[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"app-context":3,"blog-jim-cramer-warns-microsofts-new-cloud-revenue-is-hostage-to-openai-ahead-of-earnings-ZH":150},{"languages":4,"categories":41,"products":125,"competitors":149},[5,9,13,17,21,25,29,33,37],{"name":6,"code":7,"id":8},"English","EN","TGFuZ3VhZ2U6ZW4=",{"name":10,"code":11,"id":12},"Español","ES","TGFuZ3VhZ2U6ZXM=",{"name":14,"code":15,"id":16},"Português","PT","TGFuZ3VhZ2U6cHQ=",{"name":18,"code":19,"id":20},"日本語","JA","TGFuZ3VhZ2U6amE=",{"name":22,"code":23,"id":24},"한국어","KO","TGFuZ3VhZ2U6a28=",{"name":26,"code":27,"id":28},"Deutsch","DE","TGFuZ3VhZ2U6ZGU=",{"name":30,"code":31,"id":32},"Italiano","IT","TGFuZ3VhZ2U6aXQ=",{"name":34,"code":35,"id":36},"Français","FR","TGFuZ3VhZ2U6ZnI=",{"name":38,"code":39,"id":40},"中文 (中国)","ZH","TGFuZ3VhZ2U6emg=",[42,73,104],{"icon":43,"slug":44,"title":45,"description":46,"featuredLinks":47},"mingcute:stock-line","stock-market-basics","Stock Market Basics","\u003Cp>Beginners' guides and practical tips for understanding stock market investing.\u003C\u002Fp>\n",[48,53,58,63,68],{"url":49,"title":50,"description":51,"ogImage":52},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-makes-stocks-go-up-and-down","What Makes Stocks Go Up and Down | TIKR.com","Understanding what makes stock prices go up and down can help investors better navigate investing. Click to learn more!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-makes-stocks-go-up-and-down-banner\u002FWhat-makes-stocks-go-up-and-down-banner.jpg?_i=AA",{"url":54,"title":55,"description":56,"ogImage":57},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fdividend-yield-meaning-formula-example","Dividend Yield: Meaning, Formula, Example | Tikr.com Blog | TIKR.com","The dividend yield is a key metric for investors looking to gauge the income potential of their investments. It measures how much a company pays out in","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FDividend-yield\u002FDividend-yield.png?_i=AA",{"url":59,"title":60,"description":61,"ogImage":62},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fmarket-capitalization-definition-formula-and-why-it-matters","Market Capitalization: Definition, Formula, and Why It Matters | TIKR.com","Long-term investors often look at various valuation metrics when deciding whether to invest in a particular company. One helpful metric to evaluate is","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FMarket-Capitalization-Definition-Formula-and-Why-It-Matters\u002FMarket-Capitalization-Definition-Formula-and-Why-It-Matters.png?_i=AA",{"url":64,"title":65,"description":66,"ogImage":67},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fearnings-per-share-definition-formula-and-why-eps-matters","Earnings Per Share: Definition, Formula, and Why EPS Matters | TIKR.com","Earnings Per Share (EPS) represents the portion of a company's net earnings allocated to each share. Click to learn more!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEPS-Defiinition-formula-and-why-EPS-matters-1\u002FEPS-Defiinition-formula-and-why-EPS-matters-1.png?_i=AA",{"url":69,"title":70,"description":71,"ogImage":72},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-stock-price-target","What Is a Stock Price Target? | TIKR.com","A price target is a stock's estimated future price. It can help investors quickly find undervalued stocks. Learn more now!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-Stock-Price-Target-2\u002FWhat-is-a-Stock-Price-Target-2.png?_i=AA",{"icon":74,"slug":75,"title":76,"description":77,"featuredLinks":78},"material-symbols:analytics-outline","fundamental-analysis","Fundamental Analysis","\u003Cp>In-depth resources and financial metrics to help you evaluate companies like a pro.