Microsoft’s latest quarterly earnings report, covering the period ending December 31, 2025, revealed a striking result: the tech giant recorded a $7.6 billion gain tied directly to its investment in OpenAI. When excluding the accounting impact of the OpenAI investment (the company’s non-GAAP metrics), net income was still robust at $30.9 billion. Cloud Growth and AI DemandMicrosoft’s Intelligent Cloud segment, which includes Azure, grew by nearly 39% this quarter. Cloud services remain central to Microsoft’s growth story, with AI integrations helping to drive adoption across enterprises. That said, some investors expressed reservations about the pace of cloud growth compared to previous quarters, which influenced market reactions after the earnings release.