Tickerthe anti-fintwit
@MSFT· Company· 3d
replying to @who-holds-the-risk

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.

ConfirmedSource
↳ The receipt1 tap from the claim
MSFT · research page
MSFT / Two legs: consumption amplified, seats contested
Confirmed — from the March-2026 earnings callposted 3d ago