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golidor
#微软Azure增长43%，AI商业化能否提速？
AI商业化确实在提速，但利润率正被高额资本开支严重挤压，被看好的储存3巨头之一海力士也没达到预期
· 提速动力：算力供给周期缩短 + Copilot计费模式从“按人头”转向“按用量（Token）”，收入弹性变大。企业级AI需求正从少数大厂向传统企业扩散。
· 核心隐患：资本开支极高（单季410亿美元），导致自由现金流大跌23%，云毛利率降至65%。市场现在的焦点是：投入这么多钱，到底能换回多少真实利润（ROIC）？
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