CoreWeave和Nebius等新型云服务商的股价在盘后交易中下跌，此前微软的资本支出低于预期，这表明基础设施合作伙伴交付数据中心产能所需的时间更长。
Shares of neoclouds like CoreWeave and Nebius dropped in extended trading as Microsoft's lower-than-expected capital expenditures figure points to infrastructure partners taking longer to deliver data center capacity.
微软周三公布，本季度资本支出和融资租赁总额为452亿美元，同比增长约30%，但低于StreetAccount分析师平均预期的507亿美元。
Microsoft on Wednesday reported $45.2 billion worth of capex and finance leases during the quarter, up about 30% from a year earlier, but below the $50.7 billion average analyst estimate, according to StreetAccount.
微软尤其依赖新型云服务商来获取产能，同时大举投资其人工智能基础设施。微软在去年年底与Nebius签署了一项价值近200亿美元的协议，以获得计算能力直至2030年代。微软也是CoreWeave的大客户之一。
Microsoft is particularly reliant on neoclouds for capacity as it pours money into its artificial intelligence infrastructure. Microsoft inked a nearly $20 billion deal with Nebius at the tail end of last year for compute through the 2030s. It's also a top customer for CoreWeave.
这些公司及其同行过去几周在市场上经历了动荡，利率上升引发了担忧，即未来的债务融资将过于昂贵，贷款机构将开始退缩。
Those companies and their peers have experienced a rocky few weeks on the market as rising interest rates led to concerns that future debt raises will be too expensive and lenders will start retreating.
微软在财报中表示，Azure收入同比增长48%，远超资本支出的增幅。
In its earnings report, Microsoft said Azure revenue jumped 48% from a year earlier, far outpacing the increase in capex.
微软在财报演示中表示：“增速高于资本支出，原因是商品接收与付款之间存在时间差，以及融资租赁占比下降。”
"Growth was higher than capital expenditures driven by timing differences between receipt of goods and payment and a lower mix of finance leases," Microsoft said its earnings deck.
微软发布财报后，CoreWeave和Nebius下跌近5%。IREN下跌约3%。
CoreWeave and Nebius slid almost 5% after Microsoft's report. IREN fell about 3%.
Alphabet周三公布的资本支出数据也低于预期。这家谷歌母公司的资本支出总计513.6亿美元，而分析师预期为550.9亿美元。
Alphabet on Wednesday also reported capex numbers that fell short of estimates. The Google parent's capex totaled $51.36 billion, while analysts expected $55.09 billion.
SpaceX首席执行官埃隆·马斯克旗下的公司向Anthropic和谷歌出租AI基础设施，他在上周末预测，超过200家新型云服务公司将倒闭，并在X上发帖称“债务市场几乎完全切断了对任何没有独立于AI数据中心的可观收入的公司提供资金”。上周一，Gartner的分析师向CNBC分享了其预测：到2030年，80%的新型云服务公司将被收购或完全停止运营。
SpaceX CEO Elon Musk, whose company rents AI infrastructure to Anthropic and Google, predicted over the weekend that more than 200 neocloud companies will collapse, posting on X that "debt markets have almost entirely shut off access to money for any company that doesn't have substantial revenue independent of AI data centers." And last Monday, analysts at Gartner shared with CNBC its prediction that, by 2030, 80% of neocloud companies will either be absorbed or completely cease operations.
在本月经历大幅下跌后，新云公司本周一直小幅回升，CoreWeave在过去三个交易日上涨18%，领涨板块。沃尔夫研究公司的分析师在周二的一份报告中写道，他们认为该股将反弹至70美元中段。该股周三收于63.93美元。
After a steep plunge this month, the neoclouds had been enjoying a modest recovery this week, with CoreWeave up 18% in the past three trading days to pace the gains. Analysts at Wolfe Research wrote in a report on Tuesday that they see the stock rebounding into the mid-$70s. It closed Wednesday at $63.93.
周三早些时候，随着甲骨文发布强劲的长期营收预测，并表示将在下一财年下半年恢复自由现金流为正，基础设施相关叙事有所增强。该股在常规交易时段大涨11%，随后在微软发布财报后回落3%。
The infrastructure story gained some strength earlier on Wednesday as Oracle issued a strong long-term revenue forecast and said it will return to being free cash flow positive in the second half of next fiscal year. The stock jumped 11% in regular trading before retreating 3% following Microsoft's report.