[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"app-context":3,"blog-satya-nadella-most-ai-will-be-commodity-token-usage-microsoft-is-already-using-cheaper-models-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":184,"relatedPosts":191,"suggestedPosts":267},{"id":152,"title":153,"date":154,"modified":154,"excerpt":155,"content":156,"wordCount":157,"lang":158,"uri":159,"slug":160,"cloudinaryAssetId":161,"featuredImageOriginalUrl":162,"featuredImageMetadata":163,"author":166,"editor":172,"categories":175,"relatedPosts":181,"seo":182},145640,"萨提亚·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","2026-10-26T18:38:52","\u003Cp>廉价代币对微软来说大多是利好消息。大多数情况下如此。\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>微软CEO萨提亚·纳德拉在20VC播客中表示，大多数AI令牌使用将是商品化使用，并且Copilot已经运行在许多更便宜的模型上。\u003C\u002Fli>\n\n\n\n\u003Cli>随着AI使用量的增长，更便宜的模型保护了微软的利润率，因为公司的大部分利润来自消耗令牌的应用程序。\u003C\u002Fli>\n\n\n\n\u003Cli>毛利率从2024财年的69.8%下滑至2026财年的67.9%，而资本支出攀升至1160亿美元，商品化定价可能使这笔支出更难收回。\u003C\u002Fli>\n\n\n\n\u003Cli>10月28日的财报将显示微软云的毛利率是否如管理层所指引的那样，维持在65%附近。\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> CEO萨提亚·纳德拉对AI使用的发展方向有一个直率的预测，这对任何指望前沿模型能维持高价的人来说都是个坏消息。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">在\u003Ca href=\"https:\u002F\u002Fthetwentyminutevc.libsyn.com\u002F20vc-satya-nadella-on-open-vs-closed-models-who-wins-whether-to-trust-frontier-model-providers-why-companies-need-to-own-their-own-intelligence-the-importance-of-verticalisation-from-chips-to-models-and-more\">20VC播客\u003C\u002Fa>的新一期节目中，纳德拉说\"前沿模型市场将永远存在。\"但是：\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\"我认为令牌使用将主要是商品化令牌使用。\"\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">当被问及这是否意味着开源模型时，他表示可能是开源权重模型或便宜的闭源模型，因为\"将会有很多价格竞争。\"然后他提到了自己的产品。他说，在Copilot内部，\"我们使用了许多闭源的、更便宜的模型。\"\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">对于OpenAI的长期合作伙伴来说，这是一个相当重要的声明。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>TIKR追踪了57位分析师的微软评级。有多少人给出\"买入\"评级？\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">在一个地方查看微软的买入、持有和卖出评级的完整细分，以及华尔街的收入和盈利预测。超过50万投资者使用TIKR来研究像这样的股票。\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fvaluation-model-builder?ref=tikrblog\">查看微软的分析师评级\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-cheap-tokens-are-good-for-copilot\" class=\"wp-block-heading\">便宜的令牌对Copilot有利\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">微软的生产力和业务流程部门，即Office和Microsoft 365的所在地，在2026财年（截至6月）贡献了公司54.0%的营业利润。每个Copilot回答都需要微软的计算成本。因此，其背后的模型越便宜，微软从每个用户席位价格中保留的利润就越多。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">而这个成本已经显现出来。微软的毛利率已连续两年下滑，从2024财年的69.8%降至2026财年的67.9%。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_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\u002Fv1793024561\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026.png?_i=AA\" alt=\"TIKR提供的微软毛利率（%）折线图，2022-2026财年（截至6月）。\" class=\"wp-post-145640 wp-image-145637\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1793024561\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1793024561\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793024561\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1793024561\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1793024561\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1793024561\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_gross_margin_2022-2026.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">微软 (MSFT): 毛利率（%），2022-2026财年（截至6月） (\u003Cstrong>TIKR\u003C\u002Fstrong>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">它仍在继续下滑。微软云的毛利率从2025年9月季度的68%降至2026年6月季度的65%。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">更便宜的模型是微软的解决方案。在其第四财季电话会议上，管理层表示其自有的MAI模型在一个Dynamics 365功能中将GPU成本降低了89%，在PowerPoint中降低了高达84%。纳德拉也不打算免费提供这些模型。