以在微軟投資者關係網站上重播該通話並查看記錄。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。

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, Form 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.

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向美國證券交易委員會提交的 10-K 表、10-Q 表和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義務。

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, Jonathan. It was a record quarter, driven by continued strength of Microsoft Cloud, which surpassed $42 billion in revenue, up 22% in constant currency. Cloud and AI are the essential inputs for every business to expand output, reduce costs and accelerate growth. Now I'll highlight examples starting with infrastructure. We continue to expand our data center capacity.

謝謝你，喬納森。這是一個創紀錄的季度，得益於微軟雲端運算業務的持續強勁成長，其營收超過 420 億美元，以固定匯率計算成長 22%。雲端和人工智慧是每個企業擴大產出、降低成本和加速成長的必要投入。現在我將重點介紹從基礎設施開始的範例。我們繼續擴大資料中心容量。

This quarter alone, we opened DCs in 10 countries across 4 continents. Model capabilities are doubling in performance every 6 months, thanks to multiple compounding scaling laws. We continue to optimize and drive efficiencies across every layer, from DC design to hardware and silicon to system software to model optimization, all towards lowering costs and increasing performance.

僅本季度，我們就在四大洲的 10 個國家開設了 DC。由於多種複合縮放定律，模型能力每 6 個月效能增加一倍。我們持續優化並提高各個層面的效率，從 DC 設計到硬體和矽片到系統軟體到模型最佳化，所有這些都是為了降低成本並提高效能。

You see this in our supply chain where we have reduced dock to lead times for new GPUs by nearly 20% across our blended fleet where we have increased AI performance by nearly 30% [ISO] power and our cost per token, which is more than half. When it comes to cloud migrations, we saw accelerating demand with customers in every industry, from Abercrombie in French, to Coca-Cola and ServiceNow expanding their footprints on Azure.

您可以在我們的供應鏈中看到這一點，在我們的混合車隊中，我們將新 GPU 的碼頭交付週期縮短了近 20%，同時我們的 AI 性能提高了近 30% [ISO] 功率，每個代幣的成本提高了一半以上。在雲端遷移方面，我們看到各行各業的客戶需求都在不斷增長，從法國的 Abercrombie 到可口可樂和 ServiceNow 都在 Azure 上擴大其影響力。

And we remain in the cloud of choice for customers' mission-critical VMware SAP and Oracle workloads with more regional availability than any other hyperscaler. We're also excited about the next frontier in cloud systems with Quantum, in addition to putting our quantum stack on machines from our partners we're also making real progress on a path to a utility scale quantum computer with the introduction of Majorana 1.

我們仍然是客戶任務關鍵型 VMware SAP 和 Oracle 工作負載的首選雲，並且比任何其他超大規模供應商具有更多的區域可用性。我們也對 Quantum 在雲端系統領域的下一個前沿領域感到興奮，除了將我們的量子堆疊放在合作夥伴的機器上之外，隨著 Majorana 1 的推出，我們還在通往實用規模量子電腦的道路上取得了真正的進展。

When it comes to data and analytics, we have deeply integrated our AI platform with our data stack. PostgreSQL usage accelerated for the third consecutive quarter, and it is now used by nearly 60% of the Fortune 500, including companies like BMW and BNY Mellon. Cosmos DB revenue growth also accelerated again this quarter and remains the go-to database for globally distributed NoSQL workloads at any scale.

在數據和分析方面，我們已將我們的 AI 平台與我們的數據堆疊深度整合。PostgreSQL 的使用量連續第三個季度加速成長，目前已有近 60% 的財富 500 強企業使用它，其中包括寶馬和紐約梅隆銀行等公司。Cosmos DB 營收成長本季也再次加速，並且仍然是任何規模的全球分散式 NoSQL 工作負載的首選資料庫。

It is used by customers in every industry like CarMax, DocuSign, NTT Data and OpenAI. This quarter, we also saw analytics consumption accelerate. Microsoft Fabric has more than 21,000 paid customers, up 80% year-over-year. Fabric brings together data workloads like data warehousing, data science, real-time intelligence, along with Power BI into one end-to-end solution.

它被各行各業的客戶所使用，例如 CarMax、DocuSign、NTT Data 和 OpenAI。本季，我們也看到分析消費加速。Microsoft Fabric 擁有超過 21,000 名付費客戶，較去年同期成長 80%。Fabric 將資料倉儲、資料科學、即時智慧以及 Power BI 等資料工作負載整合到一個端到端解決方案中。

Real-time intelligence is now the fastest-growing workload in Fabric with 40% of customers already using it in just five months since becoming generally available, all up more than 50% of Fabric customers like Amorepacific, Louisiana state government and Petrobras use three or more workloads.

即時情報現在是 Fabric 中成長最快的工作負載，自推出以來的短短五個月內，已有 40% 的客戶使用它，而愛茉莉太平洋、路易斯安那州政府和巴西石油等超過 50% 的 Fabric 客戶使用三種或更多工作負載。

And the amount of data in our multi-cloud data lake, OneLake, has grown more than 6 times over the past year. Now on to AI platform and tools. Foundry is the agent in AI app factory. It's now used by developers at over 70,000 enterprises and digital natives from Atomicwork to Epic, Fujitsu and Gainsight to H&R Block and LG Electronics to design, customize and manage their AI apps and agents.

過去一年來，我們的多雲資料湖 OneLake 中的資料量增加了 6 倍以上。現在介紹 AI 平台和工具。Foundry是AI應用工廠的代理。目前，超過 70,000 家企業的開發人員和數位原生代（從 Atomicwork 到 Epic、富士通和 Gainsight 到 H&R Block 和 LG 電子）都在使用它來設計、客製化和管理他們的 AI 應用程式和代理程式。

We processed over 100 trillion tokens this quarter, up 5 times year-over-year, including a record 50 trillion tokens last month alone. And four months in over 10,000 organizations have used our new agent service to build, deploy and scale their agents. This quarter, we also made a new suite of fine-tuning tools available to customers with industry-leading reliability, and we brought the latest models from OpenAI along with new models from Cohere, DeepSeek, Meta, Mistral, Stability to Foundry.

本季我們處理了超過 100 兆個代幣，年增 5 倍，其中上個月就創下了 50 兆個代幣的紀錄。四個月內，已有超過 10,000 個組織使用我們的新代理服務來建置、部署和擴展他們的代理程式。本季度，我們也為客戶提供了一套具有業界領先可靠性的全新微調工具，並將 OpenAI 的最新模型以及 Cohere、DeepSeek、Meta、Mistral、Stability 的新模型引入 Foundry。

And we've expanded our five family of SLMs with new multimodal and mini models. All up, Phi has been downloaded 38 million times. And our research teams are taking it one step further with BitNet b1.58, 1 billion parameter, a large language model that can run on just CPUs coming to the Foundry.

我們還透過新的多模式和迷你模型擴展了我們的五個 SLM 系列。總計起來，Phi 的下載量已達 3,800 萬次。我們的研究團隊正在更進一步，推出 BitNet b1.58，擁有 10 億個參數，這是一個大型語言模型，只需 CPU 即可運行在 Foundry 上。

Now on to developer tools. We're evolving GitHub Copilot from paired to peer programmer with agent mode in VS Code, copilot can now iterate on code, recognize errors and fix them automatically. This adds to other co-pilot agents like Autofix, which helps developers remediate vulnerabilities as well as code review agent, which has already reviewed over 8 million pull requests. And we are previewing a first-of-its-kind SWE agent capable of asynchronously executing developer tasks. All up, we now have over 15 million GitHub Copilot users up over 4 times year-over-year.

現在開始討論開發者工具。我們正在將 GitHub Copilot 從配對程式設計師發展為具有 VS Code 代理模式的同行程式設計師，copilot 現在可以迭代程式碼、識別錯誤並自動修復它們。這增加了其他副駕駛代理，如 Autofix，它可以幫助開發人員修復漏洞，以及程式碼審查代理，它已經審查了超過 800 萬個拉取請求。我們正在預覽首個能夠非同步執行開發人員任務的 SWE 代理程式。總而言之，我們現在擁有超過 1500 萬 GitHub Copilot 用戶，比去年同期成長 4 倍以上。

And both digital natives like Twilio and enterprises like Cisco, HPE, Skyscanner and Target continue to choose GitHub Copilot to their developers with AI throughout the entire dev life cycle. With Visual Studio and VS Code, we have the world's most popular editor with over 50 million monthly active users.

無論是 Twilio 這樣的數位原生企業，還是像思科、HPE、Skyscanner 和 Target 這樣的企業，都繼續選擇 GitHub Copilot 為其開發人員提供貫穿整個開發生命週期的 AI 支援。透過 Visual Studio 和 VS Code，我們擁有了世界上最受歡迎的編輯器，每月活躍用戶超過 5,000 萬。

And with Power Platform, we have the leading low-code platform for AI makers, too. We now have 56 million monthly active Power Platform users up 27% year-over-year, who increasingly use our AI features to build apps and automate processes. Now on to future of work.

