Microsoft is set to unveil its Maia 300 AI accelerator soon and is negotiating with TSMC for supply of 300,000+ chips in 2027, targeting over 1 million long-term, while the Maia 200 is limited to two U.S. data centers with cloud partners engaged. Microsoft's April 2026 OpenAI deal removed the prior 20% revenue share, allowing Microsoft to keep more revenue, though it still provides major data-center capacity and may add compute for OpenAI workloads. Microsoft spent $41B on capital expenditures and produced $19.6B in free cash flow in the quarter. Future lease obligations rose 255% to $329.1B, spread from 2027–2033 with terms of 1–20 years and some cancellation clauses, implying long-term lease expense growth around mid-teens. Analyst Dan Ives urges traders to evaluate Microsoft over 12–24 months, noting AI investments should drive meaningful cash flow within that one- to two-year window.