他称它们为\"授权权重\"，并表示希望建立一个\"简单、直接的软件业务。\"\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">此外，微软在其他方面也控制住了成本。2026财年运营费用增长了7%，而收入增长了18%，因此即使毛利率下降，运营利润率也从45.6%上升至46.8%。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-azure-sells-the-tokens-too\" class=\"wp-block-heading\">Azure也销售令牌\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">当然，微软也销售令牌。Azure出租运行令牌所需的计算能力，而纳德拉看到这个市场竞争日益激烈：\"每天醒来你都会说，哇，技术栈的每一层竞争都更多了。\"他提到了芯片、运行芯片的系统，以及模型和应用程序。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">商品化令牌意味着该计算能力的商品化定价，而微软已投入巨资建设该能力。资本支出从2022财年的239亿美元攀升至2026财年的1160亿美元。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_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\u002Fv1793024549\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026.png?_i=AA\" alt=\"TIKR提供的微软资本支出柱状图，单位十亿美元，2022-2026财年（截至6月）。\" class=\"wp-post-145640 wp-image-145639\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1793024549\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1793024549\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793024549\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1793024549\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1793024549\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1793024549\u002Fimages\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026\u002F2026-10-26_ia3b69e1495_MSFT_capex_2022-2026.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">微软 (MSFT): 资本支出，单位十亿美元，2022-2026财年（截至6月） (\u003Cstrong>TIKR\u003C\u002Fstrong>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">分析师预计2027财年将达到1937亿美元。如果令牌价格持续下跌，那么这些投入的每一美元都必须更努力地工作才能收回成本。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">合同可以缓解冲击。截至2026年6月30日，微软的商业剩余履约义务达到6780亿美元，增长了84%，排除OpenAI后增长了25%。OpenAI在2025年底约占该积压订单的45%，因此Copilot战略在这里也很重要。微软自己的应用程序可以在不依赖OpenAI最昂贵模型的情况下赚钱。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-microsoft-comes-out-ahead-if-nadella-is-right\" class=\"wp-block-heading\">如果纳德拉是对的，微软将受益\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">我的看法：微软站在了廉价AI的正确一边。它拥有消耗大部分令牌的应用程序，因此价格下降应体现为Copilot更好的利润率。同时，其积压订单为Azure提供了多年的合同需求，而价格正在调整。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">资本支出是我会关注的部分。微软将于10月28日公布第一财季业绩，管理层指引微软云的毛利率将大致稳定在65%。如果能够保持，这将是更便宜模型正在发挥作用的首个迹象。如果再次下滑，则可能意味着Azure的定价下降速度快于Copilot的成本下降速度。\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。可以从华尔街共识预测开始，或者调整输入参数以反映你对业务的看法。它是免费使用的。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fvaluation-model-builder?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，也不是买入或卖出任何股票的建议。我们根据TIKR Terminal的投资数据和分析师预测来创建内容。我们的分析可能未包含近期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>",911,"zh","\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":164,"imageCredit":165},"Satya Nadella: Most AI Will Be “Commodity Token Usage.” Microsoft Is Already Using Cheaper Models","Deagreez from Getty Images via Canva",{"name":167,"slug":168,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":171},"Roxanna Maglangit","roxtikr","author","",[],{"name":167,"slug":168,"role":173,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":174},"editor",[],[176],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},"一般投资","general-investing","\u002Fblog\u002Fcategory\u002Fgeneral-investing",0,[],{"title":164,"metaDesc":183,"opengraphDescription":183,"twitterTitle":164,"twitterDescription":183},"Cheap tokens are mostly good news for Microsoft. Mostly.",{"title":185,"description":183,"twitterTitle":185,"twitterDescription":183,"author":167,"articlePublisher":186,"articlePublishedTime":154,"articleModifiedTime":154,"twitterLabel1":187,"twitterData1":188,"ogTitle":185,"ogDescription":183,"ogUrl":159,"ogImage":162,"ogImageWidth":189,"ogImageHeight":190,"ogImageSecureUrl":162,"ogImageAlt":164,"twitterImage":162},"Satya