Microsoft (NASDAQ: MSFT) closed at $397.24 on Tuesday July 29 ahead of Q4 FY2026 earnings after close, with a conference call at 5:30 PM ET. Consensus estimates call for revenue of $87.67 billion, up 15% YoY, and EPS of $4.24. Azure guidance is 39% to 40% constant currency growth in Q4, after 40% in Q3. The major new data point is FY2027 capex guidance of $255 billion to $260 billion, higher than the $190 billion committed in 2026. In Q3 FY2026, revenue was $82.9 billion, up 18% YoY; operating income was $38.4 billion, up 20%; and EPS was $4.27, beating consensus of $4.13. Azure grew 40%, with AI services accounting for roughly 16 pp of growth. Microsoft Cloud revenue was $54.5 billion, up 29%. The AI annual revenue run-rate grew 123% YoY to $37 billion. Remaining performance obligations were $627 billion, up 99% YoY. Q4 consensus revenue implies sequential growth of $4.77 billion from Q3’s $82.9 billion. EPS of $4.24 is below Q3’s $4.27 due to accelerated depreciation as AI infrastructure assets enter amortisation. FY2027 capex guidance of