\u003C\u002Fp>\n",[79,84,89,94,99],{"url":80,"title":81,"description":82,"ogImage":83},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fshare-repurchase-why-do-companies-buy-back-their-stock","Share Repurchase: Why Do Companies Buy Back Their Stock? | TIKR.com","Share repurchases, or share buybacks, have gained popularity in the last two decades. According to a report from Goldman Sachs, stock buybacks initiated","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FTIKR-BLOG-COVER-PHOTOS-3_544a7f4e\u002FTIKR-BLOG-COVER-PHOTOS-3_544a7f4e.png?_i=AA",{"url":85,"title":86,"description":87,"ogImage":88},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-return-on-invested-capital","What Is a Good Return on Invested Capital? | TIKR.com","Learning about Return on Invested Capital (ROIC) can help investors spot highly profitable stocks that can drive long-term returns. Learn more now!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-return-on-Invested-capital\u002FWhat-is-a-good-return-on-Invested-capital.png?_i=AA",{"url":90,"title":91,"description":92,"ogImage":93},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-return-on-equity-ratio","What is a Good Return on Equity Ratio | Tikr.com Blog | TIKR.com","Return on Equity (ROE) is a financial ratio that reflects a company's profitability in relation to the equity invested by shareholders. It basically","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-return-on-equity-ratio-1\u002FWhat-is-a-good-return-on-equity-ratio-1.jpg?_i=AA",{"url":95,"title":96,"description":97,"ogImage":98},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-p-e-ratio","What Is a Good P\u002FE Ratio? | TIKR.com","Financial analysts and investors look at various metrics before deciding whether a stock is a buy. One of the metrics is the price-to-earnings ratio (P\u002FE","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-PE-ratio-1\u002FWhat-is-a-good-PE-ratio-1.jpg?_i=AA",{"url":100,"title":101,"description":102,"ogImage":103},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Ftop-6-metrics-for-investing-in-reits","Top 6 Metrics for Investing in REITs | TIKR.com","Real estate has been one of the greatest asset classes for wealth creation in history, and investing in Real Estate Investment Trusts (REITs) can allow","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FGroup-10\u002FGroup-10.png?_i=AA",{"icon":105,"slug":106,"title":107,"description":108,"featuredLinks":109},"hugeicons:investigation","investing-lingo","Investing Lingo","\u003Cp>A comprehensive glossary of investing terms and jargon so you can speak the language of the markets confidently.\u003C\u002Fp>\n",[110,115,120],{"url":111,"title":112,"description":113,"ogImage":114},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fenterprise-value-definition-and-calculation","Enterprise Value: Definition and Calculation | Tikr.com Blog | TIKR.com","Enterprise value (EV) is a financial metric that offers a comprehensive snapshot of a company's total value. Unlike market capitalization which solely","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEnterprise-Value-Definition-and-Calculation_37576e40\u002FEnterprise-Value-Definition-and-Calculation_37576e40.png?_i=AA",{"url":116,"title":117,"description":118,"ogImage":119},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Febitda-definition-formula-how-to-use-it","EBITDA: Definition, Formula, How to Use It | TIKR.com","EBITDA stands for earnings before interest, taxes, depreciation and amortization. It's a financial metric commonly used to evaluate a company's financial","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEBITDA-Definition-Formula-How-to-Use-It\u002FEBITDA-Definition-Formula-How-to-Use-It.png?_i=AA",{"url":121,"title":122,"description":123,"ogImage":124},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-the-free-cash-flow-formula-and-why-does-it-matter","What is the Free Cash Flow Formula and Why Does It Matter | TIKR.com","Free cash flow, or FCF, is the cash a company generates after it accounts for outflows required to maintain business operations and support capital","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-the-free-cash-flow-formula\u002FWhat-is-the-free-cash-flow-formula.png?