Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>4Q26 (Jun-26): small beat but the news is Azure: revenue up 43% YoY, previous quarters 40%, next quarter 45% growth YoY. Azure passed $100bn annual revenue in FY26, up 41%.</li>
<li>Commercial RPO (Remaining Performance Obligation) $678bn, +84% YoY. The sequential increase came from customers outside frontier model labs. </li>
<li>Microsoft was Free Cash Flow positive every quarter of FY26, expects to be positive in FY27. The stock is trading at 20x FY27 EPS, 16.8x FY28.</li>
</ul>


4Q26 (Jun-26): small beat but the news is Azure: revenue up 43% YoY, previous quarters 40%, next quarter 45% growth YoY. Azure passed $100bn annual revenue in FY26, up 41%.
Commercial RPO (Remaining Performance Obligation) $678bn, +84% YoY. The sequential increase came from customers outside frontier model labs. 
Microsoft was Free Cash Flow positive every quarter of FY26, expects to be positive in FY27. The stock is trading at 20x FY27 EPS, 16.8x FY28.


Microsoft: Cloud and AI Revenue Accelerating, Capex Will Increase in FY27

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.</li>
<li>AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.</li>
<li>Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.</li>
</ul>


Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.
AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.
Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.


This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold.</li><li>Broad ETF hedges unwound sharply - IJH and CIBR each posted double-digit short interest drops.</li><li>Borrow markets tightened in pockets, with MSFT seeing its sharpest SI spike in months.</li></ul>

Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold.Broad ETF hedges unwound sharply - IJH and CIBR each posted double-digit short interest drops.Borrow markets tightened in pockets, with MSFT seeing its sharpest SI spike in months.

Short Sellers Reload Into Cyber, Flee ETF Hedges

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Hyperscaler CapEx could be slowing down, based on 4Q24 spending</li>
<li>Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases</li>
<li>Industry CapEx as a percent of revenue has slowed its growth</li>
</ul>


Hyperscaler CapEx could be slowing down, based on 4Q24 spending
Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
Industry CapEx as a percent of revenue has slowed its growth


Equity Long-Short Analyst

Pyari Menon

<ul>
<li>DeepSeek R1 is more than an open-source AI platform; it’s a geopolitical tool designed to reshape global collaboration, attract talent, and influence AI standards under the guise of transparency.</li>
<li>DeepSeek R1’s low-budget claim crafts the illusion of cost-efficiency, aimed at redirecting capital away from expensive U.S.-based AI ventures toward China’s AI ecosystem.</li>
<li>Launched during Trump’s inward-focused rhetoric, DeepSeek projects China as a viable, inclusive, and progressive alternative to the U.S., signaling a collaborative economic and trade option for nations.</li>
</ul>


DeepSeek R1 is more than an open-source AI platform; it’s a geopolitical tool designed to reshape global collaboration, attract talent, and influence AI standards under the guise of transparency.
DeepSeek R1’s low-budget claim crafts the illusion of cost-efficiency, aimed at redirecting capital away from expensive U.S.-based AI ventures toward China’s AI ecosystem.
Launched during Trump’s inward-focused rhetoric, DeepSeek projects China as a viable, inclusive, and progressive alternative to the U.S., signaling a collaborative economic and trade option for nations.


DeepSeek R1: An Attempt at Rearranging the World’s AI Furniture & Global Influence

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft: Cloud and AI Revenue Accelerating, Capex Will Increase in FY27

Microsoft's Azure revenue continues to soar, surpassing $100bn annual revenue in FY26 with 43% YoY growth. Commercial RPO also sees a significant...

Nicolas Baratte

This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

This week in AI: Anthropic and OpenAI cut frontier-model costs, Grok 4.7 entered major coding channels, and financing stress hit infrastructure.

Ke Yan, CFA, FRM

Short Sellers Reload Into Cyber, Flee ETF Hedges

Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold. Broad...

ORTEX Market Intel

IS AI Spending Poised to Fall?

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

DeepSeek R1: An Attempt at Rearranging the World’s AI Furniture & Global Influence

DeepSeek R1 is more than AI; it's a geopolitical tool reshaping global influence. Its low-budget claim fosters an illusion of cost-efficiency,...

Pyari Menon

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52-week Range

Market Cap (USDm)

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Microsoft: Cloud and AI Revenue Accelerating, Capex Will Increase in FY27

​Microsoft's Azure revenue continues to soar, surpassing $100bn annual revenue in FY26 with 43% YoY growth. Commercial RPO also sees a significant...

Nicolas Baratte

This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

This week in AI: Anthropic and OpenAI cut frontier-model costs, Grok 4.7 entered major coding channels, and financing stress hit infrastructure.

Ke Yan, CFA, FRM

Short Sellers Reload Into Cyber, Flee ETF Hedges

Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold. Broad...

ORTEX Market Intel

IS AI Spending Poised to Fall?

​Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

DeepSeek R1: An Attempt at Rearranging the World’s AI Furniture & Global Influence

DeepSeek R1 is more than AI; it's a geopolitical tool reshaping global influence. Its low-budget claim fosters an illusion of cost-efficiency,...

Pyari Menon

Microsoft's Azure revenue continues to soar, surpassing $100bn annual revenue in FY26 with 43% YoY growth. Commercial RPO also sees a significant...

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...