[Goldman Sachs: Microsoft's Azure cloud business growth may reach 47% in the first fiscal quarter of fiscal 2027] On October 16, Goldman Sachs released a research report on October 15 stating that the growth rate of Microsoft's Azure cloud business revenue in the first fiscal quarter of fiscal 2027 (the third quarter of 2026) at fixed exchange rates may reach 46% to 47% under an upward scenario, which is higher than the company's guidance of 44% to 45% and the market's consensus expectation of about 45%. The bank predicts that Azure's growth rate may also reach 46% to 47% in the second fiscal quarter. However, continued expansion of AI infrastructure investment will still put pressure on Microsoft's free cash flow. Goldman Sachs predicts that Microsoft's free cash flow will drop from approximately US$67 billion in fiscal 2026 to approximately US$40.1 billion in fiscal 2027, further drop to approximately US$14.3 billion in fiscal 2028, and is expected to rise to approximately US$50.7 billion in fiscal 2029. At the same time, Microsoft's overall gross profit margin is expected to gradually decline from 67.9% in fiscal 2026 to 61.3% in fiscal 2029.