External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.</li><li>Net profit was up 12.5% YoY to US$27.7bn, 2%/1% better than our forecast and consensus.</li><li>Excluding the earnings impact from investment in OpenAI, EPS would grow 23% YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.Net profit was up 12.5% YoY to US$27.7bn, 2%/1% better than our forecast and consensus.Excluding the earnings impact from investment in OpenAI, EPS would grow 23% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Microsoft (MSFT US) - Robust Cloud Revenue Growth with Enhanced Monetization...

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Microsoft is making a bold move into the healthcare AI space, partnering with Harvard Medical School to improve the reliability of medical advice generated by its Copilot assistant.</li><li>The collaboration, set to be unveiled with an update to Copilot as early as this month, integrates health content from Harvard Health Publishing.</li><li>This step reflects Microsoft’s broader ambitions to establish Copilot as a leading AI assistant not just in productivity software but in areas demanding high accuracy and trust—like healthcare.</li></ul>

Microsoft is making a bold move into the healthcare AI space, partnering with Harvard Medical School to improve the reliability of medical advice generated by its Copilot assistant.The collaboration, set to be unveiled with an update to Copilot as early as this month, integrates health content from Harvard Health Publishing.This step reflects Microsoft’s broader ambitions to establish Copilot as a leading AI assistant not just in productivity software but in areas demanding high accuracy and trust—like healthcare.

Microsoft’s New AI Can Give Health Advice—And Harvard Is Backing It!

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Microsoft's cloud strength and AI leadership, particularly with Copilot, position it for growth, though its current valuation likely reflects these expectations, necessitating new market drivers.</li>
<li>The company faces increasing pressure on efficiency metrics like gross margin and free cash flow due to significant, long-term AI infrastructure investments.</li>
<li>We suggest a tactical approach to capitalize on anticipated stable price movements, leveraging current market conditions and implied volatility.</li>
</ul>


Microsoft's cloud strength and AI leadership, particularly with Copilot, position it for growth, though its current valuation likely reflects these expectations, necessitating new market drivers.
The company faces increasing pressure on efficiency metrics like gross margin and free cash flow due to significant, long-term AI infrastructure investments.
We suggest a tactical approach to capitalize on anticipated stable price movements, leveraging current market conditions and implied volatility.


Microsoft Corp: Balancing Cloud and AI Strength Against Cost and Execution Risk

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Microsoft's growth is propelled by its dominant position in cloud computing with Azure and its early leadership in AI integration across its product ecosystem, including its partnership with OpenAI.</li>
 <li>The company maintains a wide economic moat due to high switching costs in its enterprise software (Office 365, Dynamics) and the comprehensive, integrated nature of its technology stack, from infrastructure (Azure) to productivity (Office).</li>
 <li>While fundamentals remain strong with consistent double-digit revenue growth, the stock's premium valuation and increasing capital expenditures to support AI and cloud infrastructure pose potential risks to margin expansion and short-term returns.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Microsoft's growth is propelled by its dominant position in cloud computing with Azure and its early leadership in AI integration across its product ecosystem, including its partnership with OpenAI.
  The company maintains a wide economic moat due to high switching costs in its enterprise software (Office 365, Dynamics) and the comprehensive, integrated nature of its technology stack, from infrastructure (Azure) to productivity (Office).
  While fundamentals remain strong with consistent double-digit revenue growth, the stock's premium valuation and increasing capital expenditures to support AI and cloud infrastructure pose potential risks to margin expansion and short-term returns.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Microsoft Corp (MSFT US) - Sep 2025

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

<ul><li>The speaker reflects on the excitement and nervousness of facing a new platform shift in technology and the need for continual innovation</li><li>They consider the broader economic impact of technological advancements, like AI, and the potential for breakthroughs in various industries</li><li>The decision to partner with OpenAI was driven by Microsoft's history of seeking out ambitious technology innovators to collaborate with, even when the outcome is uncertain.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The speaker reflects on the excitement and nervousness of facing a new platform shift in technology and the need for continual innovationThey consider the broader economic impact of technological advancements, like AI, and the potential for breakthroughs in various industriesThe decision to partner with OpenAI was driven by Microsoft's history of seeking out ambitious technology innovators to collaborate with, even when the outcome is uncertain.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Microsoft Chairman & CEO: AI, Chip Shortage, Empathy, and Poetry

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft (MSFT US) - Robust Cloud Revenue Growth with Enhanced Monetization...

Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our...

CMB International

Microsoft’s New AI Can Give Health Advice—And Harvard Is Backing It!

Microsoft is making a bold move into the healthcare AI space, partnering with Harvard Medical School to improve the reliability of medical advice...

Baptista Research

Microsoft Corp: Balancing Cloud and AI Strength Against Cost and Execution Risk

A strategy to capitalize on anticipated stable price movement for MSFT by leveraging the stock's volatility risk premium during the current low vol...

Jay Cameron

Primer: Microsoft Corp (MSFT US) - Sep 2025

Microsoft's growth is propelled by its dominant position in cloud computing with Azure and its early leadership in AI integration across its...

αSK

Microsoft Chairman & CEO: AI, Chip Shortage, Empathy, and Poetry

Satya Nadella discusses the importance of partnerships and innovation in the tech industry, reflecting on past platform shifts and emphasizing the...

In Good Company with Nicolai Tangen

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