[Goldman Sachs Research Report Indicates Microsoft RPO Increased by $51 Billion, Maintains Buy Rating] Goldman Sachs' research report dated September 20, 2026, points out that Microsoft's fourth-quarter RPO increased by $51 billion quarter-over-quarter, and the proportion of long-term capital expenditures to total capital expenditures decreased from approximately 50% to around 33%. Goldman Sachs believes Microsoft's AI unit economics are healthier than the original cloud cycle and maintains a buy rating for Microsoft, with a target price of $640 and a current price of $493.78. (Source: Chaoxiang Research)