_i=AA",[126,130,134,137,141,145],{"slug":127,"modified":128,"title":129},"valuation-model-builder","2025-07-03T00:18:53","Value Stocks Quickly and Accurately",{"slug":131,"modified":132,"title":133},"stock-portfolio-tracking","2024-12-02T22:21:28","Monitor Your Portfolio",{"slug":75,"modified":135,"title":136},"2025-01-21T22:10:52","Instantly Analyze Companies with In-Depth Metrics",{"slug":138,"modified":139,"title":140},"stock-screener","2024-12-02T22:13:31","Find the Best Stocks to Buy",{"slug":142,"modified":143,"title":144},"investor-stock-portfolio","2025-01-21T22:02:56","Follow Investment Moves of Top Investors",{"slug":146,"modified":147,"title":148},"analyze-stocks","2025-07-23T16:04:24","Analyze Stocks",[],{"post":151,"seo":187,"relatedPosts":194,"suggestedPosts":272},{"id":152,"title":153,"date":154,"modified":155,"excerpt":156,"content":157,"wordCount":158,"lang":159,"uri":160,"slug":161,"cloudinaryAssetId":162,"featuredImageOriginalUrl":163,"featuredImageMetadata":164,"author":167,"editor":173,"categories":178,"relatedPosts":184,"seo":185},141840,"吉姆·克莱默警告称，微软新云收入在财报发布前\"受制于OpenAI\"","2026-10-26T18:42:00","2026-10-23T20:58:17","\u003Cp>订单积压看起来很不错，直到你发现是谁的订单\u003C\u002Fp>","\u003Ch2 id=\"h-key-takeaways\" class=\"wp-block-heading\">核心要点\u003C\u002Fh2>\n\n\n\n\u003Cul class=\"wp-block-list\">\n\u003Cli>吉姆·克莱默表示，微软的新云收入\"被OpenAI挟持\"，NewEdge Wealth的卡梅伦·道森称OpenAI占微软积压订单的40%。\u003C\u002Fli>\n\n\n\n\u003Cli>微软处理这种风险敞口的能力远强于甲骨文，但以其27倍的远期市盈率来看，股价并未对单一客户带来的风险进行太多定价。\u003C\u002Fli>\n\n\n\n\u003Cli>微软的资本支出从2022财年的239亿美元增至2026财年的1160亿美元，因此自由现金流最终为670亿美元，仅略高于起始水平。\u003C\u002Fli>\n\n\n\n\u003Cli>微软将于10月28日发布财报，需要关注的关键问题是其Azure需求中有多少来自OpenAI以外的客户。\u003C\u002Fli>\n\u003C\u002Ful>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>微软 (\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=21835&tid=2630413\">MSFT\u003C\u002Fa>)\u003C\u002Fstrong> 将于10月28日发布其9月季度业绩，吉姆·克莱默已经知道哪个数字让他担忧。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">在10月19日的\u003Ca href=\"https:\u002F\u002Fpodcasts.apple.com\u002Fus\u002Fpodcast\u002Fmad-money-w-jim-cramer-10-19-26\u002Fid147247199?i=1000797167407\">《疯狂金钱》\u003C\u002Fa>节目中，这位CNBC主持人称超大规模云服务商的财报是AI数据中心综合体的下一个重大考验。随后他进一步聚焦：\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\"微软的新云收入被OpenAI挟持。\"\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">（他将\u003Cstrong>亚马逊 (\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=18749&tid=2588568\">AMZN\u003C\u002Fa>)\u003C\u002Fstrong>和\u003Cstrong>Alphabet (\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=29096&tid=260152426\">GOOG\u003C\u002Fa>)\u003C\u002Fstrong>与Anthropic的关系也归入同一类别。）\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">对于一个拥有AAA信用评级的公司来说，这个词很重。但此时AI股票已经处于紧张状态。\u003Cstrong>甲骨文 (\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=22247&tid=2636077\">ORCL\u003C\u002Fa>)\u003C\u002Fstrong>在10月8日因一份关于OpenAI营收的报告而下跌，其他AI概念股也随之下挫。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">TIKR追踪了56位分析师对微软的看法。有多少人给出\"买入\"评级？\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">查看微软买入、持有和卖出评级的完整细分，以及华尔街的收入和盈利预期，全部集中在一处。超过50万投资者使用TIKR来研究此类股票。\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">查看微软的分析师评级\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-a-quarter-trillion-dollars-on-one-customer\" class=\"wp-block-heading\">押注单一客户的四分之一万亿美元\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">NewEdge Wealth的首席投资官卡梅伦·道森在10月14日的\u003Ca href=\"https:\u002F\u002Fomny.fm\u002Fshows\u002Fbloomberg-surveillance\u002Fbloomberg-surveillance-tv-october-14th-2026\">《彭博观察》\u003C\u002Fa>节目中给出了一个具体数字：\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\"……你看像微软这样的公司，其积压订单的40%来自OpenAI。\"\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">截至6月底，微软的商业积压订单为6780亿美元，较上年同期增长84%。如果道森所说的40%成立，那么大约有2700亿美元押在了一个客户身上。