Microsoft Q3 revenue jumps 18% as Azure grows 40% and AI run rate rises 123% to $37B

Microsoft (MSFT) delivered a strong fiscal Q3, posting 18% revenue growth and 21% EPS growth, alongside 40% growth in Azure. The company’s AI annualized run rate rose 123% to $37B. The article argues the stock’s 22x forward P/E looks attractive despite risks tied to heavy capex and regulatory scrutiny. It also points to deeper AI investment and customer-lock-in efforts as key supports for the longer-term growth thesis.