With a new OpenAI partnership in hand, Microsoft is going into its earnings report Wednesday afternoon with a resolution to one of the biggest questions about its business.

The company’s market value reached $4 trillion again as Wall Street reacted to the details of the new Microsoft-OpenAI agreement, which gives Microsoft a 27% equity stake in OpenAI’s new for-profit entity, and a commitment for $250 billion in cloud purchasing by the ChatGPT maker.

Analysts expect the tech giant to report another strong quarter, fueled primarily by continued momentum in its Azure cloud business and growing adoption of its Copilot AI tools.

Quarterly revenue is expected to be about $75.4 billion for the first quarter of Microsoft’s 2026 fiscal year, which ended Sept. 30, according to numbers tracked by Yahoo Finance. That would represent a 15% jump compared to the $65.6 billion reported in the same period last year. 

Analysts expect earnings per share of $3.66, up about 11% year-over-year from $3.30.

Investors will be paying close attention to the growth rate in Microsoft’s Azure cloud business, with some analysts expecting as much as 39% growth (in constant currency, excluding the impact of exchange rates). Hitting this mark would exceed the company’s prior guidance and maintain the 39% growth pace set in the previous quarter.

Yet the potential for an AI bubble will no doubt be the focus of questions on company’s earnings conference call. Amid surging investment and growing valuations in the AI sector, some analysts and tech leaders are warning that the enthusiasm could outpace the business realities

Microsoft and Google parent Alphabet will both report numbers on Wednesday afternoon, and Amazon the following day, making for quick comparisons across the major cloud platforms.

As of the most recent quarter, ended in June, Microsoft reported more than $75 billion in annual Azure revenue for its just-ended fiscal year, compared to an annual run rate that had surpassed $50 billion for Google Cloud and a run rate of nearly $124 billion for Amazon Web Services (based on its $30.9 billion revenue in the June quarter).

Check back with GeekWire on Wednesday afternoon for full coverage.