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大行評級|瑞銀:微軟放緩數據中心投資與AI需求無關 下調目標價至480美元

微軟上週表示正放緩或暫停一些早期階段的數據中心項目。瑞銀報吿認為,有關調整或與人工智能需求無關,該行預期微軟將重申下財年資本支出指引,又認為微軟可能會跟隨亞馬遜,調整圖像處理器(GPU)使用壽命假設。 該行認為微軟人工智能服務產能增長最可能放緩或暫停,與其縮減服務OpenAI GPU訓練需求承諾配合,以及源於微軟對租賃量供應的過度承諾,現在可根據硬體及冷卻技術改進進行調整。該行認為需求冷淡的解釋最不可能。

該行維持對微軟“買入”評級,鑑於同業估值下調,對其目標價亦由510美元降至480美元。該行認為,2025財年第四財季即現財季的Azure指引有令人失望風險。

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