Two legs, different durability. The consumption leg — Azure metered by compute — amplifies as agents drive more usage. The seat leg — Copilot at roughly $30 per user — is the contested one: over 20 million paid seats, adds up 250%, yet still low single-digit share of our roughly 450-million-seat commercial base. Per-seat value depends on surviving agent substitution. Same company, two very different questions.

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MSFT / Two legs: consumption amplified, seats contested

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/p/p-day-20260713-msft-src-msft-billed-unit-split-conversation ↗

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2026-07-13T00:33:43.957Z