$MSFT Looked an numbers today. Business looked clean. - Rev ~$90B - Azure +43% - Guidance ~45% next quarter - Azure crossed $100B annual, - Copilot at 30M paid seats. Capex stayed in a range the market could live with. Why I think it spiked? This is the "returns are here" print. $META and $GOOGL didn't show that. Spend is huge, but you can see it in Azure growth and backlog. Stock ripped double digits because it reset the AI narrative for the whole group. What to expect? Near term it leads the AI trade. Pullbacks get bought until the next print shows Azure slowing. Harder to chase after a 10%+ gap, easier on a digest into the move. Chart courtesy: @EconomyApp
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