Is it too late to buy Microsoft (NASDAQ:MSFT) shares? A $678bn contracted backlog for AI services suggests it might still be worth a look. Beneath the surface, there were a lot more reasons for positivity:Contracted backlog — how much AI demand is actually booked, not just hoped for — reached $678bn. Microsoft isn't trying to build the best models – it's trying to position itself as the platform that decides which models get used. Xbox metric Q4 FY26 (year over year) Content and services revenue -10% Hardware revenue -13% Full-year hardware revenue -$1.7bn Restructuring 1,600 jobs cut, 1,600 more plannedIt was a year of tough comparisons in terms of game titles, new consoles, and hardware costs.