[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio863090c3":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio863090c3","万亿美元市值蒸发！Copilot表现不及预期-微软(MSFT)股价遭遇08金融危机来最差走势","\u002Fdoc\u002Fdcio863090c3","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">在人工智能叙事降温与市场预期调整的双重压力下，微软(MSFT)股价持续走弱，正经历自金融危机以来最疲弱的一段时间。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，周三微软股价下跌0.46%，收于371.04美元，创下自2025年4月以来最低收盘水平。数据显示，该股今年以来表现低迷，正迈向有记录以来最差的开年表现，同时也有望录得自2008年第四季度以来最大季度跌幅。与2025年10月创下的542.07美元历史收盘高点相比，微软股价目前已累计回撤近32%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">市场情绪转弱的一个重要原因在于AI产品落地进展不及预期。UBS分析师近日在报告中指出，微软的核心AI产品，Microsoft 365 Copilot表现“令人失望”，市场接受速度低于此前预期。该机构仍维持“买入”评级，但将12个月目标价从600美元下调至510美元，并强调Copilot业务表现需明显改善，才能推动股价重新获得估值溢价。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">微软方面表示，Copilot在过去一年已完成重构，以充分利用来自OpenAI和Anthropic的技术进展，并称截至去年12月季度，用户使用情况“非常良好”。不过，市场反馈仍显谨慎。分析师指出，目前Copilot订阅用户规模约为1500万席位，仍低于市场预期，尤其在亚洲市场，企业客户普遍认为其价值尚未完全体现。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此外，市场对微软云业务增长前景也出现分歧。公司对Azure需求前景保持乐观，但并未对未来季度的收入增长或算力扩张提供更多指引。分析人士认为，GPU资源配置变化仍可能在短期内限制Azure增长节奏。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">值得注意的是，微软在AI竞争中采取“开放合作”的策略，例如与Anthropic合作开发Copilot相关功能，被部分分析师视为“必要且明智的应对举措”。但整体来看，市场仍在等待更明确的商业化成果。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">受股价持续下跌影响，微软自历史高点以来市值已蒸发约1.28万亿美元。尽管如此，部分机构认为当前估值已具吸引力。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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