内容来源：https://www.geekwire.com/2026/microsofts-wild-ride-stock-hits-new-record-after-a-year-of-ups-and-downs/

内容总结：

微软市值在不到四个月内增长约1.4万亿美元，规模接近特斯拉当前市值。该股从6月25日一年多的最低收盘价352.83美元，升至本周二创纪录的543.45美元，市值突破4万亿美元。这一反弹尤为罕见：今年1月，微软因市场担忧其AI支出及对OpenAI的依赖，单日市值蒸发3570亿美元，创公司历史最大单日跌幅；到今夏，它一度成为“科技七巨头”中表现最差的公司。7月底，Azure云平台年收入突破1000亿美元且增长43%，推动股价次日大涨15.5%，此后公司陆续推出改版Copilot应用、Windows新AI功能及新AI芯片，股价持续走高。微软并非独自上涨，AI股带动大盘创新高，标普500上周首次收于7800点上方。CEO纳德拉还公开呼吁企业掌控自身知识、避免绑定单一AI模型，并主张对先进AI模型设置“紧急刹车”，将模型与调度系统分离，以防模型被攻破。微软将于10月28日发布下一季度财报。

中文翻译：

不到四个月，微软的市值大约增加了一个亚马逊的体量。这家科技巨头的股价自夏初以来上涨了约1.4万亿美元，从6月25日的352.83美元（一年多来的最低收盘价）升至周二创纪录的543.45美元，市值略高于4万亿美元。这一期间的涨幅几乎相当于特斯拉的全部市值。就股价反转而言，这一表现堪称惊人。今年1月，微软单日市值蒸发3570亿美元，创下公司历史上最大单日跌幅，原因是投资者担忧该公司在人工智能领域的支出以及对OpenAI的依赖。据晨星的数据，到了盛夏时节，微软已成为所谓“科技七巨头”中今年表现最差的一只股票。7月底，反弹加速。当时微软公布其云平台Azure增长43%，年收入突破1000亿美元。次日股价大涨15.5%。此后基本一路攀升，微软相继推出了改版后的Copilot应用、面向Windows的新一轮AI攻势以及新的AI芯片。微软并非独自上涨。在AI股票的带动下，大盘也屡创新高。标普500指数上周首次收于7800点上方，与此同时基准10年期美国国债收益率触及2002年以来的最高水平。微软CEO萨蒂亚·纳德拉一路走来也在进行更宏观的布道。今年7月，他在X上发布的一篇文章中警告称，依赖外部AI实验室的公司“要为智能付两次钱，一次用金钱，另一次用更宝贵的东西”，意指它们自己的知识。他敦促企业掌握这些知识的控制权，避免将自己捆绑在任何一个AI模型上。微软销售OpenAI、Anthropic等公司以及自家模型的访问权限。上周末，他提出了一个相关主题，在X上呼吁对先进AI模型踩下“紧急刹车”。他写道，这意味着“将模型与调度其工作的挽具分离”。“我们必须假设模型已被攻破，并从一开始就将其遏制。”这一信息也契合微软的商业利益。当企业使用来自多个提供商的AI模型时，优势可能会转向微软这类运营云和工作场所软件的公司——企业正是将数据存放在这些平台上。微软将于10月28日公布下一季度财报。

英文来源：

In less than four months, Microsoft has added roughly half an Amazon to its market value.
The tech giant’s stock has gained about $1.4 trillion in value since early summer, rising from $352.83 on June 25, its lowest close in more than a year, to a record close of $543.45 on Tuesday, giving it a market value just above $4 trillion. The increase over that period is nearly as much as Tesla is worth.
As stock turnarounds go, it’s extraordinary. In January, Microsoft lost $357 billion in a single day, the biggest one-day drop in its history, as investors worried about the company’s AI spending and its reliance on OpenAI. By midsummer, Microsoft was the worst performer this year among the big tech stocks known as the “Magnificent Seven,” according to Morningstar.
The rebound accelerated in late July, when Microsoft reported that Azure, its cloud platform, grew 43% and topped $100 billion in annual revenue. The stock jumped 15.5% the next day. It has mostly kept climbing since, as Microsoft rolled out a revamped Copilot app, a new AI push for Windows and new AI chips.
Microsoft isn’t rising alone. The broader stock market has also been hitting record highs, led by AI stocks. The S&P 500 closed above 7,800 for the first time last week, even as the benchmark 10-year Treasury yield reached its highest level since 2002.
Microsoft CEO Satya Nadella has been making a broader pitch along the way. In an essay posted on X in July, he warned that companies relying on outside AI labs “pay for intelligence twice, once with money, and again with something even more valuable,” meaning their own knowledge.
He urged businesses to keep control of that knowledge and avoid tying themselves to any one AI model. Microsoft sells access to models from OpenAI, Anthropic and others, along with its own.
Last weekend, he took up a related theme, calling on X for an “emergency brake” on advanced AI models. That means “separating the model from the harness that orchestrates its work,” he wrote. “We must assume a model is compromised and contain it from the start.”
The message also fits Microsoft’s business interests. As companies use AI models from multiple providers, the advantage could shift to companies like Microsoft that run the cloud and workplace software where businesses keep their data.
Microsoft reports its next quarterly results Oct. 28.