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这，哎呀。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">而且这个客户的收入刚刚缩水了，至少账面上如此。因《大空头》而出名的投资者史蒂夫·艾斯曼在\u003Ca href=\"https:\u002F\u002Fpodcasts.apple.com\u002Fus\u002Fpodcast\u002Fhow-openai-could-cause-a-us-recession-with-steve-eisman\u002Fid1456467014?i=1000796641504\">《The Compound and Friends》\u003C\u002Fa>节目中表示：\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\"……上周OpenAI表示，截至9月底，其年化收入为500亿美元。一个月前他们说的是700亿。\"\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这个差距大部分是会计处理问题。据[金融时报](LINK NEEDED)首次报道，500亿美元这个数字据称未计入OpenAI合作伙伴的总收入，而更高的数字则计入了这部分。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">即便如此，积压订单与之相比显得沉重。大约2700亿美元超过了OpenAI当前年化收入（run-rate）的五倍。道森的问题是，OpenAI的支出中有多少依赖于筹集更多资金。因此，微软的部分增长现在取决于OpenAI的下一轮融资。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-wall-street-is-counting-on-all-of-it\" class=\"wp-block-heading\">华尔街指望这一切\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">分析师预计微软的收入将从2026财年（截至2026年6月）的3320亿美元增长到2027财年的3910亿美元和2028财年的4680亿美元，增速加快至近20%。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1792505475\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028.png?_i=AA\" alt=\"TIKR提供的微软收入条形图，实际值与共识预期，单位：十亿美元，2024-2028财年（截至6月的年度）。\" class=\"wp-post-141840 wp-image-141837\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1792505475\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1792505475\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792505475\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1792505475\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1792505475\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1792505475\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028\u002F2026-10-20_i88519c5cda_MSFT_revenue_estimates_2024-2028.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">微软 (MSFT): 收入，实际值与共识预期，单位：十亿美元，2024-2028财年（截至6月的年度） (\u003Cstrong>TIKR\u003C\u002Fstrong>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这些预期假设积压订单大致按计划转化为收入。OpenAI较低的年化收入（run-rate）主要是会计变更，因此我不认为这会在10月28日之前影响这些数字。对这些数字更大的风险在于OpenAI能否持续支付。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">与此同时，微软正在预先投入资金。资本支出从2022财年的239亿美元增至2026财年的1160亿美元，增长了近5倍，而运营现金流则大约翻了一番，达到1830亿美元。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1792505472\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026.png?_i=AA\" alt=\"TIKR提供的微软运营现金流与资本支出条形图，单位：十亿美元，2022-2026财年（截至6月的年度）。\" class=\"wp-post-141840 wp-image-141838\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1792505472\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1792505472\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792505472\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1792505472\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1792505472\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1792505472\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026\u002F2026-10-20_i88519c5cda_MSFT_cfo_vs_capex_2022-2026.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">微软 (MSFT): 运营现金流与资本支出，单位：十亿美元，2022-2026财年（截至6月的年度） (\u003Cstrong>TIKR\u003C\u002Fstrong>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这使得2026财年的自由现金流为670亿美元，仅略高于2022财年的650亿美元。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-microsoft-can-afford-it\" class=\"wp-block-heading\">微软负担得起\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这一切都不会让微软陷入甲骨文的境地。艾斯曼说\"甲骨文积压订单的一半都只是OpenAI。\"微软每年有1830亿美元的运营现金流和AAA评级来消化一次挫折。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">微软的核心业务也依然强劲。微软云收入在6月季度达到593亿美元，增长27%。Baird的泰德·莫顿森预计情况类似：\"如果你看微软，我认为他们会有一个惊人的数字。\"\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-a-normal-price-for-an-unusual-risk\" class=\"wp-block-heading\">不寻常风险下的正常价格\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">微软的交易价格为27.0倍远期市盈率。这略低于其五年平均的29.4倍，但远高于6月份触及的19.1倍低点。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1792505470\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y.png?