Cloud Growth Hits a Record but Slows SlightlyMicrosoft Cloud revenue climbed to a record $51.5 billion, exceeding expectations and rising from $40.9 billion a year earlier. The figure quickly became a focal point for investors assessing risk concentration within Microsoft’s future cloud revenue base. The disclosure added another layer of uncertainty, particularly as markets reassessed valuations tied to long-duration AI growth. Microsoft now trails some cloud peers over the past 12 months, while competitors linked to newer AI breakthroughs continue to outperform. Will upcoming guidance ease concerns around cloud growth and AI economics?