借助 Power Platform，我們也為 AI 製造商提供了領先的低程式碼平台。現在，我們每月有 5,600 萬活躍的 Power Platform 用戶，年增 27%，他們越來越多地使用我們的 AI 功能來建立應用程式和自動化流程。現在來談談工作的未來。

Microsoft 365 Copilot is built to facilitate human agent collaboration, hundreds of thousands of customers across geographies and industries now use Copilot, up 3 times year-over-year. Our overall deal size continues to grow. In this quarter, we saw a record number of customers returning to buy more seats. And we're going further. Just last week, we announced a major update, bringing together agents, notebooks, search and create into a new scaffolding for work.

Microsoft 365 Copilot 旨在促進人工代理協作，目前來自不同地區和產業的數十萬客戶正在使用 Copilot，較去年同期成長 3 倍。我們的整體交易規模持續成長。本季度，我們看到回頭購買更多座位的顧客數量創下了紀錄。我們還會更進一步。就在上週，我們宣布了一項重大更新，將代理商、筆記本、搜尋和創建整合到一個新的工作框架中。

Our new researcher and analyst deep reasoning agents analyze vast amounts of web and enterprise data to deliver highly skilled expertise on demand directly within Copilot. Beyond horizontal knowledge work, we are introducing agents for every role and business process.

我們的新研究員和分析師深度推理代理商分析大量的網路和企業數據，以直接在 Copilot 中按需提供高技能的專業知識。除了橫向知識工作之外，我們還為每個角色和業務流程引入代理商。

Our sales agent turns contacts into qualified leads and with sales chat reps can quickly get up to speed on new accounts. and our customer service agent is deflecting customer inquiries and helping service reps resolve issues faster. With Copilot Studio, customers can extend Copilot and build their own agents with no code, low code.

我們的銷售代理將聯絡人轉變為合格的銷售線索，並透過銷售聊天代表快速了解新帳戶。我們的客戶服務代理正在轉達客戶的詢問並幫助服務代表更快地解決問題。借助 Copilot Studio，客戶可以擴展 Copilot 並以無程式碼、低程式碼的方式建立自己的代理程式。

More than 230,000 organizations, including 90% of the Fortune 500 have already used Copilot Studio. With deep reasoning and agent flows in Copilot Studio, customers can build agents that perform more complex staff and also handle deterministic scenarios like document processing and financial approvals.

超過 23 萬個組織（包括 90% 的財富 500 強企業）已經使用 Copilot Studio。借助 Copilot Studio 中的深度推理和代理流，客戶可以建立執行更複雜員工的代理，並處理文件處理和財務審批等確定性情境。

And they can now build computer use agents that take action on the UI across desktop and web apps. And with just a click, they can turn any SharePoint site into an agent, too. This quarter alone, customers created over 1 million custom agents across SharePoint and Copilot Studio, up 130% quarter-over-quarter.

他們現在可以建立電腦使用代理，在桌面和 Web 應用程式的 UI 上採取行動。只需單擊一下，他們就可以將任何 SharePoint 網站轉變為代理程式。光是本季度，客戶就在 SharePoint 和 Copilot Studio 上創建了超過 100 萬個自訂代理，季增 130%。

When it comes to business applications, Dynamics 365 again took share as companies like Avaya, Brunswick, Softcat, switch to dynamics from legacy providers. Verizon, for example, chose Dynamics 365 Sales to improve the efficiency of its sellers.

在商業應用方面，隨著 Avaya、Brunswick、Softcat 等公司從傳統供應商轉向 Dynamics，Dynamics 365 再次佔據了市場份額。例如，Verizon 選擇 Dynamics 365 Sales 來提高其銷售人員的效率。

In Healthcare, Dragon Copilot is off to a fast start. Last quarter alone, we helped document nearly 9.5 million physician patient encounters at providers like City of Hope, Ottawa Hospital, Tufts Medicine and Wellstar up over 50% quarter-over-quarter. In manufacturing, we introduced factory operations and safety agents at Hannover Messe and leading partners like Autodesk, PTC and Siemens have all built their own industrial AI solutions on our stack.

在醫療保健領域，Dragon Copilot 起步很快。光是上個季度，我們就幫助記錄了希望之城、渥太華醫院、塔夫茨醫學院和 Wellstar 等醫療機構近 950 萬次醫病接觸，環比增長超過 50%。在製造業，我們在漢諾威工業博覽會上推出了工廠營運和安全代理，Autodesk、PTC 和西門子等領先合作夥伴都在我們的堆疊上建立了自己的工業 AI 解決方案。

And in retail, we have introduced agents to help customers like Bath & Body Works, build more personalized shopping experience and improve store operations. When it comes to Windows Copilot plus PCs are faster and have better battery life than any other device in their category.

在零售方面，我們引入了代理商來幫助 Bath & Body Works 等客戶打造更個人化的購物體驗並改善門市營運。就 Windows Copilot plus 而言，PC 的速度比其他同類型的裝置都更快，電池壽命也更長。

We also continue to win new customers with best-in-class AI capabilities. We offer a growing number of AI apps from partners like Adobe, Canva and Zoom. Just last week, we rolled out exclusive AI experiences like Recall, Click to Do and Windows Search to all Copilot plus PCs.

我們也持續憑藉一流的人工智慧能力贏得新客戶。我們提供來自 Adob​​e、Canva 和 Zoom 等合作夥伴的越來越多的 AI 應用程式。就在上週，我們向所有 Copilot plus 電腦推出了 Recall、Click to Do 和 Windows Search 等獨家 AI 體驗。

And we continue to see increased commercial traction as we approach end of support for Windows 10, Windows 11 commercial deployments increased nearly 75% year-over-year. Now on to security. Security is our top priority, and we have made significant progress against the engineering objectives we outlined 1.5 years ago as part of our Secure Future Initiative.

隨著 Windows 10 支援即將結束，我們繼續看到商業吸引力的增加，Windows 11 商業部署較去年同期成長近 75%。現在討論安全性。安全是我們的首要任務，我們在實現一年半前作為安全未來計劃的一部分所概述的工程目標方面已經取得了重大進展。

We are now applying these learnings to deliver new innovation across our platform. Last month, along with our partners, we introduced Security Copilot agents to help defenders autonomously handle high-volume security and IT tasks informed by 84 trillion daily threat signals.

我們現在正在運用這些經驗來在我們的平台上實現新的創新。上個月，我們與合作夥伴一起推出了 Security Copilot 代理，幫助防禦者自主處理由每天 84 兆個威脅訊號通知的大量安全和 IT 任務。

We also added new capabilities to Defender Entra and Purview to help organizations secure and govern their AI deployments. All up, we now have 1.4 million security customers, over $900,000, including EY Global, Manpower Group, TriNet, Regions Bank have four or more workloads, up 21% year-over-year.

我們還為 Defender Entra 和 Purview 添加了新功能，以幫助組織保護和管理其 AI 部署。總的來說，我們現在有 140 萬安全客戶，超過 90 萬美元，包括 EY Global、Manpower Group、TriNet、Regions Bank 等，工作量有四個或更多，比去年同期成長 21%。

And in identity, Entra now has more than 900 million monthly active users. Now on to our consumer businesses, starting with LinkedIn. Over 1 billion professionals use LinkedIn to connect, learn, hire and sell, and our membership continues to grow at double digits year-over-year.

在身分識別方面，Entra 目前每月擁有超過 9 億活躍用戶。現在開始介紹我們的消費者業務，首先是 LinkedIn。超過 10 億專業人士使用 LinkedIn 進行聯繫、學習、招募和銷售，我們的會員數量繼續以兩位數的速度逐年增長。

Time spent watching videos on the platform was up 36% and comments were up 32% year-over-year. We're also seeing more members use AI to gain new skills and find jobs. The number of learners who have used AI-powered coaching increased over 2 times quarter-over-quarter, and we remain the market leader in hiring as customers like Equinix and Verizon use LinkedIn Hiring Assistant to find qualified candidates faster.

該平台觀看影片的時間年增了 36%，評論數量較去年同期增加了 32%。我們也看到越來越多的會員使用人工智慧來獲取新技能並尋找工作。使用人工智慧輔導的學習者數量環比增長了 2 倍多，我們仍然是招聘市場的領導者，因為 Equinix 和 Verizon 等客戶使用 LinkedIn Hiring Assistant 更快地找到合格的候選人。

When it comes to LinkedIn Premium, we saw 75% quarter-over-quarter subscriber growth to our premium pages offering for SMBs. And LinkedIn Marketing Solution continues to be the best way to reach B2B decision-makers with two consecutive quarters of accelerated revenue growth.

就 LinkedIn Premium 而言，我們為中小企業提供的高級頁面訂閱用戶數量環比增長了 75%。LinkedIn 行銷解決方案持續成為接觸 B2B 決策者的最佳方式，連續兩季實現營收加速成長。

More broadly, when it comes to advertising, we are transforming our people's search, browse, discover content and use AI as a personal assistant. With Copilot Search in Bing, we are reimagining search results with overview pages curated by AI and embedded conversational capabilities with Copilot Vision and Edge, Copilot sees what you see and gives you real-time responses while you browse.