_i=AA\" alt=\"TIKR提供的微软远期（NTM）市盈率折线图，过去5年。\" class=\"wp-post-141840 wp-image-141839\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1792505470\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1792505470\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792505470\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1792505470\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1792505470\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1792505470\u002Fimages\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y\u002F2026-10-20_i88519c5cda_MSFT_ntm_pe_5y.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">微软 (MSFT): 远期（NTM）市盈率，过去5年 (\u003Cstrong>TIKR\u003C\u002Fstrong>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这接近于过去五年大部分时间里投资者为微软支付的价格，尽管现在一个客户支撑了其积压订单的很大一部分。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">我的看法：克莱默是对的。微软处理其OpenAI风险敞口的能力远强于甲骨文，但以27倍的市盈率来看，股价并未为此收取太多溢价。我希望在10月28日的财报中看到Azure需求不依赖于OpenAI，然后才愿意支付这个价格。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">当然，OpenAI预计到年底将达到700亿美元或更高的年化收入，\u003Ca href=\"https:\u002F\u002Fwww.bloomberg.com\u002Fnews\u002Farticles\u002F2026-10-09\u002Fopenai-expects-70-billion-in-annualized-revenue-by-end-of-2026\">据彭博社报道\u003C\u002Fa>。如果它达到这个目标并持续融资，那么2700亿美元看起来就安全得多。Alphabet和亚马逊在同一周发布财报，因此我们很快就能知道云计算的繁荣有多少依赖于两个AI实验室。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-so-what-is-microsoft-stock-actually-worth\" class=\"wp-block-heading\">那么微软股票的实际价值是多少？\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">TIKR让你在一分钟内预测任何股票的未来价格。只需在TIKR的估值模型中输入几个假设，就能看到微软可能的价值。从华尔街共识预期开始，或者调整输入参数以反映你对业务的看法。免费使用。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">免费为微软估值\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch3 id=\"h-disclaimer\" class=\"wp-block-heading\">\u003Cstrong>免责声明：\u003C\u002Fstrong>\u003C\u002Fh3>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cem>请注意，TIKR上的文章并非TIKR或我们的内容团队提供的投资或财务建议，也不是买卖任何股票的建议。我们根据TIKR Terminal的投资数据和分析师预期来创建内容。我们的分析可能未包含最新的公司新闻或重要更新。TIKR未持有任何提及股票的头寸。感谢阅读，祝您投资愉快！\u003C\u002Fem>\u003C\u002Fp>",1039,"zh","\u002Fblog\u002Fjim-cramer-warns-microsofts-new-cloud-revenue-is-hostage-to-openai-ahead-of-earnings","jim-cramer-warns-microsofts-new-cloud-revenue-is-hostage-to-openai-ahead-of-earnings","images\u002FMicrosoft\u002FMicrosoft","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792787957\u002Fimages\u002FMicrosoft\u002FMicrosoft.png?_i=AA",{"altText":165,"imageCredit":166},"Jim Cramer Warns Microsoft’s New Cloud Revenue Is “Hostage to OpenAI” Ahead of Earnings","Natee Meepian's Images",{"name":168,"slug":169,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":172},"Bobby Sankhagowit","bobby","author","",[],{"name":174,"slug":175,"role":176,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":177},"Michael Douglass","MichaelDouglass","editor",[],[179],{"name":180,"slug":181,"uri":182,"description":171,"postsCount":183},"一般投资","general-investing","\u002Fblog\u002Fcategory\u002Fgeneral-investing",0,[],{"title":165,"metaDesc":186,"opengraphDescription":186,"twitterTitle":165,"twitterDescription":186},"The backlog looks great until you see whose it is",{"title":188,"description":186,"twitterTitle":188,"twitterDescription":186,"author":168,"articlePublisher":189,"articlePublishedTime":154,"articleModifiedTime":155,"twitterLabel1":190,"twitterData1":191,"ogTitle":188,"ogDescription":186,"ogUrl":160,"ogImage":163,"ogImageWidth":192,"ogImageHeight":193,"ogImageSecureUrl":163,"ogImageAlt":165,"twitterImage":163},"Jim Cramer Warns Microsoft’s New Cloud Revenue Is “Hostage to OpenAI” Ahead of Earnings","TIKR.com","预计阅读时间","2 minutes",1200,630,[195,212,227,242,257],{"id":183,"title":196,"date":197,"excerpt":198,"wordCount":199,"uri":200,"slug":201,"cloudinaryAssetId":202,"featuredImageOriginalUrl":203,"featuredImageMetadata":204,"author":205,"categories":209,"relatedPosts":211},"萨蒂亚·纳德拉：大多数AI将是\"商品化代币使用\"。微软已在采用更便宜的模型","2026-10-26 18:38:52","廉价代币对微软来说大多是利好消息。