Microsoft and Amazon just dropped earnings that silenced weeks of panic about Big Tech’s AI spending binge. Microsoft Hit $100 Billion in Azure Revenue — That’s a FirstMicrosoft reported Q4 FY2026 revenue of $90 billion on July 29, up 18% year over year. CFO Amy Hood guided Azure growth to 45% for the fiscal first quarter — above the 41.4% consensus. How does Big Tech’s AI spending affect chip prices for regular consumers? Both companies raised their AI spending guidance without proving the money was generating enough new revenue.