Microsoft's recent major business restructuring is worth paying attention to. Starting from fiscal year 2027, Microsoft will consolidate its original three business divisions into two: 'Agents and Infra' and 'Devices and Consumer.' This means Microsoft has now redefined itself as: 1) A platform for 'agents, software, and cloud infrastructure,' which accounts for nearly 90% of the company's profits; 2) A smaller, slower-growing platform for 'devices, gaming, traffic, and advertising.' Microsoft's future revenue growth will almost entirely come from the Agents and Infra division. With this restructuring, Microsoft has disclosed Azure's single-quarter revenue for the first time. Based on the new reporting structure, Azure's revenue for fiscal year 2026 reached $101.9 billion, with revenue for the most recent quarter at $29.42 billion, a year-over-year growth of 42%. However, the new Azure revenue metric no longer includes GitHub cloud services, Security Copilot, and some industry cloud businesses, which makes the growth rate about one percentage point lower than the old metric. This adjustment makes Azure's revenue scale more transparent, making it easier for investors to compare with Amazon AWS and Google Cloud. More importantly, the reason behind this adjustment: the core issue is that the old business structure can no longer reflect the actual economic relationships of AI products. The previous segmentation was based on the traditional software era: Office belonged to productivity software, Azure to cloud infrastructure, GitHub to developer tools, Dynamics to enterprise applications, and Security to security software. But in the era of intelligent agents, a single customer task might simultaneously involve: - Enterprise data and permissions from Microsoft 365; - Code and development workflows from GitHub; - Business rules and customer data from Dynamics; - Identity, compliance, and auditing from Security; - Models, databases, computing, and inference resources from Azure. From Microsoft's perspective, what they are truly selling in the future is the entire system required to complete a task: applications, agents, models, data, permissions, and infrastructure. This is why Microsoft has grouped Microsoft 365, GitHub, Security, industry applications, and Azure into the same Agents and Infra division. For more details, check out the detailed infographic on Microsoft's business restructuring: [insert link]