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Microsoft's Copilot surpassed 30 million paid seats while Azure crossed $100 billion in annual revenue, growing 43% year over year.
Microsoft's roughly 27% OpenAI stake plus OpenAI's contracted $250 billion Azure purchase gives it a structural AI advantage Alphabet and Amazon cannot replicate.
Fiscal 2026 capex hit $116 billion, up 80%, but Amy Hood says most sits in flexible hardware that can be slowed if AI demand softens.
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