OpenAI’s Azure Hunger Sparks Wall Street Anxiety Over Microsoft’s AI Dependence
Microsoft’s deepening partnership with OpenAI has become one of the defining alliances of the modern artificial intelligence era. What began as a strategic investment to accelerate AI research has now evolved into a central pillar of Microsoft’s cloud business — and a growing source of concern for Wall Street. During Microsoft’s second-quarter earnings report for fiscal 2026, the company disclosed a striking figure: OpenAI now accounts for approximately 45% of Azure’s commercial backlog, a revelation that sent Microsoft shares sliding more than 6% in after-hours trading despite an overall earnings beat. The disclosure has reignited debate over whether Microsoft’s AI-fueled … Read more