更廣泛地說，在廣告方面，我們正在改變人們的搜尋、瀏覽、發現內容和使用人工智慧作為個人助理的方式。借助 Bing 中的 Copilot Search，我們正在透過由 AI 策劃的概覽頁面以及與 Copilot Vision 和 Edge 的嵌入式對話功能重新構想搜尋結果，Copilot 可以看到您所看到的內容並在您瀏覽時為您提供即時回應。

With Copilot Discover, we are personalizing MSN experience based on user interactions and preferences. And with our updated Copilot app, we are focused on building daily engagement and successful sessions across a range of modalities, whether it is conversing, searching, shopping or travel planning. All up, we again took share across Bing and Edge, and our total advertising revenue across our businesses has surpassed $20 billion over the past 12 months.

透過 Copilot Discover，我們可以根據使用者互動和偏好來個人化 MSN 體驗。透過更新我們的 Copilot 應用程序，我們專注於在各種模式下建立日常參與和成功的會話，無論是交談、搜尋、購物還是旅行計劃。總體而言，我們再次在 Bing 和 Edge 上佔據了市場份額，過去 12 個月我們所有業務的廣告總收入已超過 200 億美元。

Now on to gaming. We continue to transform the business and focus on margin expansion as we bring our games to over 500 million monthly active users across devices. We ended the quarter as the top publisher by preorders and installs on both Xbox and PlayStation store. PC Game Pass revenue increased over 45% year-over-year. With Xbox Play Anywhere players now can access more than 1,000 games they can play across console and PC.

現在開始遊戲。隨著我們的遊戲在各個設備上的每月活躍用戶超過 5 億，我們將繼續轉變業務並專注於提高利潤率。本季結束時，我們成為 Xbox 和 PlayStation 商店預訂量和安裝量最大的發行商。PC Game Pass 營收年增超過 45%。透過 Xbox Play Anywhere，玩家現在可以在遊戲機和 PC 上玩 1,000 多款遊戲。

And just last week, we brought cloud gaming to LG TVs. Cloud gaming set a new record, surpassing 150 million hours played for the first time this quarter. We are also integrating AI across the Xbox, new Copilot for Gaming, is a personalized gaming companion that provides in-game assistant and expert coaching and our first-of-its-kind use model can generate gameplay in real time.

就在上週，我們把雲端遊戲引進了 LG 電視。雲端遊戲創下新紀錄，本季遊戲時長首次超過 1.5 億小時。我們還在 Xbox 中整合了 AI，全新 Copilot for Gaming 是一款個人化的遊戲伴侶，可提供遊戲內助理和專家指導，我們首創的使用模型可以即時產生遊戲玩法。

Finally, it's fantastic to see the success of the Minecraft movie, which is the top grossing film of the year. In addition to monetizing our IP in new ways, we have seen a 75% plus increase in weekly active users of the game year-over-year since the release.

最後，很高興看到《我的世界》電影的成功，它是今年票房最高的電影。除了以新的方式將我們的 IP 貨幣化之外，我們還看到自遊戲發布以來，每週活躍用戶同比增長了 75％ 以上。

In closing, we are rapidly innovating to expand our opportunity across both consumer and commercial businesses in just a few weeks at our Build conference, we'll share how we are creating the most powerful platform for developers and I encourage you to tune in.

最後，我們正在快速創新，以在短短幾週的 Build 會議上擴大我們在消費者和商業業務中的機會，我們將分享如何為開發人員創建最強大的平台，我鼓勵您關注。

With that, let me turn it over to Amy.

說完這些，讓我把它交給艾米。

Thank you, Satya, and good afternoon, everyone. This quarter, revenue was $70.1 billion, up 13% and 15% in constant currency. Gross margin dollars increased 11% and 13% in constant currency, while operating income increased 16% and 19% in constant currency. And earnings per share was $3.46, an increase of 18% and 19% in constant currency. Results exceeded expectations driven by focused execution from our sales and partner teams.

謝謝你，薩蒂亞，大家下午好。本季營收為 701 億美元，成長 13%，以固定匯率計算成長 15%。毛利率以固定匯率計算成長了 11%，而營業收入以固定匯率計算成長了 13%，而營業收入以固定匯率計算成長了 16%。每股收益為 3.46 美元，成長 18%，以固定匯率計算成長 19%。在我們的銷售和合作夥伴團隊的專注執行的推動下，結果超出了預期。

We continue to see strong demand for our cloud and AI offerings as they help customers drive productivity, increase efficiencies and grow their businesses. And again, this quarter, revenue from our AI business was above expectations.

我們繼續看到對我們的雲端和人工智慧產品的強勁需求，因為它們可以幫助客戶提高生產力、提高效率並發展業務。本季度，我們的人工智慧業務收入超出預期。

Commercial bookings increased 18% and 17% in constant currency, significantly ahead of expectations again this quarter driven by an Azure commitment from OpenAI. We also saw consistent execution across our core annuity sales motions and continued long-term commitments to our platform. Commercial remaining performance obligation increased to $315 billion, up 34% and 33% in constant currency.

本季度，商業預訂量以固定匯率計算成長了 18%，再次大幅超出預期，這得益於 OpenAI 對 Azure 的承諾。我們也看到核心年金銷售動議的一致執行以及對我們平台的持續長期承諾。商業剩餘履約義務增至 3,150 億美元，成長 34%，以固定匯率計算成長 33%。

Roughly 40% will be recognized in revenue in the next 12 months, up 17% year-over-year. The remaining portion recognized beyond the next 12 months increased 47%. And this quarter, our annuity mix was 98%. The was roughly in line with expectations on total company revenue, segment level revenue and operating expense growth. FX decreased COGS growth by only 1 point, 1 point unfavorable to expectations.

約 40% 將在未來 12 個月內實現收入，年增 17%。未來 12 個月後確認的剩餘部分增加了 47%。本季度，我們的年金組合為 98%。這與公司總收入、分部收入和營業費用成長的預期大致相符。外匯僅使 COGS 成長下降 1 個百分點，比預期低 1 個百分點。

Microsoft Cloud revenue was $42.4 billion, ahead of expectations and grew 20% and 22% in constant currency. Microsoft Cloud gross margin percentage was 69%, in line with expectations and decreased 3 points year-over-year, driven by the impact of scaling our AI infrastructure.

微軟雲端運算業務營收為 424 億美元，超出預期，以固定匯率運算成長 20% 和 22%。微軟雲端毛利率為 69%，符合預期，年減 3 個百分點，主要得益於我們擴大 AI 基礎設施的影響。

Company gross margin percentage was also 69%, down 1 point year-over-year, driven by scaling our AI infrastructure. Operating expenses increased 2% and 3% in constant currency, lower than expected due to our focus on cost efficiencies as well as investments that shifted to Q4.

公司毛利率為 69%，較去年同期下降 1 個百分點，這得益於我們擴大人工智慧基礎設施的推動。營業費用以固定匯率計算增長了 2% 和 3%，低於預期，因為我們注重成本效率以及轉移到第四季度的投資。

Operating margins increased 1 point year-over-year to 46%, better than expected as we continue to focus on building high-performing teams and increasing our agility by reducing layers with fewer managers.

營業利潤率年增 1 個百分點至 46%，好於預期，因為我們繼續專注於打造高績效團隊，並透過減少管理人員的層級來提高我們的靈活性。

At a total company level, head count at the end of March was 2% higher than a year ago and was down slightly compared to last quarter. Now to our segment results.

從整個公司層級來看，3 月底的員工總數比去年同期增加了 2%，但與上一季相比略有下降。現在來看看我們的分部業績。

Revenue from Productivity and Business Processes was $29.9 billion and grew 10% and 13% in constant currency, ahead of expectations, driven by LinkedIn, Microsoft 365 Commercial products, and Microsoft 365 Consumer. M365 Commercial cloud revenue increased 12% and 15% in constant currency, in line with expectations. ARPU growth was again driven by E5 and M365 Copilot.

生產力和業務流程收入為 299 億美元，成長 10%，以固定匯率計算成長 13%，超出預期，這得益於 LinkedIn、Microsoft 365 商業產品和 Microsoft 365 消費者的推動。M365 商業雲端收入以固定匯率計算成長 12% 和 15%，符合預期。E5 和 M365 Copilot 再次推動了 ARPU 的成長。

With M365 Copilot, we continue to see growth across customer segments and geos. Paid M365 Commercial seats grew 7% year-over-year to over $430 million. While we continue to see installed base expansion across all customer segments, growth was primarily driven by our small and medium business and frontline worker offerings.

借助 M365 Copilot，我們繼續看到客戶群和地理的成長。付費 M365 商業席位年增 7%，達到 4.3 億美元以上。雖然我們繼續看到所有客戶群的安裝基礎都在擴大，但成長主要來自我們的中小型企業和第一線員工產品。

M365 Commercial products revenue increased 5% and 8% in constant currency, ahead of expectations due to higher-than-expected office transactional purchasing. M365 Consumer cloud revenue increased 10% and 12% in constant currency, ahead of expectations, driven by higher-than-expected subscription growth following the January price increase.

