The seat‑billed leg – Microsoft 365 Copilot, a per‑user add‑on around $30 – is the contested one. Two priorities: first, we reported over 20 million paid Copilot seats, a 250 % year‑over‑year increase, customers with 50,000‑plus seats quadrupling and Accenture at 740,000 seats as the largest win; second, the hedge notes Copilot penetration stays a low single‑digit share of the roughly 450‑million‑seat commercial base and per‑seat value hinges on surviving agent substitution. The consumption‑billed leg – Azure, metered by compute – is amplified by AI as agent activity drives usage.