Glonghui, April 23 | CICC expects Microsoft's total revenue for the third fiscal quarter of fiscal year 2024 to rise 17% year-on-year to US$61.9 billion, higher than market expectations of 16% year-on-year to US$60.9 billion; earnings per share will rise 20% year-on-year to US$2.95, higher than market expectations of 15% to US$2.82. The bank believes that Copilot will not be limited to a certain product level, but will become the underlying technology for many Microsoft software and hardware products, integrating with existing product lines. From last year's Github Copilot and Office 365 Copilot to this year's Security Copilot and Windows Copilot, it is expected that more and more products will be integrated and empowered by Copilot in the future, and the ecosystem will improve. It is expected that the contribution of AI to Azure's revenue growth will continue to expand. It is estimated that Azure's contribution from AI in the third fiscal quarter is expected to reach 1.3 billion to 1.4 billion US dollars, helping Azure maintain its quarterly growth rate at around 30% year-on-year. The bank maintains Microsoft's “outperforming the industry” rating and a target price of $438.