Microsoft (MSFT) — data moat, read against the 10-K

Microsoftreason 02 of 4it is wired into how the customer already worksderived 2026-09-11accession 0001193125-26-323660

For fiscal year 2026, we recorded revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, of $24.1 billion

We hold rights to OpenAI's intellectual property, including models and infrastructure, for integration into our products

Azure AI offerings provide a competitive advantage as companies seek ways to optimize and scale their business with AI

Azure AI Foundry is a unified platform for developers to design, customize, and manage AI applications and agents

the finding

Azure revenue growth rate increased from 34% to 41%, with the filing stating continued growth across all workloads.

before · MD&A · 2025-06-30 → 2026-06-30

“Azure and other cloud services revenue grew 34% driven by demand for our portfolio of services”

→ after