相比苹果，微软更受青睐，因其估值更具吸引力；DCF公允价值为451美元，而当前股价为511美元。
逐段跳播
苹果和微软对人工智能热潮采取了截然不同的策略。微软已投入数千亿美元建设数据中心，并投资于OpenAI等具有战略重要性的公司。
Apple and Microsoft have taken radically different approaches to the artificial intelligence boom . Microsoft has invested hundreds of billions of dollars in building data centers and investing in strategically important companies such as OpenAI.
那么，鉴于这两种截然不同的AI热潮应对方式，目前哪一家公司的股票更值得买入呢？在过去十年中，苹果和微软在增加收入方面都做得非常出色。
So, given these two very different approaches to the AI boom, which of these two companies is the better stock to buy right now? Over the past decade, Apple and Microsoft have done an excellent job of increasing revenue.
与此同时，微软的销售额增长主要得益于其云服务部门的销售增长。该公司在人工智能方面的大部分投资都用于建设这些数据中心，然后将其租给像OpenAI这样消耗计算能力的公司。
Meanwhile, Microsoft's sales are increasing primarily due to increased sales in its cloud services unit . This is where most of the company's investments in artificial intelligence went to building these data centers, which it then leases to companies like OpenAI that consume that computing power.
微软在这一类别的积压订单已超过5000亿美元，但由于对OpenAI的过度关注，投资者中存在担忧。由于OpenAI亏损严重，投资者担心微软是否真的能拿到OpenAI欠它的钱。
Microsoft's backlog in this category has exceeded $500 billion, but there is concern among investors due to the heavy focus on OpenAI. As OpenAI loses a lot of money, investors are worried about whether Microsoft will actually get the money that OpenAI owes it .
以营业利润率衡量，微软为46.8%，几乎是2017年接近25%时的两倍。
When measured by operating profit margin , Microsoft has a 46.8% advantage, which is almost double what it was in 2017 when it was closer to 25%.
与此同时，微软的投入资本回报率仅为苹果的一小部分，因为微软已向公司投入了数千亿美元，尤其是在最近几年。然而，其26%的投入资本回报率是其平均加权资本成本的两倍多，或接近两倍。因此，这个数字本身是强劲的。只是与苹果的成就相比，它显得质量较低。
At the same time , Microsoft's return on invested capital is only a small fraction of Apple's, because Microsoft has invested hundreds of billions of dollars in the company, especially in recent years. However, its 26% return on invested capital is more than double, or nearly double, its average weighted cost of capital. Therefore, the number itself is strong. It only seems of lower quality when compared to what Apple achieves .
苹果股票的远期市盈率为33，比微软股票的远期市盈率21.7贵了超过50%。我也喜欢用贴现现金流模型来评估估值，我计算出微软股票的合理价值为451美元。与当前市场价格511美元相比，该股似乎估值合理，考虑到我的安全边际，因为它比我对合理价值的估计高出约11%。
Apple shares are trading at a forward price-to-earnings ratio of 33, which is more than 50% more expensive than Microsoft shares, which are trading at a forward price-to-earnings ratio of 21.7 . I also like to look at the valuation using the discounted cash flow model, and I calculated the fair value of Microsoft stock at $451. Compared to the current market price of $511, the stock appears to be fairly valued when including my margin of safety , as it is about 11% higher than my estimate of fair value.
现在，如果我必须在这两家优秀的公司之间做出选择，我会选择微软，因为它的评级更具吸引力。
Now, if I had to choose between these two excellent companies, I would choose Microsoft because of the more attractive rating.
这个频道对 $MSFT 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。