Microsoft stock is surging more than 15 percent Wednesday after the company reported fiscal Q4 2026 earnings Wednesday evening that beat Wall Street on every major line, and sent futures higher across the board overnight. Revenue came in at $90.01 billion, up 18 percent year over year and ahead of the $87.62 billion consensus. The stock was already down 19 percent for the year before the report. Microsoft's cloud platform grew 40 percent year over year in the quarter, accelerating from 33 percent the prior quarter, and crossed $100 billion in annual revenue for the first time in company history. The stock is reacting to the Azure story regardless, the market has been waiting for proof that AI infrastructure spending is translating into AI revenue, and a 40 percent Azure growth rate with demand exceeding supply is that proof.