M365 商業產品收入成長 5%，以固定匯率計算成長 8%，由於辦公室交易採購量高於預期，超出預期。M365 消費者雲端營收成長 10%，以固定匯率運算成長 12%，超出預期，這得益於 1 月價格上漲後訂閱量成長高於預期。

M365 Consumer subscriptions grew 9% to $87.7 million. LinkedIn revenue increased 7% and 8% in constant currency. Results were ahead of expectations due to better-than-expected performance across all businesses. The Talent Solutions business continues to be impacted by weakness in the hiring market. Dynamics 365 revenue increased 16% and 18% in constant currency, in line with expectations with continued growth across all workloads.

M365 消費者訂閱量成長 9%，達到 8,770 萬美元。LinkedIn 營收以固定匯率計算成長了 7%，成長了 8%。由於所有業務的表現均優於預期，因此業績超出預期。人才解決方案業務持續受到招聘市場疲軟的影響。Dynamics 365 營收成長 16%，以固定匯率計算成長 18%，符合預期，所有工作負載持續成長。

Segment gross margin dollars increased 10% and 13% in constant currency, and gross margin percentage was relatively unchanged year-over-year even with the impact of scaling our AI infrastructure. Operating expenses increased 1% and 2% in constant currency, and operating income increased 15% and 18% in constant currency.

以固定匯率計算，分部毛利率增加了 10%，而毛利率百分比與去年同期相比基本保持不變，即使受到擴大 AI 基礎設施的影響。以固定匯率計算，營業費用成長 1% 和 2%，以固定匯率計算，營業收入成長 15% 和 18%。

Next, the Intelligent Cloud segment. Revenue was $26.8 billion and grew 21% and 22% in constant currency, ahead of expectations driven by Azure. In Azure and other cloud services, revenue grew 33% and 35% in constant currency, including 16 points from AI services.

接下來是智慧雲部分。營收為 268 億美元，成長 21%，以固定匯率計算成長 22%，超出 Azure 推動的預期。Azure 和其他雲端服務的營收以固定匯率計算分別成長 33% 和 35%，其中 AI 服務成長了 16 個百分點。

Focused execution drove non-AI services results. where we saw accelerated growth in our enterprise customer segment as well as some improvement in our scale motions. And in Azure AI services, we brought capacity online faster than expected.

專注的執行推動了非人工智慧服務的成果。我們看到企業客戶部門的成長加速以及規模動態的改善。在 Azure AI 服務中，我們比預期更快實現了容量上線。

In our on-premises server business, revenue decreased 6% and 4% in constant currency, slightly below expectations driven by renewals with lower in-period revenue recognition from the mix of contracts. The year-over-year decline is reflective of the continued customer shift to cloud offerings.

在我們的內部伺服器業務中，收入下降了 6%，按固定匯率計算下降了 4%，略低於預期，原因是續約以及合約組合中期內收入確認較低。與去年同期相比的下降反映了客戶持續轉向雲端產品。

Enterprise and Partner Services revenue increased 5% and 6% in constant currency, slightly ahead of expectations, due to better-than-expected performance in Enterprise Support Services. Segment gross margin dollars increased 13% and 14% in constant currency, and gross margin percentage decreased 4 points year-over-year driven by scaling our AI infrastructure.

由於企業支援服務表現優於預期，企業和合作夥伴服務收入分別以固定匯率計算分別成長 5% 和 6%，略高於預期。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 14%，毛利率百分比較去年同期下降了 4 個百分點。

Operating expenses increased 6% and 7% in constant currency, and operating income grew 17% and 18% in constant currency. Now to More Personal Computing. Revenue was $13.4 billion and grew 6% and 7% in constant currency, ahead of expectations due to better-than-expected results across all businesses.

營業費用以固定匯率計算成長 6% 和 7%，營業收入以固定匯率計算成長 17% 和 18%。現在開始更個人化地計算。營收為 134 億美元，以固定匯率計算成長 6% 和 7%，由於所有業務的業績均優於預期，因此超出預期。

Windows OEM and Devices revenue increased 3% year-over-year, ahead of expectations as tariffs uncertainty through the quarter resulted in inventory levels that remained elevated. Search and news advertising revenue ex TAC increased 21% and 23% in constant currency.

Windows OEM 和設備收入年增 3%，超出預期，因為本季關稅的不確定性導致庫存水準仍然高漲。扣除 TAC 後的搜尋和新聞廣告收入以固定匯率計算分別成長 21% 和 23%。

Results were significantly ahead of expectations, driven by usage from a third-party partnership better-than-expected rate expansion and volume growth across Edge and Bing. And in gaming. Revenue increased 5% and 6% in constant currency.

業績大幅超出預期，這得益於第三方合作夥伴的使用情況、Edge 和 Bing 的費率擴張和銷售成長好於預期。以及在遊戲中。以固定匯率計算，營收成長了 5% 和 6%。

Xbox content and services revenue increased 8% and 9% in constant currency, ahead of expectations driven by stronger-than-expected performance in third-party and first-party content. Segment gross margin dollars increased 9% and 11% in constant currency.

Xbox 內容和服務收入以固定匯率計算分別成長 8% 和 9%，超出預期，這得益於第三方和第一方內容表現強於預期。以固定匯率計算，分部毛利率成長了 9%，為 11%。

Gross margin percentage increased 2 points year-over-year driven by strong execution on margin improvement in search and gaming. Operating expenses increased 1%. Operating income increased 21% and 23% in constant currency, driven by continued prioritization of higher margin opportunities.

得益於搜尋和遊戲利潤率的強勁提升，毛利率年增 2 個百分點。營業費用增加了1%。由於繼續優先考慮更高利潤機會，營業收入成長了 21%，以固定匯率計算成長了 23%。

Now back to total company results. Capital expenditures, including finance leases, were $21.4 billion, slightly lower than expected due to normal variability from the timing of delivery of data center leases. Cash paid for PP&E was $16.7 billion.

現在回到公司整體業績。包括融資租賃在內的資本支出為 214 億美元，略低於預期，原因是資料中心租賃交付時間的正常變化。用於 PP&E 的現金支付額為 167 億美元。

Roughly 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 in AI spend was primarily for servers, both CPUs and GPUs, to serve customers based on demand signals, including our customer contracted backlog of $315 billion.

我們在雲端運算和人工智慧相關支出中的大約一半用於支援未來 15 年及以後貨幣化的長期資產。人工智慧雲端運算的剩餘支出主要用於伺服器（包括 CPU 和 GPU），以根據需求訊號為客戶提供服務，其中包括我們與客戶簽訂的 3,150 億美元積壓訂單。

Cash flow from operations was $37 billion, up 16%, driven by strong cloud billings and collections, partially offset by higher tax payments. And this quarter, free cash flow was $20.3 billion. Other income and expense was negative $623 million, more favorable than anticipated, primarily due to net gains on derivatives and investments. Our losses on investments accounted for under the equity method were slightly higher than expected. Our effective tax rate was approximately 18%.

營運現金流為 370 億美元，成長 16%，這得益於強勁的雲端運算帳單和收款，但部分被更高的稅收所抵消。本季自由現金流為 203 億美元。其他收入和支出為負 6.23 億美元，優於預期，主要由於衍生性商品和投資的淨收益。我們以權益法計算的投資損失略高於預期。我們的有效稅率約為18%。

And finally, we returned $9.7 billion to shareholders through dividends and share repurchases, an increase of 15% year-over-year. Now moving to our Q4 outlook, which unless specifically noted otherwise, is on a US dollar basis. First, through April, demand signals across our commercial businesses as well as in LinkedIn, gaming and search have remained consistent. Our outlook assumes those trends continue in Q4.

最後，我們透過股利和股票回購向股東返還了 97 億美元，年增 15%。現在轉到我們的第四季展望，除非另有特別說明，否則均以美元為基礎。首先，截至 4 月份，我們商業業務以及 LinkedIn、遊戲和搜尋領域的需求訊號保持一致。我們的展望是假設這些趨勢將在第四季度繼續下去。

If the environment changes, our results may be impacted. In our Windows OEM business, our outlook assumes the elevated inventory levels from Q3 will come down in Q4. We have widened our guidance range in our More Personal Computing segment to account for some of this variability.

如果環境發生變化，我們的結果可能會受到影響。在我們的 Windows OEM 業務中，我們預計第三季增加的庫存水準將在第四季度下降。我們擴大了「更個人化的計算」領域的指導範圍，以應對部分此類變化。

Next, FX. With the weakening of the US dollar in April, we now expect FX to increase total revenue growth by 1 point. Within the segments, we expect FX to increase revenue growth by 1 point in Productivity and Business Processes and less than 1 point in Intelligent Cloud and More Personal Computing. We expect FX to increase COGS operating expense growth by less than 1 point.

接下來是 FX。隨著4月美元走弱，我們現在預計外匯總收入成長將增加1個百分點。在這些領域中，我們預期 FX 將使生產力和業務流程領域的收入成長提高 1 個百分點，而智慧雲端和更多個人運算領域的收入成長將提高不到 1 個百分點。我們預計外匯將使 COGS 營運費用成長增加不到 1 個百分點。

In commercial bookings, we expect solid growth on a significant prior year comparable and a growing expiry base. Bookings growth will be driven by strong execution across our core annuity sales motions and continued long-term commitments to our platform.

