Microsoft is undoubtedly the top performer among cloud vendors this quarter, exceeding my initial expectations. Here are some highlights from Microsoft's earnings report from my perspective: 1. Azure revenue reached $33.165 billion this quarter, an increase of $10.781 billion year-over-year. On a restated comparable basis, Azure contributed approximately 74% of Microsoft Group's year-over-year revenue increase. A business with over $33 billion in quarterly revenue, accelerating from 42% to 48% growth, has a significant impact on the entire company. Furthermore, engineering optimizations released more available GPU capacity, meaning that existing production capacity will generate even more revenue. The backlog of orders is $677 billion, with the company confirming that approximately 30% is expected to be recognized as revenue in the next 12 months, providing high revenue visibility. 2. Free cash flow reached $18.6 billion, a standout among cloud vendors. Capital expenditure expectations for calendar year 2026 have been revised from approximately $175 billion to approximately $170 billion, with some deliveries shifted to the second half of fiscal year 2027, specifically January to June 2027. The company has reaffirmed positive free cash flow for the full fiscal year 2027. 3. Business and Customers 1) Foundry revenue more than tripled compared to the same period last year; Fabric has 44,000 paying customers, representing a year-over-year increase of over 50%, with over 19,000 customers using both Foundry and Fabric. 2) Microsoft disclosed that the number of Copilot customers actively using pay-as-you-go credits grew by over 75% in the quarter; GitHub's Agent feature has seen credit consumption more than double since the implementation of pay-as-you-go billing. The first figure refers to the number of customers, and the second to the amount of consumption, both indicating that Microsoft is beginning to include more users' actual workload in its revenue calculations. 4. Microsoft's total revenue guidance for the next quarter is $96 billion to $97.1 billion, representing a year-over-year increase of 18% to 19%; Azure revenue is expected to grow by 49% to 50% at constant currency. These two sets of figures together show that Azure continues to accelerate, and the cloud business still has strong revenue momentum. Overall, Microsoft's financial report this quarter strongly supports the accelerating commercialization of AI. For an in-depth analysis of Microsoft's financial report, see the full article on OKX Planet: https://oyidl.co/ul/5RfWykR