Microsoft has become the second company in history to cross the $4 trillion market cap milestone, and the story goes well beyond artificial intelligence. Azure’s Q1 revenues rose 33%, with more than half of that coming from non-AI services, while Q2 saw the non-AI stack accelerate to 39%. This tells us that Microsoft’s momentum is built on something more durable than just the AI wave. To see how this quiet but powerful shift could change the balance of power in global tech, watch the video below.
The strength of Microsoft’s ecosystem extends into productivity software as well. Microsoft 365 posted 16% growth in June, helping lift productivity revenues by 20%. At the same time, UBS research shows companies are once again fast-tracking office cloud migrations, a trend that had slowed earlier this year.
Goldman Sachs now counts more top executives using Azure than AWS, highlighting Microsoft’s advantage over Amazon and Google. With its stock up nearly 40% year-on-year and trading at a premium valuation, the real question for investors is whether this run is the beginning of a new phase—or the peak of one.
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