在商業預訂方面，我們預計將比去年同期大幅成長，到期基數也將持續成長。預訂量的成長將受到我們核心年金銷售計劃的強勁執行以及對我們平台的持續長期承諾的推動。

As a reminder, larger, longer-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 67%, down year-over-year, primarily driven by the impact of scaling our AI infrastructure and now capital expenditures.

提醒一下，規模更大、期限更長的 Azure 合約在時間上更難以預測，可能會導致我們的預訂量成長率季度波動加劇。微軟雲端毛利率約 67%，年減，主要受擴大人工智慧基礎設施和現在的資本支出的影響。

We expect Q4 capital expenditures to increase on a sequential basis. H2 CapEx in total remains unchanged from our January H2 guidance. As a reminder, there can be quarterly spend variability from cloud infrastructure build-outs and the timing of delivery of finance leases.

我們預計第四季資本支出將較上季增加。H2 資本支出總額與我們 1 月 H2 指引相比保持不變。提醒一下，雲端基礎設施建設和融資租賃交付時間可能會造成季度支出變化。

Next to segment guidance. In Productivity and Business Processes, we expect revenue of USD32.05 billion to USD32.35 billion or growth of 11% to 12% in constant currency. M365 Commercial cloud revenue growth should be approximately 14% in constant currency, relatively stable compared to the prior quarter.

接下來是細分指導。在生產力和業務流程方面，我們預計營收將達到 320.5 億美元至 323.5 億美元，以固定匯率計算成長 11% 至 12%。M365 商業雲端收入成長率以固定匯率計算應約為 14%，與上一季相比相對穩定。

We expect continued ARPU growth through E5 and M365 Copilot and some steep growth moderation given the size of the installed base. M365 Commercial products revenue growth should be in the mid-single digits.

我們預計，透過 E5 和 M365 Copilot，ARPU 將繼續成長，並且考慮到安裝基數的規模，成長將出現一些大幅放緩。M365 商業產品收入成長應在中等個位數。

As a reminder, M365 commercial products includes both the Windows Commercial on-premises components of M365 suite and office transactional purchasing, both of which can be variable due to in-period revenue recognition dynamics.

提醒一下，M365 商業產品包括 M365 套件的 Windows Commercial 內部部署元件和辦公室交易採購，這兩者都可能因為期間收入確認動態而改變。

M365 Consumer cloud revenue growth should be in the mid-teens, driven by the January price increase. For LinkedIn, we expect revenue growth in the high single digits. And in Dynamics 365, we expect revenue growth to be in the mid- to high teens with continued growth across all workloads. For Intelligent Cloud, we expect revenue of USD28.75 billion to USD29.05 billion or growth of 20% to 22% in constant currency.

受 1 月價格上漲的推動，M365 消費者雲端收入成長應在 15% 左右。對於 LinkedIn，我們預計其營收成長率將達到高個位數。在 Dynamics 365 中，我們預計營收成長將達到中高水平，並且所有工作負載都將持續成長。對於智慧雲，我們預計營收為 287.5 億美元至 290.5 億美元，以固定匯率計算成長 20% 至 22%。

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. In Azure, we expect Q4 revenue growth to be between 34% and 35% in constant currency, driven by strong demand for our portfolio of services.

收入將繼續由 Azure 推動，需要提醒的是，其季度變化主要來自於期間收入確認，具體取決於合約組合。在 Azure 方面，我們預計第四季營收成長率將達到 34% 至 35%（以固定匯率計算），這得益於對我們服務組合的強勁需求。

In our non-AI services, we expect focused execution to continue driving healthy growth. And in our AI services, while we continue to bring data center capacity online as planned, demand is growing a bit faster. Therefore, we now expect to have some AI capacity constraints beyond June.

在我們的非人工智慧服務中，我們預計專注的執行將繼續推動健康成長。在我們的人工智慧服務中，雖然我們繼續按計畫上線資料中心容量，但需求成長速度更快。因此，我們現在預計 6 月以後人工智慧產能將受到一些限制。

In our on-premises server business, we again expect revenue to decline in the mid-single digits with the ongoing customer shift to cloud offerings. And at Enterprise and Partner Services, we expect revenue growth to be in the mid- to high single digits, driven by enterprise support services.

在我們的內部伺服器業務中，隨著客戶不斷轉向雲端產品，我們再次預期收入將下降中等個位數。在企業和合作夥伴服務方面，我們預期在企業支援服務的推動下，營收成長將達到中高個位數。

In More Personal Computing, we expect revenue to be USD12.35 billion to USD12.85 billion. Windows OEM and devices revenue should decline in the mid- to high single digits. We expect Windows OEM revenue to decline in the low to mid-single digits assuming OEM inventory levels come down through the quarter as noted earlier, although the range of potential outcomes is wider than normal.

在「更多個人計算」領域，我們預計收入將達到 123.5 億美元至 128.5 億美元。Windows OEM 和裝置收入預計將出現中高個位數的下降。我們預計，如果 OEM 庫存水準在本季度下降（如前所述），Windows OEM 收入將下降低至中等個位數，儘管潛在結果的範圍比正常情況更廣。

Devices revenue should decline in the high teens. Search and news advertising ex-TAC revenue growth should be in the high teens, even on a strong prior year comparable. We expect to see continued growth in both volume and revenue per search with share gains across Edge and Bing. Overall, search and news advertising revenue growth should be in the mid-teens. And in gaming.

設備收入應該會下降百分之十幾。即使在去年同期表現強勁的情況下，搜尋和新聞廣告（不含 TAC）收入成長也應該達到百分之十幾。我們預計，隨著 Edge 和 Bing 的份額增加，每次搜尋的數量和收入都將持續增長。整體而言，搜尋和新聞廣告收入成長率應該在十五六個百分點。以及在遊戲中。

We expect revenue growth to be in the mid-single digits. We expect Xbox content and services revenue growth to be in the high single digits, driven by first-party content. Now back to company guidance. We expect COGS of USD23.6 billion to USD23.8 billion or growth of 19% to 20% in constant currency. And operating expense of USD18 billion to USD18.1 billion or growth of approximately 5% in constant currency.

我們預計收入成長率將達到中等個位數。我們預計，在第一方內容的推動下，Xbox 內容和服務收入將實現高個位數成長。現在回到公司指導。我們預計銷售成本為 236 億美元至 238 億美元，以固定匯率計算成長 19% 至 20%。營業費用為 180 億美元至 181 億美元，以固定匯率計算成長約 5%。

Therefore, even with ongoing AI investments as we scale, we continue to expect full year FY25 operating margins to be up slightly year-over-year. Other income and expense is expected to be roughly negative $1.2 billion, primarily driven by investments accounted for under the equity method.

因此，即使隨著我們規模的擴大，我們不斷進行人工智慧投資，我們仍然預計 25 財年全年營業利潤率將比去年同期略有上升。其他收入和支出預計約為負 12 億美元，主要受權益法核算的投資影響。

As a reminder, we do not recognize mark-to-market gains or losses on equity method investments. And lastly, we expect our Q4 effective tax rate to be approximately 19%. Now I'd like to share some closing thoughts as we look to the next fiscal year.

提醒一下，我們不確認權益法投資的以市價計價的收益或損失。最後，我們預計第四季有效稅率約為 19%。現在，在展望下一個財政年度之際，我想分享一些結論。

We remain committed to investing against the strong demand signals we see for our services. So as a reminder, our earlier comments on FY26 capital expenditures remain unchanged. We expect CapEx to grow. It will grow at a lower rate than FY25 and will include a greater mix of short-lived assets, which are more directly correlated to revenue than long-lived assets. These investments along with focused execution that delivers near-term value to our customers will ensure we continue to lead through the cloud and AI opportunity ahead.

我們將繼續致力於根據我們服務的強勁需求訊號進行投資。因此提醒一下，我們之前對 FY26 資本支出的評論保持不變。我們預計資本支出將會成長。其成長率將低於 25 財年，且將包含更多的短期資產組合，這些資產與收入的直接相關性比長期資產更高。這些投資以及為我們的客戶提供短期價值的重點執行將確保我們繼續引領未來的雲端運算和人工智慧機會。

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

下面，我們進入問答環節，喬納森。

Thanks, Amy. We'll now move over to Q&A. Out of respect to others on the call, we request that participants please only ask one question.

謝謝，艾米。我們現在進入問答環節。出於對通話中其他人的尊重，我們要求參與者只問一個問題。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指示） 摩根士丹利的 Keith Weiss。

Congratulations on a fantastic quarter. And what all of us are looking at as a difficult environment, a lot of uncertainty out there. So really impressive to put up the results that you guys did. One of the things that we heard a lot about this quarter in the media and press reports was changing data center commitments, maybe Microsoft walking away from some of those data center commitments. But it sounds like the AI demand is very strong.

恭喜您本季取得如此出色的成績。我們所有人都認為當前的環境很艱難，存在著許多不確定性。你們所取得的成果確實令人印象深刻。本季我們在媒體和新聞報導中經常聽到的一件事是改變資料中心承諾，也許微軟放棄了一些資料中心承諾。但聽起來人工智慧的需求非常強勁。

You're talking about not being able to hit all of that demand with the supply. So can you talk to us about what's going on with your data center strategy? Are there any shifts taking place. And maybe in particular, Satya, you could talk about some of the comments that you had made about the potential risk for oversupplies and GPUs out in the future. What exactly was that risk you were talking about?

