Azure crossed $100 billion in revenue for the first time and a new disclosure about OpenAI offered some respite.

Microsoft’s Azure grew 43% and passed $100bn for the year, its backlog hit $678bn, and the stock rose 2%. But AI capital spending keeps climbing.

Microsoft's Azure revenue surpassed $100 billion in FY26, but market sees Apple at 56.5% YES to be largest company by market cap on August 31.

Microsoft beat quarterly estimates as Azure grew 43%, annual cloud revenue crossed $100 billion and Microsoft 365 Copilot reached 30 million paid users.