Microsoft (MSFT) Cloud Revenue Exceeds $100B, Boosts Earnings Outlook

Wall Street strategists report that spending on AI by major tech firms is beginning to lead to increased earnings. JPMorgan raised its price target for the S&P 500 to 8,000, citing strong earnings and cloud demand. Microsoft (MSFT) achieved record cloud revenue last quarter, with Azure hitting over $100 billion in annual sales for the first time. Amazon's AWS saw a growth rate of 36.7%, its highest in 18 quarters, while the cloud business backlog for top providers reached $2.3 trillion, indicating robust future growth potential. This trend signals to investors that technology firms may soon deliver stronger revenue gains, making cloud investment particularly noteworthy.