[Bank of America: Microsoft's Enterprise AI Advantage Further Solidified, Azure Demand May Continue to Exceed Supply] According to a recent research report by Bank of America, with the continued expansion of its Azure cloud business and the accelerated commercialization of Copilot, Microsoft's competitive advantage in enterprise AI applications, security, and infrastructure has been further solidified. The bank expects Azure demand to continue to exceed supply in fiscal year 2027 and has raised its earnings forecasts for Microsoft over the next three years. Bank of America projects that Microsoft's capital expenditures (including finance leases) will reach $220.7 billion in fiscal year 2027, a year-on-year increase of 51.9%; full-year revenue is expected to be approximately $391.9 billion, with earnings per share of $19.70. The bank maintains its "Buy" rating and a target price of $600.