大多数情况下如此。",911,"\u002Fblog\u002Fsatya-nadella-most-ai-will-be-commodity-token-usage-microsoft-is-already-using-cheaper-models","satya-nadella-most-ai-will-be-commodity-token-usage-microsoft-is-already-using-cheaper-models","images\u002Fshocked-woman-ai-network\u002Fshocked-woman-ai-network","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793024647\u002Fimages\u002Fshocked-woman-ai-network\u002Fshocked-woman-ai-network.png?_i=AA",{"altText":196},{"name":206,"slug":207,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":208},"Roxanna Maglangit","roxtikr",[],[210],{"name":180,"slug":181,"uri":182,"description":171,"postsCount":183},[],{"id":183,"title":213,"date":214,"excerpt":215,"wordCount":216,"uri":217,"slug":218,"cloudinaryAssetId":219,"featuredImageOriginalUrl":220,"featuredImageMetadata":221,"author":222,"categories":224,"relatedPosts":226},"斯科特·加洛韦选择Meta为AI\"最大赢家\"，其350亿美元融资提振股价","2026-10-26 18:37:16","就连盖洛威也不得不承认这一点。",996,"\u002Fblog\u002Fscott-galloway-picks-meta-as-ais-big-winner-as-its-35-billion-raise-lifts-the-stock","scott-galloway-picks-meta-as-ais-big-winner-as-its-35-billion-raise-lifts-the-stock","images\u002Fgrinning-man-with-stubble-ai-network\u002Fgrinning-man-with-stubble-ai-network","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793024794\u002Fimages\u002Fgrinning-man-with-stubble-ai-network\u002Fgrinning-man-with-stubble-ai-network.png?_i=AA",{"altText":213},{"name":206,"slug":207,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":223},[],[225],{"name":180,"slug":181,"uri":182,"description":171,"postsCount":183},[],{"id":183,"title":228,"date":229,"excerpt":230,"wordCount":231,"uri":232,"slug":233,"cloudinaryAssetId":234,"featuredImageOriginalUrl":235,"featuredImageMetadata":236,"author":237,"categories":239,"relatedPosts":241},"斯科特·加洛维谈特斯拉与SpaceX：\"特斯拉是病人，SpaceX是器官捐献者\"","2026-10-26 18:35:37","巴克莱刚刚替他做了论证",1002,"\u002Fblog\u002Fscott-galloway-on-tesla-and-spacex-teslas-the-patient-and-spacex-is-the-organ-donor","scott-galloway-on-tesla-and-spacex-teslas-the-patient-and-spacex-is-the-organ-donor","images\u002Felon-musk-tesla-supercharger\u002Felon-musk-tesla-supercharger","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793024937\u002Fimages\u002Felon-musk-tesla-supercharger\u002Felon-musk-tesla-supercharger.png?_i=AA",{"altText":228},{"name":206,"slug":207,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":238},[],[240],{"name":180,"slug":181,"uri":182,"description":171,"postsCount":183},[],{"id":183,"title":243,"date":244,"excerpt":245,"wordCount":246,"uri":247,"slug":248,"cloudinaryAssetId":249,"featuredImageOriginalUrl":250,"featuredImageMetadata":251,"author":252,"categories":254,"relatedPosts":256},"迈克尔·伯里支持肯·格里芬\"显而易见\"的GPU警告，市场风险正成倍增加","2026-10-26 18:33:30","租金价格仍显示供应短缺，但一家GPU租赁商的缓冲空间已所剩无几。",1026,"\u002Fblog\u002Fmichael-burry-backs-ken-griffins-obvious-gpu-warning-as-market-risk-multiplies","michael-burry-backs-ken-griffins-obvious-gpu-warning-as-market-risk-multiplies","images\u002Fanxious-man-biting-his-nails-data-center-servers\u002Fanxious-man-biting-his-nails-data-center-servers","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793025742\u002Fimages\u002Fanxious-man-biting-his-nails-data-center-servers\u002Fanxious-man-biting-his-nails-data-center-servers.png?_i=AA",{"altText":243},{"name":206,"slug":207,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":253},[],[255],{"name":180,"slug":181,"uri":182,"description":171,"postsCount":183},[],{"id":183,"title":258,"date":259,"excerpt":260,"wordCount":261,"uri":262,"slug":263,"cloudinaryAssetId":264,"featuredImageOriginalUrl":265,"featuredImageMetadata":266,"author":267,"categories":269,"relatedPosts":271},"吉姆·查诺斯：SpaceX的400亿美元芯片债务引发\"一个相当重大的5000亿美元问题\"","2026-10-26 18:31:27","跟着芯片走。",1019,"\u002Fblog\u002Fjim-chanos-spacexs-40-billion-chip-debt-raises-a-pretty-material-500b-question","jim-chanos-spacexs-40-billion-chip-debt-raises-a-pretty-material-500b-question","images\u002FSPCX-stock-U-S-Air-Force-photo-by-Trevor-Cokley-and-SUMALI-IBNU-CHAMID-from-Alemedia-id-via-Canva\u002FSPCX-stock-U-S-Air-Force-photo-by-Trevor-Cokley-and-SUMALI-IBNU-CHAMID-from-Alemedia-id-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792699248\u002Fimages\u002FSPCX-stock-U-S-Air-Force-photo-by-Trevor-Cokley-and-SUMALI-IBNU-CHAMID-from-Alemedia-id-via-Canva\u002FSPCX-stock-U-S-Air-Force-photo-by-Trevor-Cokley-and-SUMALI-IBNU-CHAMID-from-Alemedia-id-via-Canva.png?