And the numbers truly are enormous: Microsoft spent $88.2 billion on capital expenditures last year and has spent $72.4 billion so far this year. Much of that spend is to serve AI to enterprises and major AI labs, especially OpenAI, as well as Anthropic. Last year, in its annual report, the company said it surpassed 100 million monthly active Copilot users, but that counted both commercial users and consumers. He was more up front with Microsoft’s coding AI, GitHub Copilot, saying it now has 4.7 million paid subscribers, up 75% year-over-year. And Nadella called out the growth of Dragon Copilot, Microsoft’s healthcare AI agent for medical professionals (a competitor to superhot startup Harvey).