[Bank of America: Microsoft's enterprise-level AI advantage further consolidates Azure demand or may continue to exceed supply] On October 26, Bank of America's latest research report pointed out that as Azure cloud business continues to expand and Copilot commercialization accelerates, Microsoft's competitive advantages in enterprise-level AI applications, security and infrastructure are further consolidated. The bank predicts that Azure demand will continue to exceed supply in fiscal 2027 and raises Microsoft's profit forecast for the next three years. Bank of America estimates that Microsoft's capital expenditures (including financial leases) in fiscal 2027 will reach US$220.7 billion, a year-on-year increase of 51.9%; full-year revenue will be approximately US$391.9 billion, with earnings per share of US$19.70. The bank maintains a "buy" rating and a target price of $600.