您說的是供應無法滿足所有需求。那麼您能跟我們談談您的資料中心策略進展嗎？有沒有任何變化發生？薩蒂亞，您或許可以特別談談您對未來供應過剩和 GPU 的潛在風險的一些評論。您所說的風險到底是什麼？

And are you incorporating that risk into your data center strategy?

您是否將該風險納入了您的資料中心策略中？

Yeah. First of all, thanks, Keith, for the question. The reality is we've always been making adjustments to build, lease, what pace we build all through the last 10, 15 years, it's just that you all pay a lot more attention to what we do quarter-over-quarter nowadays.

是的。首先，感謝 Keith 提出這個問題。事實是，在過去的 10 到 15 年裡，我們一直在調整建設、租賃和建設速度，只是現在大家更加關注我們每季所做的事情。

Having said that, the key thing for us is to have our bills and lease be positioned for what is the workload growth of the future, right? So that's what you have to [go seek] to. So there's a demand part to it, there is the shape of the workload part to it, and there is a location part to it.

話雖如此，對我們來說，關鍵是讓我們的帳單和租賃適應未來的工作量成長，對嗎？所以這就是你必須去尋求的。因此，它有需求部分、工作量部分、位置部分。

So you don't want to be upside down on having one big data center in one region when you have a global demand footprint. You don't want to be upside down when the shape of demand changes because, after all, with essentially pretraining plus test time compute.

因此，當您擁有全球需求足跡時，您不會希望在一個地區建立一個大型資料中心。當需求形狀改變時，您不希望出現混亂，因為畢竟本質上是預訓練加上測試時間計算。

That's a big change in terms of how you think about even what is training, right, [forget] inferencing. So fundamentally, given all of that, and then every time there's great Moore's Law, but remember, this is a compounding sort of S curve, right, which is Moore's Law, there's system software, there's model architecture changes, there's the app server efficiency.

就你對訓練的看法而言，這是一個巨大的變化，對吧，[忘記]推理。所以從根本上來說，考慮到所有這些，然後每次都會有偉大的摩爾定律，但請記住，這是一種複合的 S 曲線，對吧，這是摩爾定律，有系統軟體，有模型架構變化，有應用伺服器效率。

Given all of that, we just want to make sure we're building accounting for the latest and greatest sort of information we have on all of that. And that's what you see reflected, and I feel very, very good about the pace. In fact, Amy just mentioned, we will be short power.

考慮到所有這些，我們只想確保我們正在根據我們所掌握的最新和最好的資訊建立會計。這就是你所看到的反映，我對這個節奏感到非常非常滿意。其實剛才艾米也提到了，我們將會缺少電力。

And so therefore -- but it's not a blanket statement. I need power and specific places so that we can either lease or build at the pace at which we want. And so that's the sort of plan that we're executing to. Maybe, Amy, you can add to that.

因此——但這並不是一個籠統的說法。我需要電力和特定的地方，以便我們可以以我們想要的速度租賃或建造。這就是我們正在執行的計劃。也許，艾米，你可以補充一點。

Yeah, maybe just add a little bit to Satya's comments. Just a reminder, these are very long lead time decisions. From land to build, to build-outs can be lead times of five to seven years, two to three years. So we're constantly in a balancing position as we watch demand curves and [made the things Satya watch].

是的，也許只是對 Satya 的評論做一點補充。需要提醒的是，這些都是需要很長時間才能做出的決定。從土地到建設，再到竣工，可能需要五到七年，甚至兩到三年的時間。因此，我們始終處於平衡狀態，觀察需求曲線和[製作 Satya 觀看的東西]。

And the second part is just to maybe remind you when Satya talks about being short power, he's really talking about data center space. And so we've continued through the second half to put things in place. In fact, we talked a little bit about pulling even some of that space to be ready earlier and being able to deliver that earlier to customers this quarter, which is really good work by the teams as we continue to get more and more efficient at that process.

第二部分可能只是為了提醒你，當 Satya 談到電力短缺時，他實際上是在談論資料中心空間。因此，我們在下半場繼續努力，把事情安排妥當。事實上，我們討論過如何提前利用部分空間，以便能夠在本季提前交付給客戶，這對團隊來說確實是件好事，因為我們在這過程中的效率越來越高。

And I look forward to being able to continue to do that in the future. I did talk about in my comments, we had hoped to be in balance by the end of Q4. We did see some increased demand as you saw through the quarter. So we are going to be a little short (inaudible), a little tight as we exit the year but are encouraged by that.

我期待未來能夠繼續這樣做。我在我的評論中確實談到了，我們希望在第四季度末實現平衡。正如您在本季所看到的，我們確實看到了一些需求的成長。因此，在結束這一年時，我們的時間會有點緊（聽不清楚），但我們對此感到鼓舞。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Satya, on your comment about accelerating demand for cloud migrations. I'm curious if you could dig in and extrapolate a little more what you're seeing there.

Satya，關於您對加速雲端遷移需求的評論。我很好奇您是否可以深入挖掘並推斷您在那裡看到的內容。

Thanks, Brent. So I sort of think about three big things that are happening in the cloud all in parallel, and there's also a relationship between them. One is, I'll just say, the classic migration of whether it's SQL, Windows Server. And so that sort of again got good steady-state progress because the reality is I think everyone is now -- perhaps there's another sort of kick in the data center migrations just because of the efficiency the cloud provides. So that's sort of one part.

謝謝，布倫特。所以我認為雲端同時發生的三件大事，它們之間也存在著某種關係。一個是，我只想說，無論是 SQL 還是 Windows Server 的經典遷移。因此，這再次獲得了良好的穩定狀態進展，因為現實情況是，我認為現在每個人都是 - 也許由於雲端提供的效率，資料中心遷移還有另一種推動力。這就是其中的一部分。

The second piece is good data growth. You saw some -- like Postgres -- I mean, forgetting in SQL, so Postgre in Azure is growing, Cosmos is growing. The analytics stuff I talked about with Fabric. It's even the others, whether it is Databricks or even Snowflake on Azure are growing. So we feel very good about Fabric growth and our data growth.

第二部分是良好的數據成長。您看到了一些——例如 Postgres——我的意思是，在 SQL 中被遺忘了，所以 Azure 中的 Postgre 正在成長，Cosmos 也在成長。我與 Fabric 討論了分析內容。甚至其他的，無論是 Databricks 還是 Azure 上的 Snowflake 都在不斷發展。因此，我們對 Fabric 的成長和數據的成長感到非常滿意。

Then the cloud native growth. So this is again before we even get to AI, some of the core compute consumption of cloud-native players is also pretty very healthy. It was healthy throughout the quarter. We projected to go moving forward as well.

然後是雲端原生的成長。因此，在我們討論人工智慧之前，一些雲端原生玩家的核心運算消耗也非常健康。整個季度情況都很好。我們也計劃繼續前進。

Then the thing to notice is the ratio, and I think we mentioned this multiple times before, if you look underneath even ChatGPT, in fact, that team does a fantastic job of thinking about not only their growth in terms of AI accelerators they need.

然後要注意的是比例，我想我們之前多次提到過這一點，如果你看一下 ChatGPT，事實上，那個團隊在考慮他們所需的 AI 加速器方面的增長方面做得非常出色。

They use Cosmos DB, they use Postgres. They use core compute and storage. And so there's even a ratio between any AI workload in terms of AI accelerator to others. So those are the four pockets, I'd say, or for different trend lines, which all have a relationship with each other. And if I step back, and Amy and I talk a lot about this, this time around, there's nothing certain for sure in the future, except for one thing, which is our largest business is our infrastructure business.

他們使用 Cosmos DB，他們使用 Postgres。他們使用核心運算和儲存。因此，就 AI 加速器而言，任何 AI 工作負載與其他工作負載之間都存在一個比率。所以我想說，這四個口袋，或是不同的趨勢線，它們都彼此相關。如果我退一步來看，艾米和我談論了很多關於這個問題的事情，這一次，未來沒有什麼是確定的，除了一件事，那就是我們最大的業務是基礎設施業務。

And the good news here is the next big platform shift builds on that. So it's not a complete rebuild, having gone through all these platform ships where you have to come out on the other side with a full rebuild. If there is good news here is that we have a good business in Azure that continues to grow and the new platform depends on that. So we want to stay disciplined and execute super well on that.

好消息是，下一個重大平台轉變將以此為基礎。因此，這不是徹底的重建，在經歷了所有這些平台船之後，你必須在另一邊進行全面重建。如果這裡有好消息的話，那就是我們在 Azure 上擁有良好的業務，而且還在持續成長，而新平台依賴於此。因此，我們希望保持紀律並出色地執行。

Mark Moerdler, Bernstein Research.

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

I will reiterate what my peers have said. Congratulations on the great quarter. Satya and Amy, Microsoft is a very different business than it was during the last recession. Incredible job you've done. If we get into a recession, I hope we don't, how do you think about the stability the sustainability, revenue volatility of Microsoft today if we were to get into a recession.