_i=AA",{"altText":258},{"name":206,"slug":207,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":268},[],[270],{"name":180,"slug":181,"uri":182,"description":171,"postsCount":183},[],[273,293,308,322,337,357,372,387],{"id":183,"title":274,"date":275,"excerpt":276,"wordCount":277,"uri":278,"slug":279,"cloudinaryAssetId":280,"featuredImageOriginalUrl":281,"featuredImageMetadata":282,"author":283,"categories":287,"relatedPosts":292},"过去12个月上涨13%，Arista Networks股票能否在2026年带来更佳回报？","2026-10-26 12:57:00","Arista股票一年内上涨了10%。查看TIKR估值模型对ANET上行空间的预测，其目标价预计在2028年12月前达到275美元。",1099,"\u002Fblog\u002Farista-networks-stock-valuation-anet-2026","arista-networks-stock-valuation-anet-2026","images\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793010558\u002Fimages\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva.png?_i=AA",{"altText":274},{"name":284,"slug":285,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":286},"Aditya Raghunath","adityatikr",[],[288],{"name":289,"slug":290,"uri":291,"description":171,"postsCount":183},"估价","valuation","\u002Fblog\u002Fcategory\u002Fvaluation",[],{"id":183,"title":294,"date":295,"excerpt":296,"wordCount":297,"uri":298,"slug":299,"cloudinaryAssetId":300,"featuredImageOriginalUrl":301,"featuredImageMetadata":302,"author":303,"categories":305,"relatedPosts":307},"过去12个月下跌48%，SoFi股票能否在2026年交出更好的成绩单？","2026-10-26 12:45:00","SoFi股价一年内下跌了51%。来看看TIKR估值模型对SOFI上行空间的看法，其目标价为到2028年12月达到22美元。",1081,"\u002Fblog\u002Fsofi-stock-valuation-sofi-2026","sofi-stock-valuation-sofi-2026","images\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793015325\u002Fimages\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva.png?_i=AA",{"altText":294},{"name":284,"slug":285,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":304},[],[306],{"name":289,"slug":290,"uri":291,"description":171,"postsCount":183},[],{"id":183,"title":309,"date":295,"excerpt":310,"wordCount":311,"uri":312,"slug":313,"cloudinaryAssetId":314,"featuredImageOriginalUrl":315,"featuredImageMetadata":316,"author":317,"categories":319,"relatedPosts":321},"过去12个月仅上涨9%，Palantir股票能否在2026年带来更好的回报？","Palantir股价一年来仅上涨4%。查看TIKR估值模型对PLTR上行空间的预测，其目标价至2028年12月将达到529美元。",1024,"\u002Fblog\u002Fpalantir-stock-valuation-pltr-2026","palantir-stock-valuation-pltr-2026","images\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793003212\u002Fimages\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c.png?_i=AA",{"altText":309},{"name":284,"slug":285,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":318},[],[320],{"name":289,"slug":290,"uri":291,"description":171,"postsCount":183},[],{"id":183,"title":323,"date":324,"excerpt":325,"wordCount":326,"uri":327,"slug":328,"cloudinaryAssetId":329,"featuredImageOriginalUrl":330,"featuredImageMetadata":331,"author":332,"categories":334,"relatedPosts":336},"过去12个月下跌56%，AppLovin股票能否在2026年带来更好回报？","2026-10-26 12:33:00","AppLovin股价在过去一年下跌了60%。来看看TIKR估值模型对APP上行潜力的分析，其给出的目标价为到2028年12月达到366美元。",1139,"\u002Fblog\u002Fapplovin-stock-valuation-app-2026","applovin-stock-valuation-app-2026","images\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793013215\u002Fimages\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2.png?_i=AA",{"altText":323},{"name":284,"slug":285,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":333},[],[335],{"name":289,"slug":290,"uri":291,"description":171,"postsCount":183},[],{"id":183,"title":338,"date":339,"excerpt":340,"wordCount":341,"uri":342,"slug":343,"cloudinaryAssetId":344,"featuredImageOriginalUrl":345,"featuredImageMetadata":346,"author":347,"categories":351,"relatedPosts":356},"埃克森美孚股价创下收盘新高，布伦特原油突破116美元。