《Stocks Down, Yields Up, Iran and AI Fears》
微软仍具吸引力，得益于Azure强劲增长（1000亿美元业务，同比增长43%）、Copilot采用率提升（3000万席位）以及持续的正现金流。
我们通常看到Amazon Web Services、Microsoft Azure和Google Cloud在未来两年内控制着类似的AI实验室计算支出组合，然后这种向backs停止基础设施的转变才会开始。
we generally see Amazon Web Services, Microsoft Azure and Google Cloud controlling a similar mix of AI lab compute spend in the next 2 years before this shift to backs stopped infrastructure kicks in.
也就是说，Amazon、Microsoft和Google现在对其实验室有定价权，但之后，这种定价权护城河可能会消失。
Aka Amazon, Microsoft and Google have pricing power now for their labs, but after that that pricing power moat might go away.