我將重申我的同事們所說的話。恭喜本季取得如此出色的成績。薩蒂亞和艾米，微軟現在的情況與上次經濟衰退期間相比有很大不同。你所做的工作真是令人難以置信。如果我們陷入經濟衰退，我希望我們不會，如果我們陷入經濟衰退，您如何看待微軟今天的穩定性、可持續性和收入波動性。

Would the business react early to a recession or late, would you insist to have a more shallow impact on revenue? Any thoughts would be appreciated.

企業對經濟衰退的反應是早還是晚？您是否堅持​​對收入產生較淺的影響？任何想法都將不勝感激。

Maybe I'll start, and then Amy should add, Mark. The way at least I think we will approach it is, quite frankly, be very focused on how we help our customers if there is any turbulence in the macro because one of the things that we feel we can do just because of the efficiencies of the cloud.

也許我會開始，然後艾米應該添加馬克。坦白說，我認為我們至少會採取這樣的方式：非常專注於如何在宏觀上出現任何動盪時幫助我們的客戶，因為我們認為我們可以做的事情之一就是藉助雲端的效率。

And the footprint we have and the differentiated sort of layers of the stack from the SaaS application side to the infrastructure side. I think if you sort of buy into the argument that software is the most valuable resource we have to fight any type of inflationary pressure or any type of growth pressure where you need to do more with less. I think we can be super helpful in that.

以及我們所擁有的足跡以及從 SaaS 應用程式端到基礎設施端的堆疊的差異化層。我認為，如果你認同軟體是最寶貴的資源這一觀點，我們就必須對抗任何類型的通膨壓力或任何類型的成長壓力，你需要用更少的資源做更多的事情。我認為我們可以在這方面提供極大的幫助。

And so if anything, we would probably have more of that mindset is how do we make sure we are helping our customers. And then, of course, we'll look to share gains.

因此，如果有什麼不同的話，我們可能會更多地考慮如何確保我們能夠幫助我們的客戶。然後，當然，我們會尋求分享收益。

Karl Keirstead, UBS.

瑞銀的卡爾·基爾斯特德（Karl Keirstead）。

A number of metrics to applaud, but I think the one that stands out to me is the 16 point growth rate lift to Azure from AI. Satya and Amy, I just wanted to ask if you could unpack that a little bit. Of course, you mentioned that you got a bit of a kicker from capacity coming online, but I'm a little bit more interested in where the demand came in above expectations, like what workload type. It's hard for us to see that on the outside. Was it a surge in ChatGPT inference that landed in Azure?

有很多指標值得稱讚，但我認為最突出的是人工智慧為 Azure 帶來的 16 個百分點的成長率提升。Satya 和 Amy，我只是想問一下你們是否可以稍微解釋一下這個問題。當然，您提到您對上線的容量感到有點興奮，但我更感興趣的是需求超出預期的地方，例如工作負載類型。從外表我們很難看到這一點。是 ChatGPT 推理的激增​​導致了 Azure 的出現嗎？

Was it an uptick in enterprise AI adoption? And Amy, do you think that 16 points could be higher in June?

這是企業採用人工智慧的上升趨勢嗎？艾米，您認為 6 月的 16 個百分點會更高嗎？

Thanks, Karl, for the question. Just to provide some clarity because I think your question implies something that we didn't mean to imply on the call. First, the real outperformance in Azure this quarter was in our non-AI business. So then to talk about the AI business, really, what was better was precisely what we said. We talked about this.

謝謝卡爾提出這個問題。只是為了提供一些澄清，因為我認為你的問題暗示了我們在電話中不想暗示的事情。首先，本季 Azure 的真正優異表現是在我們的非人工智慧業務方面。那麼，談到人工智慧業務，實際上，更好的正是我們所說的。我們討論過這個。

We knew Q3 that we had and hadn't really match supply and demand pretty carefully and didn't expect to do much better than we had guided to on the AI side. We've been quite consistent on that. So the only real upside we saw on the AI side of the business was that we were able to deliver supply early to a number of customers.

我們知道，在第三季度，我們並沒有真正非常仔細地匹配供需，並且並不期望在人工智慧方面取得比我們預期更好的成績。我們對此一直非常堅持。因此，我們在人工智慧業務方面看到的唯一真正好處是我們能夠提前向許多客戶交付貨物。

And being able to do that throughout the quarter creates quite a good benefit to us. But the majority of our outperformance versus where we had expected to be was on the non-AI piece of the business.

並且能夠在整個季度中做到這一點，為我們帶來了相當大的利益。但我們超出預期的業績主要體現在非人工智慧業務領域。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

One question for Amy. You've said in the past that that you can attain better and better capital efficiency with the cloud business and probably cloud and AI business. Where do you stand today, Amy and maybe Satya you can opine as well, that you've said before that you can slow down your CapEx growth rate while still accelerate Azure, which includes AI. Can we get a mark-to-market on that?

問艾米一個問題。您過去曾說過，透過雲端業務以及雲端和人工智慧業務，您可以實現越來越好的資本效率。艾米，也許薩蒂亞，你們現在的立場是什麼？你們可以發表意見嗎？你們之前說過，你們可以減緩資本支出成長率，同時仍加速 Azure（包括 AI）的發展。我們能對此進行市價調整嗎？

Maybe I'll start, Kash, and let talk Satya add on, because I really think when you go back and read some of Satya's comments, on how the S-curves build on themselves, that's actually the levers that go into the answer of the question that you're asking.

也許我應該先開始，卡什，然後讓我們談談薩蒂亞的補充，因為我真的認為，當你回過頭去閱讀薩蒂亞的一些評論時，關於 S 曲線如何自我構建，這實際上是回答你所問的問題的槓桿。

And so the way, of course, you've seen that historically is right when we went through the prior cloud transitions, you see CapEx accelerate, you build out data center footprint. You slowly filled (inaudible) capacity. And over time, you see software efficiencies and hardware efficiencies build on themselves. And you saw that process for us for goodness now quite a long time.

當然，您已經看到，從歷史上看，當我們經歷先前的雲端轉型時，您會看到資本支出加速，資料中心的覆蓋範圍擴大。你慢慢地填滿了（聽不清楚）容量。隨著時間的推移，您會看到軟體效率和硬體效率不斷提高。您已經看到我們經歷了相當長一段時間的這段過程。

And what Satya's talking about is how quickly that's happening on the AI side of the business and you add to that model diversity. So think about the same levers plus model efficiency, those compounds. Now the one thing that's a little different this time is just the pace. And so when you're seeing that happen pace in terms of efficiency side, but also pace in terms of the build-out. So it can mask some of the progress.

Satya 談論的是業務的人工智慧方面發生這種變化的速度有多快，以及模型的多樣性如何增加。因此，考慮相同的槓桿加上模型效率，這些化合物。這次唯一稍有不同的就是節奏。因此，當您看到這種情況發生時，不僅效率方面的速度加快，而且建造方面的速度也加快。因此它可以掩蓋一些進展。

But we are working hard across all of the teams, hardware, software, even the build teams to get things in place as quickly as possible, dock to live times, all of that is improving and all of that actually is benefiting us. And I'll go ahead and say our margins on the AI side of the business are better than they were at this point by far than when we went through the same transition and the server to cloud transition.

但是，我們所有團隊、硬體、軟體，甚至建立團隊都在努力工作，以盡快完成所有工作，縮短對接時間，所有這些都在改善，實際上，所有這些都使我們受益。我想說的是，我們在人工智慧業務方面的利潤率比我們經歷同樣的轉變和伺服器到雲端的轉變時要好得多。

Yeah. I mean I think at a macro level, I think the way to think about this is you can ask the question, what's the difference between a hosting business and a hyperscale business. It's softer. That's, I think, the gist of it. We asked for sure, it's a capital-intensive business, but capital efficiency comes from that system-wide software optimization.

是的。我的意思是，我認為從宏觀層面來看，思考這個問題的方式是你可以問這個問題，託管業務和超大規模業務之間有什麼區別。它比較柔軟。我想，這就是事情的要點。我們問得很清楚，這是一項資本密集業務，但資本效率來自於系統範圍的軟體最佳化。

And that's what makes the hyperscale business attractive and that's what we want to just keep executing super well on.

這就是超大規模業務的吸引力所在，也是我們希望繼續出色執行的原因。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Satya, you had commented recently that the DeepSeek moment is a real thing. And you had said that software efficiencies mean that the fleet will be aged for a longer time. Can you comment on how those advances are affecting the pace and volume of AI experimentation and activity in the marketplace.

Satya，您最近評論說 DeepSeek 時刻是真實存在的。您曾說過，軟體效率意味著車隊的使用壽命會更長。您能否評論一下這些進步如何影響市場上人工智慧實驗和活動的速度和數量。

And Amy, could we start to consider the possibility that software enhancements might extend the useful life assumption that you're using for GPUs? Is it a little premature to be thinking that way?

艾米，我們是否可以開始考慮軟體增強可能會延長您對 GPU 使用的使用壽命假設的可能性？這樣想是不是有點太早？

Yeah. First of all, I think some of the work that actually OpenAI first pioneered indeed with all other reasoning models. And of course, DeepSeek has sort of added to it and done good work as well and others as well.