展望2030年该股走势","2026-10-26 07:55:00","埃克森美孚10月23日收盘创下183.21美元的历史新高，当时布伦特原油价格突破每桶116美元，目前其股价已超过华尔街分析师的平均目标价。该公司首席财务官表示，与先锋自然资源合并的协同效应已翻倍，且埃克森的目标是通过更少的油井使二叠纪盆地的采收率翻倍，这是公司可控的一项成本杠杆。",791,"\u002Fblog\u002Fexxonmobil-stock-hit-a-record-close-as-brent-topped-116-heres-where-the-stock-could-go-by-2030","exxonmobil-stock-hit-a-record-close-as-brent-topped-116-heres-where-the-stock-could-go-by-2030","images\u002F13-10\u002F13-10","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976181\u002Fimages\u002F13-10\u002F13-10.png?_i=AA",{"altText":338},{"name":348,"slug":349,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":350},"Wiltone Asuncion","wiltonetikr",[],[352],{"name":353,"slug":354,"uri":355,"description":171,"postsCount":183},"股票评论","reviews","\u002Fblog\u002Fcategory\u002Freviews",[],{"id":183,"title":358,"date":359,"excerpt":360,"wordCount":361,"uri":362,"slug":363,"cloudinaryAssetId":364,"featuredImageOriginalUrl":365,"featuredImageMetadata":366,"author":367,"categories":369,"relatedPosts":371},"Rivian创下52周新低，就在收购AI模拟初创公司次日。10月29日市场走势说明了什么","2026-10-26 07:50:00","Rivian股价在收购一家人工智能模拟初创公司次日触及52周低点，延续了数周前开始的19%跌幅。10月29日的财报如今必须证明其成本结构能够承载自动驾驶研发支出。",925,"\u002Fblog\u002Frivian-hit-a-52-week-low-the-day-after-buying-an-ai-simulation-startup-heres-what-october-29-has-to-show","rivian-hit-a-52-week-low-the-day-after-buying-an-ai-simulation-startup-heres-what-october-29-has-to-show","images\u002F12-10_145310df477\u002F12-10_145310df477","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976166\u002Fimages\u002F12-10_145310df477\u002F12-10_145310df477.png?_i=AA",{"altText":358},{"name":348,"slug":349,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":368},[],[370],{"name":353,"slug":354,"uri":355,"description":171,"postsCount":183},[],{"id":183,"title":373,"date":374,"excerpt":375,"wordCount":376,"uri":377,"slug":378,"cloudinaryAssetId":379,"featuredImageOriginalUrl":380,"featuredImageMetadata":381,"author":382,"categories":384,"relatedPosts":386},"Robinhood股票在10月发布第三季度财报前下跌了15%。以下是其到2030年的潜在走向","2026-10-26 07:45:00","Robinhood在10月27日财报发布前，两个交易日累计下跌6.73%，走势与Coinbase同步。10月22日的两项进展指向可能不会在其加密货币收入项中体现的加密活动：比特币价格合约以及Morpho为其股票代币推出的首个借贷市场。",854,"\u002Fblog\u002Frobinhood-stock-fell-15-in-october-before-its-q3-report-heres-where-it-could-go-by-2030","robinhood-stock-fell-15-in-october-before-its-q3-report-heres-where-it-could-go-by-2030","images\u002F11-11_145309e717b\u002F11-11_145309e717b","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976143\u002Fimages\u002F11-11_145309e717b\u002F11-11_145309e717b.png?_i=AA",{"altText":373},{"name":348,"slug":349,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":383},[],[385],{"name":353,"slug":354,"uri":355,"description":171,"postsCount":183},[],{"id":183,"title":388,"date":389,"excerpt":390,"wordCount":391,"uri":392,"slug":393,"cloudinaryAssetId":394,"featuredImageOriginalUrl":395,"featuredImageMetadata":396,"author":397,"categories":399,"relatedPosts":401},"沃尔玛股价10月上涨15%，尽管盈利预测并未上调。以下是其到2031年的潜在走势","2026-10-26 07:40:00","沃尔玛股价在9月30日至10月23日期间上涨了15.4%，但分析师对其未来12个月的每股收益（EPS）预估仍维持在3.00美元。几乎全部涨幅都源于更高的估值倍数，而公司此前在11月19日发布的业绩指引中，预计每股收益增长仅为0%至3%。",832,"\u002Fblog\u002Fwalmart-stock-rose-15-in-october-without-a-higher-earnings-forecast-heres-where-it-could-go-by-2031","walmart-stock-rose-15-in-october-without-a-higher-earnings-forecast-heres-where-it-could-go-by-2031","images\u002F10-14_145308a5c00\u002F10-14_145308a5c00","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976123\u002Fimages\u002F10-14_145308a5c00\u002F10-14_145308a5c00.png?_i=AA",{"altText":388},{"name":348,"slug":349,"role":170,"roleTitle":171,"biography":171,"avatar":171,"socialMediaLinks":398},[],[400],{"name":353,"slug":354,"uri":355,"description":171,"postsCount":183},[]]