On August 3, 2026, Reuters reported that Steelmaker ArcelorMittal S.A. (NYSE:MT) is expanding its partnership with Microsoft Corporation (NASDAQ:MSFT). ArcelorMittal vs. Microsoft Corporation (MSFT): A Steel Giant Bets Its Future on AzureArcelorMittal's Bull and Bear CaseThe partnership signals real commitment to competing on technology rather than just production efficiency and raw material costs. Getting ahead of industry peers still running older systems could become a real edge as AI-driven manufacturing tools mature. Microsoft's Bull and Bear CaseDeals like this one are exactly the kind of proof point that's helped Microsoft Corporation (NASDAQ:MSFT) avoid the market skepticism hitting AI spending elsewhere this earnings season. That's a sharp contrast to Meta, which Cramer said offered no real plan for its AI spending, and to Alphabet, whose stock fell even after it raised its own capital spending guidance.