微软关于数据中心租赁的会计变更具有误导性，且国债收益率上升给公司带来了融资成本问题。
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你们大多数人可能不知道，微软刚刚悄悄改变了其会计技术——或者说试图对此保密，将其掩盖起来。该报道指出，此次会计变更将这家软件巨头的资本支出预期从1900亿美元调整至约1750亿美元。
Most of you probably don't know that Microsoft just kind of secretly or tried to be a little secret about it, kind of sweeping under the rug, changed their accounting techniques. It says the accounting change adjusted the software giant's CapEx expectations to about 175 billion down from 190.
微软正在分摊数据中心的成本。不过，这种说法有些误导，因为他们提到的是“数据中心的成本”，但实际上指的是微软必须支付的这些租赁费用。
Microsoft is spreading the cost of the data centers. Now, they This is a little misleading because they say the cost of the data centers. What they're really referring to are these leases that Microsoft is having to pay.
但实际情况是，他们将这些用于租赁所有数据中心的租约（我指的是微软）原本计入资本支出，但现在他们说：“实际上，我们要重新分类。”而重新分类的结果是将该项从资产负债表项目转为损益表项目。
But what's happening is they're taking these leases that they have for leasing all of these data centers. I'm talking about Microsoft. And they were putting them into CapEx, but now they're saying, "Actually, we're going to go ahead and reclassify that." And what they're reclassifying it as takes it from a balance sheet item into a P&L item.
举个例子，如果你是一名投资者，且能从10年期国债收益率中获得8%的回报，那你绝不可能以9%的利率借钱给微软。你会要求10%、11%的利率。你看，问题就出在这里。
So, if you're an investor as an example, and you can get 8% on a 10-year Treasury yield, well, there's no way you're going to lend to Microsoft at 9%. You're going to lend to them at 10%, 11%. You see, that's where we get into a problem.
这个频道对 $MSFT 的历次判断
George Gammon 在这只股票上只有这一条判断。