Nadella: Most AI Will Be “Commodity Token Usage.” Microsoft Is Already Using Cheaper Models","TIKR.com","预计阅读时间","1 minute",1200,630,[192,207,222,237,252],{"id":180,"title":193,"date":194,"excerpt":195,"wordCount":196,"uri":197,"slug":198,"cloudinaryAssetId":199,"featuredImageOriginalUrl":200,"featuredImageMetadata":201,"author":202,"categories":204,"relatedPosts":206},"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":193},{"name":167,"slug":168,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":203},[],[205],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],{"id":180,"title":208,"date":209,"excerpt":210,"wordCount":211,"uri":212,"slug":213,"cloudinaryAssetId":214,"featuredImageOriginalUrl":215,"featuredImageMetadata":216,"author":217,"categories":219,"relatedPosts":221},"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":208},{"name":167,"slug":168,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":218},[],[220],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],{"id":180,"title":223,"date":224,"excerpt":225,"wordCount":226,"uri":227,"slug":228,"cloudinaryAssetId":229,"featuredImageOriginalUrl":230,"featuredImageMetadata":231,"author":232,"categories":234,"relatedPosts":236},"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":223},{"name":167,"slug":168,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":233},[],[235],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],{"id":180,"title":238,"date":239,"excerpt":240,"wordCount":241,"uri":242,"slug":243,"cloudinaryAssetId":244,"featuredImageOriginalUrl":245,"featuredImageMetadata":246,"author":247,"categories":249,"relatedPosts":251},"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":238},{"name":167,"slug":168,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":248},[],[250],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],{"id":180,"title":253,"date":254,"excerpt":255,"wordCount":256,"uri":257,"slug":258,"cloudinaryAssetId":259,"featuredImageOriginalUrl":260,"featuredImageMetadata":261,"author":262,"categories":264,"relatedPosts":266},"特朗普的首位AI沙皇：\"CoreWeave不会破产\"，因为AI具有\"强制稀缺性\"","2026-10-26 18:30:00","售罄的需求仍需支付费用。",1043,"\u002Fblog\u002Ftrumps-first-ai-czar-coreweave-cant-go-bankrupt-because-ai-has-enforced-scarcity","trumps-first-ai-czar-coreweave-cant-go-bankrupt-because-ai-has-enforced-scarcity","images\u002FCoreweave-Stock_144514070b2\u002FCoreweave-Stock_144514070b2","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792786113\u002Fimages\u002FCoreweave-Stock_144514070b2\u002FCoreweave-Stock_144514070b2.png?_i=AA",{"altText":253},{"name":167,"slug":168,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":263},[],[265],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],[268,288,303,317,332,352,367,382,397],{"id":180,"title":269,"date":270,"excerpt":271,"wordCount":272,"uri":273,"slug":274,"cloudinaryAssetId":275,"featuredImageOriginalUrl":276,"featuredImageMetadata":277,"author":278,"categories":282,"relatedPosts":287},"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":269},{"name":279,"slug":280,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":281},"Aditya Raghunath","adityatikr",[],[283],{"name":284,"slug":285,"uri":286,"description":170,"postsCount":180},"估价","valuation","\u002Fblog\u002Fcategory\u002Fvaluation",[],{"id":180,"title":289,"date":290,"excerpt":291,"wordCount":292,"uri":293,"slug":294,"cloudinaryAssetId":295,"featuredImageOriginalUrl":296,"featuredImageMetadata":297,"author":298,"categories":300,"relatedPosts":302},"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":289},{"name":279,"slug":280,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":299},[],[301],{"name":284,"slug":285,"uri":286,"description