AI revenue growth is accelerating: Microsoft Azure, MSFT, revenue is up to a record ~$18.5 billion annualized as of Q3 2025. Sales more than doubled since Q4 2024 and quadrupled since Q2 2024. OpenAI's revenue is up to ~$13.0 billion, an all-time high, more than quadrupling since the start of 2024. Anthrophic sales are up to a record $7.0 billion, doubling nearly every 2 quarters. CoreWeave's revenue, the AI infrastructure provider, is up to ~$5.5 billion, rising over +100% since the start of 2024. Meanwhile, xAI and Nebius remain in early growth stages, with revenues still under $1 billion annualized. AI expansion is accelerating.(The Kobeissi Letter)