[Deutsche Bank: Concerns Over Microsoft's AI Investment Overblown, Azure Growth May Reach 41%] According to a report by Jinse Finance on July 21, Deutsche Bank stated in its latest research report that market concerns over Microsoft's surge in capital expenditures, AI investment returns, and the concentration of OpenAI orders have been significantly overblown. The current valuation is attractive, and the bank maintains a 'Buy' rating with a target price of $550. Deutsche Bank estimates that Microsoft's fourth fiscal quarter (corresponding to the second calendar quarter) revenue will reach $87.4 billion, a year-on-year increase of 14.3%, with non-GAAP earnings per share of $4.17. Azure's growth rate, calculated at constant currency, is expected to reach 40% to 41%, driven by enterprise cloud migration, demand for AI computing power, and additional data center capacity. Revenue from Microsoft 365 commercial cloud is projected to grow by 15% to 16%, with paid Copilot seats potentially exceeding 25 million by the end of the year.