[Bank of America: Azure Demand Will Continue to Exceed Supply, Raises Microsoft Earnings Forecasts for the Next Three Years] According to a report by Jinse Finance on October 26, Bank of America's latest research report points out that 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 is further consolidated. The bank expects Azure demand to continue to exceed supply in fiscal year 2027 and has raised its earnings forecasts for Microsoft for 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.