The AI infrastructure race has entered its second phase. The market no longer looks solely at the number of GPUs, data center scale, and cloud revenue growth rates, but instead begins to ask three more direct questions: How much revenue can new computing power generate? How much profit can be accumulated per megawatt of computing power? When will capital expenditures convert back into free cash flow? This is precisely the core of the current valuation divergence for Microsoft. Azure proves whether AI demand is real, Copilot determines whether Microsoft can transform underlying computing power into application-layer revenue, while gross margin and free cash flow are responsible for testing whether this business model possesses a sufficiently high return on capital...