Microsoft just posted a genuinely wild quarter. $90B in revenue (18% YoY growth, blew past the $87.6B expected), and Azure crossed $100B in annual revenue for the first time ever, with growth actually accelerating to 43%.

The catch? They're spending like crazy to get there. Capex up 69% to $41B, which dragged free cash flow down 23%. Stock still popped roughly 3% after hours though, investors clearly like the AI bet so far.