是的。首先，我認為 OpenAI 實際上率先進行的一些工作確實與所有其他推理模型都相關。當然，DeepSeek 也對其進行了補充，並且做出了很好的工作，其他人也一樣。

The idea that you can have test time compute plus pre-training and then some of the great optimization at inference time that has all happened has proven up. I mean if you look at I would say, for every Moore's Law change and movement there's probably a 10 times improvement because of software, right?

可以進行測試時間計算加上預訓練，然後在推理時間進行一些出色的優化的想法已經得到證實。我的意思是，如果你看一下，我會說，摩爾定律的每一次變化和運動都可能因為軟體而帶來 10 倍的改進，對嗎？

That's sort of what's happening with these models. Some of it comes from model architecture, some of that comes from data efficiency, compute efficiency and what have you. So that's what we are writing. And we feel that all up, when you have a commodity that is getting that better, then the question is how do you build out a fleet that's super balanced. So that then the workloads can be built and can, in fact, take advantage of that efficiency and the underlying infrastructure.

這些模型正在發生類似的事情。其中一些來自模型架構，有些來自資料效率、運算效率等等。這就是我們正在寫的內容。我們認為，當你擁有一種正在變得越來越好的商品時，問題就是如何建立一支超級平衡的艦隊。這樣就可以建構工作負載，並且實際上可以利用這種效率和底層基礎架構。

I mean it's kind of like virtualization. What is the difference between servers and sort of, again, client server with virtualization, it was efficiency. What is the difference between virtualization and cloud, it was efficiency. What is the difference between this generation of cloud and AI, it's efficiency. So the more you can kind of continue to think about software driving that efficiency is what drives demand ultimately.

我的意思是它有點像虛擬化。伺服器和虛擬化的客戶端伺服器之間有什麼區別？效率如何？虛擬化和雲端的差別是什麼呢，就是效率。這一代雲和AI的差別是什麼，就是效率。因此，你越能繼續思考軟體驅動的效率，最終就越能推動需求。

And to your specific question, in terms of thinking about the the depreciable life of an asset, we like to have a long history before we make any of those [changes]. So we're focused on getting every bit of useful life we can, of course, out of assets -- but to Satya's point, that tends to be a software question more than a hardware one.

對於您的具體問題，在考慮資產的折舊年限方面，我們希望在做出任何決定之前，先了解資產的長期歷史。[變化]。因此，我們專注於盡可能發揮資產的實用價值——但正如 Satya 所說，這往往是軟體問題，而不是硬體問題。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Congrats on a great quarter. Amy, you mentioned that the upside on Azure came from the non-AI services this time around. I was wondering if you could just talk a little bit more about that. And I guess as you look forward, maybe what's different this go around versus what we saw a few years ago when obviously, things like optimization weighed on the growth a little bit. It sounds like the product portfolio is much broader right now. But just wondering if you could add some color on that front.

恭喜本季取得優異成績。艾米，你提到這次 Azure 的優點來自於非 AI 服務。我想知道您是否可以就此再多談一點。我想，當你展望未來時，也許這次與幾年前的情況會有所不同，當時顯然諸如優化之類的因素對成長產生了一些影響。聽起來現在的產品組合更廣了。但我只是想知道您是否可以在這方面添加一些顏色。

Sure. And thanks for the question, Kirk. It's -- we go to non-AI. I talked a little bit about this. In general, we saw better-than-expected performance across our segments, but we saw acceleration in our largest customers.

當然。謝謝你的提問，柯克。我們轉向非人工智慧。我稍微談了一下這個。整體而言，我們各部門的表現都優於預期，但我們最大的客戶的表現也加速了。

We call that the enterprise segment in general. And then in what we talked about of our scale motions, where we had some challenges in Q2, things were a little better. And we still have some work to do in our scale motions, and we're encouraged by our progress. We're excited to stay focused on that. as, of course, we work through the final quarter of our fiscal year.

我們將其統稱為企業部門。然後，當我們談到我們的規模動議時，我們在第二季度遇到了一些挑戰，但情況有所改善。我們在規模運動方面還有一些工作要做，我們對我們的進展感到鼓舞。我們很高興能夠繼續關注這一點。當然，我們正在完成財政年度的最後一個季度。

By geo, the performance was pretty consistent Satya actually highlighted some of the workloads that came in a little better than we thought. Obviously, just some good consistent work on migrations, good execution by the sales and partner teams, the data workloads he went through.

從地理位置來看，效能相當一致，Satya 實際上強調了一些比我們想像的要好一點的工作負載。顯然，這只是他在遷移方面所做的一些良好而持續的工作，銷售和合作夥伴團隊的良好執行，以及他所經歷的資料工作量。

And so in general, Kirk, I wouldn't say it's anything beyond that. I do think it was improved execution. And I was happy to see it, but there's still some work to do on our scale motions, in particular.

所以總的來說，柯克，我不會說它超出這個範圍。我確實認為它的執行力有所提升。我很高興看到這一點，但我們在規模運動方面還有一些工作要做。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

And again, just amazing congratulations on those Azure numbers, which I think are quite honestly, just inspiring. So maybe, Amy, to the point that you're making that the surprise factor was on the non-Azure, non-AI side of the house, and it sounds like there's confidence in that continuing beyond.

再次恭喜 Azure 取得如此驕人的成績，說實話，我覺得這非常鼓舞人心。所以，艾米，也許正如你所說，令人驚訝的因素是在非 Azure、非 AI 方面，而且聽起來你有信心繼續保持這種勢頭。

How much of that are you starting to see the pull in of the non-AI driven by the AI portion of Azure. And on the AI portion specifically, as test time compute really just blows out kind of prior conceptions of scaling law challenges, how much does that change potentially the curve of the AI Azure growth as you go forward here over the next few quarters?

您在多大程度上開始看到由 Azure 的 AI 部分所驅動的非 AI 的吸引力。具體到人工智慧部分，由於測試時間計算實際上只是打破了先前對縮放定律挑戰的概念，在接下來的幾個季度中，這可能會在多大程度上改變人工智慧 Azure 的成長曲線？

Thanks, Alex. Let me first of all say, I think we've talked about this quite a bit, it's always a good chance to get to iterate this. It's getting harder and harder to separate what an AI workload is from a non-AI workload. And we've talked about it this way. I think in most instances, to make sure people understood that when we were accelerating all of our CapEx spend over the past 2.5 or 3 years now, that people had confidence that we were turning that into revenue and product in a way that was transparent and that everyone could understand really the goals that we have set for ourselves and for our partners and customers in terms of building product that turned to revenue.

謝謝，亞歷克斯。首先我要說的是，我想我們已經討論過這個問題很多次了，這始終是一個重申這個問題的好機會。區分人工智慧工作負載和非人工智慧工作負載變得越來越困難。我們已經這樣討論過這個問題了。我認為在大多數情況下，要確保人們理解，當我們在過去 2.5 年或 3 年內加速所有資本支出時，人們有信心我們以透明的方式將其轉化為收入和產品，並且每個人都能真正理解我們為自己、為合作夥伴和客戶設定的目標，即打造能夠轉化為收入的產品。

But if you take a step back from that, it's that these workloads are being built, GPU, CPU, storage, network, all the same things. And so I think really what we're talking about is really how Satya talked about in one of the earlier questions. We're seeing digital natives, digital natives fill workloads, they do AI work, they do not AI work. Do they tend to do that work in the same cloud? Lots of times.

但如果你退一步來看，這些工作負載正在建置中，GPU、CPU、儲存、網絡，都是相同的東西。所以我認為我們真正談論的正是 Satya 在之前的問題中談到的內容。我們看到數位原住民，數位原住民承擔工作量，他們做人工智慧工作，他們不做人工智慧工作。他們是否傾向於在同一個雲端中完成這項工作？很多次。

Sometimes it all in the same place, not all the time, but that relationship gets stronger and stronger as people pivot to more of AI heavy workloads. And so I think you're starting to see some of that relationship I think we'll continue to see that as AI workloads continue to get built and experimented with and proof of concepts get expanded.

有時一切都在同一個地方，而不是一直如此，但隨著人們轉向更多的人工智慧繁重的工作，這種關係會變得越來越強。所以我認為你開始看到其中的一些關係，我認為隨著人工智慧工作負載的不斷構建和試驗以及概念驗證的擴展，我們將繼續看到這一點。

And so I think I mostly focus on the fact that together, we saw good performance in Q3 on Azure. As you're inclusive of both components, in terms of our execution, in terms of the skilled and partner teams and backlog and conversion and interesting workloads and adding customer value and solving real problems and adding real value. And I think that's probably how I would approach that number more than trying to separate it in the way that even we have talked about it, but for very different reasons.

因此我認為我主要關注的是我們在第三季度看到了 Azure 的良好表現。就我們的執行而言，就技術和合作夥伴團隊以及積壓和轉換和有趣的工作量以及增加客戶價值和解決實際問題和增加實際價值而言，您包含了這兩個組成部分。我認為這可能是我處理這個數字的方式，而不是像我們討論過的那樣試圖將其分開，但原因卻截然不同。

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 you all soon.

謝謝，亞歷克斯。今天的收益電話會議的問答部分到此結束。感謝您今天加入我們，我們期待很快與你們交談。

Thank you.

謝謝。

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，享受剩餘的一天。