":170,"postsCount":180},[],{"id":180,"title":304,"date":290,"excerpt":305,"wordCount":306,"uri":307,"slug":308,"cloudinaryAssetId":309,"featuredImageOriginalUrl":310,"featuredImageMetadata":311,"author":312,"categories":314,"relatedPosts":316},"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":304},{"name":279,"slug":280,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":313},[],[315],{"name":284,"slug":285,"uri":286,"description":170,"postsCount":180},[],{"id":180,"title":318,"date":319,"excerpt":320,"wordCount":321,"uri":322,"slug":323,"cloudinaryAssetId":324,"featuredImageOriginalUrl":325,"featuredImageMetadata":326,"author":327,"categories":329,"relatedPosts":331},"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":318},{"name":279,"slug":280,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":328},[],[330],{"name":284,"slug":285,"uri":286,"description":170,"postsCount":180},[],{"id":180,"title":333,"date":334,"excerpt":335,"wordCount":336,"uri":337,"slug":338,"cloudinaryAssetId":339,"featuredImageOriginalUrl":340,"featuredImageMetadata":341,"author":342,"categories":346,"relatedPosts":351},"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":333},{"name":343,"slug":344,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":345},"Wiltone Asuncion","wiltonetikr",[],[347],{"name":348,"slug":349,"uri":350,"description":170,"postsCount":180},"股票评论","reviews","\u002Fblog\u002Fcategory\u002Freviews",[],{"id":180,"title":353,"date":354,"excerpt":355,"wordCount":356,"uri":357,"slug":358,"cloudinaryAssetId":359,"featuredImageOriginalUrl":360,"featuredImageMetadata":361,"author":362,"categories":364,"relatedPosts":366},"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":353},{"name":343,"slug":344,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":363},[],[365],{"name":348,"slug":349,"uri":350,"description":170,"postsCount":180},[],{"id":180,"title":368,"date":369,"excerpt":370,"wordCount":371,"uri":372,"slug":373,"cloudinaryAssetId":374,"featuredImageOriginalUrl":375,"featuredImageMetadata":376,"author":377,"categories":379,"relatedPosts":381},"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":368},{"name":343,"slug":344,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":378},[],[380],{"name":348,"slug":349,"uri":350,"description":170,"postsCount":180},[],{"id":180,"title":383,"date":384,"excerpt":385,"wordCount":386,"uri":387,"slug":388,"cloudinaryAssetId":389,"featuredImageOriginalUrl":390,"featuredImageMetadata":391,"author":392,"categories":394,"relatedPosts":396},"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":383},{"name":343,"slug":344,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":393},[],[395],{"name":348,"slug":349,"uri":350,"description":170,"postsCount":180},[],{"id":180,"title":398,"date":399,"excerpt":400,"wordCount":401,"uri":402,"slug":403,"cloudinaryAssetId":404,"featuredImageOriginalUrl":405,"featuredImageMetadata":406,"author":407,"categories":409,"relatedPosts":411},"苹果短暂超越英伟达，英伟达股价跌幅达12%。苹果股票到2030年可能走向何方","2026-10-26 07:35:00","苹果公司于10月23日短暂超越英伟达，成为全球市值最高的公司，股价创下351.73美元的历史新高。其人工智能战略所需资本支出极少，但以38倍的市盈率来看，11月2日公布的利润率数据将决定其估值倍数。",845,"\u002Fblog\u002Fapple-briefly-topped-nvidia-as-nvidias-slide-reached-12-heres-where-apple-stock-could-go-by-2030","apple-briefly-topped-nvidia-as-nvidias-slide-reached-12-heres-where-apple-stock-could-go-by-2030","images\u002F9-15_1453077213e\u002F9-15_1453077213e","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976106\u002Fimages\u002F9-15_1453077213e\u002F9-15_1453077213e.png?_i=AA",{"altText":398},{"name":343,"slug":344,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":408},[],[410],{"name":348,"slug":349,"uri":350,"description":170,"postsCount":180},[]]