By 潮向研究
Publication Date: 2026-09-22 08:18:00
Microsoft has never stated that it is constrained by the CPU or GPU; the constraint is primarily due to the available space for chip installation.
By Rita
Market concerns over excessively long payback periods for AI capex were countered by Microsoft’s roadshow, which demonstrated that its enterprise AI platform transformation is validating strategic decisions made three years ago. In its NDR presentation notes released on September 20, 2026, Goldman Sachs maintained its Buy rating (Conviction Buy List) for Microsoft with a 12-month price target of $640. At the current price of $493.78, this represents an upside potential of 29.6%. Goldman Sachs believes several key decisions Microsoft made in the AI space are beginning to yield returns, including front-loading long-term capex, balancing capex between first-party applications and third-party customers, and balancing capex between frontier labs and enterprise clients.
Goldman Sachs analyst Gabriela Borges noted in the report that…
