OpenAI Represents 45% of Microsoft's Azure CommitmentsIn a striking disclosure, Microsoft confirmed that OpenAI alone accounts for approximately 45% of its total backlog. He reiterated that while Azure growth remains critical, Microsoft is simultaneously investing in Microsoft 365, GitHub, and Copilot, each of which represents a distinct and expanding market opportunity. Investor unease centered on slowing Azure revenue growth and an aggressive increase in capital expenditures. Analysts warned that sustained spending at this scale could pressure margins if revenue growth fails to accelerate. This reality highlights a growing tension that, as AI demand explodes, compute allocation has become a zero-sum game.